Start by reaching out to a foreclosure attorney; they’ll help you understand your options and rights. If the court finds that there are no legitimate disputes of fact that you made in your answer or that were developed after discovery, it may grant a summary judgment in favor of the lender. This means the court has determined that the lender has a legal right to foreclose on the Louisville Foreclosure Lawyer property without going to trial. Kentucky Solutions talked with my mortgage company and made all the arrangements for me so I wouldn’t lose my house. As wonderful as they are, I hope I never need their services again.

 

Chapter 13 allows you to consolidate payments to repay some or all of your debt in affordable monthly payments over a three- to five-year period. If you can continue to make mortgage payments, you can keep your home rather than losing it to foreclosure. A pre-foreclosure does impact your credit score, but how much it affects your credit score depends on several factors. Your credit score can be affected by how far behind you are on your missed payments if you’ve filed for bankruptcy and the foreclosure has been completed. The foreclosure process begins once the homeowner cannot pay the debts and stops the pre-foreclosure process.

 

Other Ways To Stop A Foreclosure In Kentucky

 

When defending a foreclosure, it’s time to check and confirm the lender is in compliance with these laws. The Truth in Lending Act requires the mortgage lender to obtain specific information and documents and disclose them to the homeowner. For instance, TILA requires mortgage companies and banks to provide two copies of the right to cancel—one copy for each spouse or co-debtor. If two copies are not provided at closing, a homeowner or borrower has three years to rescind the transaction. In every state, including Colorado, borrowers have the option to go through foreclosure by judicial sale. The bank cannot go after the debtor for the remaining balance once it sells the house.

 

This triggers a tax problem unless the person can prove he was insolvent at the time of the 1099C filing. Just because you and the mortgage company agreed you were not liable does not mean the IRS won’t find you liable. A Chapter 7 bankruptcy will only postpone the foreclosure of your home. Once you file Chapter 7 bankruptcy, one of several things will happen. An automatic stay will be granted for your foreclosure during the bankruptcy proceedings, keeping the lender from pursuing past-due payments. Or, the lender will ask the judge to move forward with the foreclosure, which will continue despite the bankruptcy filing.

 

Cash For Keys Options For Louisville Foreclosures

 

We offer language services in Spanish, German, Italian, Mandarin Chinese, Czech and Korean. Never simply walk away from the property because as long as the property is in your name, property taxes will continue to accrue. You remain liable for these property taxes until the transfer of the property. At the time of the foreclosure sale, these taxes are normally paid first before the mortgage.

 

This simply means that the mortgage company or lender has filed a lawsuit against you and asked the court to allow a foreclosure sale. If this happens, your lender must notify you of the lawsuit by serving you with a summons and a complaint. Kentucky law gives borrowers 20 days after service to answer the complaint.

 

Upon being served foreclosure papers or upon the wrongful selling of your house, oftentimes it is all too easy to succumb to the pressures of filing for bankruptcy. And although Chapter 13 Bankruptcy is a viable option of halting foreclosure and allowing you to restructure your debts, that doesn’t mean it is the best option for you. If you are having problems with making up missed payments after forbearance ends, contact our Bunch and Brock attorneys for help.

 

Our experienced attorneys in Louisville, KY, will help you navigate the complexities of debt collection and protect your rights. The organizations below provide individuals with free or low-cost legal assistance with real estate issues in the Louisville, Kentucky area. However, many mortgages, like the uniform Fannie Mae/Freddie Mac mortgage, give the borrower the right to cure the default after acceleration and reinstate the loan. Check your loan documents to determine if you get a reinstatement right and, if so, the deadline to complete one.

 

But the failure to safeguard the funds even if the new Landlord will not take the rent is probably a breach of the lease. The new owner has the same rights and responsibilities as the prior Landlord. About half of the persons facing eviction due to foreclosure are renters. Every Federal Circuit Court, the Consumer Financial Protection Bureau, and the Supreme Court now agree written notice is the only requirement.

 

You should consult a Lawyer in Louisville, Colorado to find out if this is the case here. This typically does not apply if the mortgage has been refinanced. The best time to hire a foreclosure attorney is before the foreclosure process officially begins.

 

Litigation often only delays the process but delay may be what you need if you need time to sell a home. Kentucky redemption and rescission are two methods to help stop a sale and prevent a deficiency or income tax debt from the foreclosure sale. Threebestrated.com ranks us as one of the top 3 offices for bankruptcy and foreclosure in Louisville and obtaining consistently favorable results for clients. We represent distressed homeowners in Kentucky and southern Indiana. In Kentucky, the foreclosure process typically begins when a homeowner falls behind on mortgage payments.

 

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.

 

The United States Constitution (Article 1, Section 8, Clause 4) authorizes Congress to enact “uniform Laws on the subject of Bankruptcies throughout the United States”. Reflecting on his role, Chris underscores the value of his experiences in shaping his approach to legal practice. Additionally, if the current lease includes utilities, heating, or other services, the new owner must also do so. Even if the tenant did not pay rent during the 90-day notice to vacate, the new owner cannot evict.