With a combined 40 years of experience, we are focused on your success. Please read our profiles to learn more about our professional backgrounds. Approximately half of the states, including Kentucky, require the lender to file a lawsuit in court to foreclose. The lender gives notice of the suit by Louisville Bankruptcy Lawyer serving you (the borrower) a summons and complaint. You’ll get 20 days after service to file a response to the complaint. Kentuckians don’t automatically have the right to reinstate their loan before the foreclosure sale.
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At Hirsch Law, we believe that educating prospective clients is the foundation for a successful bankruptcy filing. Click on the questions below to learn how bankruptcy can protect your home, car, wages, and more. We make it a priority to ensure that each of our clients feels respected, heard, and understood.
The note spells out the amount of money you borrowed and the terms for repayment, such as the interest rate and length of the loan. It’s also good to know that most foreclosures take about six months or less if done by default. However, cases can often take a year or more if you fight a foreclosure. The following are some points and terms to remember when doing your research. The FIRST STEP is to decide whether you want to save/keep your home or sell your home. High interest rates and late fees can make it unmanageable, however, we can help you get things back under control.
You may be able to save your home for a few more months, which could give you the breathing room you need to prevent the sale altogether. We recommend speaking with a Chapter 7 lawyer for more information on how this chapter of the Bankruptcy Code can help you. As a last resort, you might consider a “short sale,” which results in loss of the home, but it typically leads to a great deal of the debt on the mortgage being forgiven. Typically, a short sale in Kentucky involves selling the house for whatever price it can fetch. The proceeds from the sale go to the lender, and if it sells for less than what’s left on the mortgage, the balance of the debt is forgiven. Many people have to refile their Chapter 13 case, convert to a Chapter 7, or lose property because an attorney did it wrong.
Commercial Foreclosure & Residential Foreclosure Lawyers
If you face sudden expenses, such as medical bills or a lawsuit, which put a serious but relatively short-term strain on your finances, you should notify your lender immediately. You might find that they are willing to accept lower payments, if this will prevent you from defaulting. When you call our law firm, clients talk to me or my assistant Toni, who will schedule a consultation to design a solution that meets your goals.
If the home is not a good deal, then the homeowner typically wants to give himself time in the house so the family can make a smooth transition to a new home. It is also essential to avoid damage to your credit, a deficiency, and an income tax debt. To give yourself time you may want to defend the foreclosure by filing an answer, discovery, summary judgment, or request for mediation. The attorney should review the loan for RESPA and TILA violations along with many other possible defenses. When the mortgage company files the foreclosure with a history of the mortgage payments, the homeowner should first sit down and look at the home objectively. If the home has equity, the home fits the needs of the homeowner, and the mortgage is at a reasonable rate you may want to keep the house.
Our attorneys strive to efficiently handle collection and foreclosure cases in accordance with Kentucky law and the local procedures of each county. In many cases, with effort and attention to detail, such matters can be brought to a conclusion relatively quickly and inexpensively. Where novel or complex issues arise in a seemingly routine case, our experienced attorneys and staff are prepared to identify them and deal with them.
In many cases, with effort and attention to detail, such matters can be resolved relatively quickly and inexpensively. Where novel or complex issues arise, or where collection matters transition into bankruptcy matters, our experienced attorneys are prepared to address them. Our commercial litigation team often calls upon the experience of the firm’s real estate and transactional attorneys for support, including in-house title examination capabilities. McBrayer ‘s resources are focused on the delivery of cost-effective and successful representation on behalf of our clients.
A Defendant admits the facts of a complaint if a Defendant fails to dispute and fight the foreclosure. It is essential to do a little research to understand the Kentucky Foreclosure Law Process. This includes federal laws such as RESPA, TILA, and the CFPB guidelines.
We notify our client of additional interests they may have in the property and ensure that all of the client’s interests are protected. All of these elements of our title work are geared to ensure that the client receives a clear and marketable title. Best of all, our title work is performed at a reasonable cost to you.
To keep the house, the homeowner can file for Chapter 13 bankruptcy to catch up on the mortgage and stop the foreclosure. It is possible to obtain a deficiency judgment against the borrower for the difference between the amount the borrower owed on the federally backed mortgage loan and the foreclosure sale price. But only if the borrower is personally served with the lawsuit and then loses the lawsuit, or fails to answer.
You can find out what your grace period and late fees are by looking at your promissory note. This information will also be on your mortgage statement each month. As unpleasant as it seems, it is essential to stay on top of the issue. You should keep in mind that banks typically don’t want to take your Louisville home.
The foreclosure law process for consensual and non-consensual liens are similar. For instance, we can strip judicial liens which are not consensual if it impairs your equity in a bankruptcy. However, we can also strip a second mortgage which is a consensual lien if there is no equity for the lien to attach. In Kentucky, lenders file foreclosures in the property’s county, which may or not be the county the owner lives in. Chapter 13, on the other hand, could save your home altogether. This chapter allows you to set up a payment plan rather than liquidating your assets to pay back your creditors.
At O’Bryan Law Offices, we’re highly passionate and skillfully successful when it comes to helping Kentucky and Indiana residents file bankruptcy. We understand that most people hear bankruptcy and imagine it as something they never want to resort to. However, our experienced attorneys know that it is simply a legal option for debtors to discharge their debts. Chapter 7 and Chapter 13 filings can and often do help those who are drowning in debt a helping hand. Thankfully, borrowers have a few options for avoiding a foreclosure complaint (and subsequent foreclosure auction).