Our family was facing foreclosure and Kentucky Solutions was able to buy our house even though we had no equity. If the judge signs the order, the case is Kentucky Bankruptcy Lawyer sent back to the commissioner’s office to prepare the notice of sale and two appraisers are sent to do a drive-by inspection of the property. The notice of sale is posted at or near the property in foreclosure and advertised in the local paper three times in the three weeks prior to the sale. In the United States, bankruptcy is governed by federal law, commonly referred to as the “Bankruptcy Code” (“Code”).
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Most importantly, a foreclosure attorney represents you in court, ensuring that you follow all the procedures and processes. They also help you fill out paperwork, meet important deadlines, and even achieve a loan modification if necessary. We explore all possible options on your behalf, helping you decide which course of action is best for you. Since 1991, I have practiced bankruptcy law and foreclosure defense in Louisville, Ky handling over 7,000 Chapter 7 and Chapter 13 cases and over 1,000 foreclosures. I am an experienced lawyer focusing on bankruptcy relief for foreclosures, small businesses, consumers, and tax debt.
If you need a competent Louisville bankruptcy lawyer to help you with any issue concerning consumer or business bankruptcy, look no further than Schwartz Bankruptcy Law Center. If you have been served with a foreclosure complaint and need your interests protected, our attorneys and staff are prepared to take the appropriate measures to timely file a response on your behalf. We monitor the ongoing court action and report the status to you. We provide our expertise in determining bidding options, obtain first mortgage payoffs if applicable, and apply for, and obtain excess funds when available. The foreclosure process normally takes less than six months if no answer is filed.
The notice of default is about a one to three-month-long process. This legal notice is a public record and states that you’re behind on your loan. Once the mortgage lender has filed the notice, it’s basically the last call to action that they give homeowners. If they don’t come up with a solution to pay off the debt, they will foreclose on the home. To prevent foreclosure procedures from beginning, contact your mortgage loan servicer as soon as you know you will miss a payment. Servicers may agree to a work out plan with homeowners to make the loan current.
However, if the lender does not dismiss the leftover balance, they could file a delinquency judgment which requires the borrower to make up some or all of the difference left. The seller must be upfront with potential buyers about property liens or any unpaid taxes, as both could transfer to the new homeowner after the sale. Oftentimes, homeowners have been through a significant life event to get them behind on mortgage payments, like a medical emergency, divorce, or death, so this can be an emotional and stressful time.
A foreclosure is much worse on your credit history than a bankruptcy. The homeowner only needs to pay the redemption to the court clerk, and then the commissioner will immediately convey the property back. Redemption is why lenders often bid 70% of the mortgage when they bid at foreclosures. Offering over 66% cuts off the rights of foreclosed homeowners to redeem the property from foreclosure. If you can’t reach a solution with your lender, there are other options.
A Chapter 7 bankruptcy is a good option if you wish to surrender the home or if you are close to current on your mortgage and wish to keep the home. If it would only take a couple of months to catch up and the mortgage company will accept the payment the 4 months a Chapter 7 takes may give you that time. Chapter 13 is the primary tool that allows a homeowner to keep a home. A homeowner may take up to 5 years to catch up on the mortgage and may be able to strip (eliminate) a second home mortgage if there is no equity for the second mortgage. You may also be able to complete a mortgage modification by filing a Chapter 13 bankruptcy so you can take the time to complete a sale of the home or loss mitigation application. Until the home is transferred to the new owner and the redemption period has passed there is a chance to recover the home if the sale price was too low.
If your financial situation was short-lived and you can get back on track making payments, this could be a great option if your lender agrees to it. With a repayment plan, your lender will usually split up the missed payments over several months, making your monthly payment higher. You’ll need to evaluate your finances before discussing this with your lender to ensure you can handle a higher monthly payment.
Understanding The Foreclosure Process
He counsels MDK’s mortgage clients in all aspects of their default portfolios, collaborating every step of the way. Sections 702 and 703 of the PTFA require the tenant to be given the notice to evict “at least 90 days before the effective date of such notice. Even if the lease is month to month, the requirement is still a 90-day notice.” Bank of N.Y. Mellon v. DeMeo,254 P.3d 1138(Ariz. App. 2011), published and unanimous decision. Bank National Association ••confusing (language)” is “ineffective for the purpose of the PTFA”. Furthermore, any motion for possession is premature if it is filed before the expiration of the PTFA notice period.
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Many for-profit companies will contact you promising to negotiate with your lender. As we mentioned earlier, bankruptcy is a valid solution for preventing lenders from foreclosing on your home. When you file for bankruptcy, this stops the foreclosure process in its tracks. You have the benefits of the automatic stay, which prevents your creditors from harassing you, from attempting collections, and from foreclosing on your home. Our foreclosure lawyers are here to help you find a foreclosure alternative that works for your individual situation.
Mortgage creditors regularly turn to the experienced legal team at McBrayer. With law offices in Lexington and Louisville and a government relations practice in Frankfort, we serve clients throughout Kentucky and the United States. Our Fayette County foreclosure attorneys are committed to providing each of our clients with a high level of personal service and knowledgeable representation.
The mortgage lender will file for court approval to notify the homeowners of default. The pre-foreclosure warns homeowners that there is little time left to settle their debts before they put the home on the market. However, there is still a chance that homeowners can avoid foreclosure and negotiate with their lenders. To stop the foreclosure, the homeowners must pay off their debts to the lender. Chapter 13 bankruptcy can cure foreclosure by giving homeowners time to catch up on their home mortgage payments. This type of bankruptcy allows homeowners to reorganize their debts and create a repayment plan to catch up on missed mortgage payments over three to five years.
What this means is that when loans transfer and they lose the documents, the lenders cannot effectively sue to collect. National Disability Rights Network – Locate legal advocacy service providers by state for people with disabilities. Contact your lender or servicer as soon as you realize that you have a problem. The mortgage holder, noteholder and servicer can all be the same company or all different companies. High interest rates and late fees can make it unmanageable, however, we can help you get things back under control. The FIRST STEP is to decide whether you want to save/keep your home or sell your home.
However, if you are far behind on your house payments, filing a Chapter 13 bankruptcy may be the best choice for you. Under a Chapter 13 debt repayment plan, you have up to five years to bring your mortgage payments up to date. Oftentimes, unsecured debts such as credit cards or medical bills compromise your ability to make your mortgage payment.