Furthermore, this notice prevents the owner from transferring the Louisville Foreclosure Attorney property. Before the scheduled foreclosure date, there is an appraisal of the property. If the home sells for less than two-thirds of the appraisal value, the borrower has one year from the foreclosure sale date to redeem the property. The borrower does this by paying the selling price of the property plus a small percentage of the sale price. However, the bank almost always bids over this amount at the foreclosure sale to prevent redemption.

 

State Foreclosure Laws In Kentucky

 

Asking for discovery or a jury trial may postpone the matter for much longer. You do need to decide however at the start of the case do you want to litigate and delay or negotiate and save the home. Our experienced bankruptcy attorneys at O’Bryan Law Offices can help you choose the best option for your situation. We’ve helped many clients in the Louisville area save their homes and start fresh. Filing for Chapter 13 bankruptcy may increase your opportunities to keep your home, but you must be able to afford your monthly mortgage payments after bankruptcy.

 

What Is The Foreclosure Timeline And Process?

 

With the help of our knowledgeable and experienced lawyers, you can take the necessary steps to get back on your feet again. One inevitable challenge in any business is collecting what one is owed. McBrayer represents numerous lending institutions, business creditors and individuals in commercial collection and foreclosure matters. Our attorneys and staff stand ready to assist our clients from a simple demand letter to highly complex litigation.

 

Contrary to some bankruptcy myths, there are times when filing for bankruptcy may be the right solution for an impending foreclosure. When the bankruptcy court approves your petition, it will issue an automatic stay. You have 60 days to respond to the summons, and failure to do so may result in the court entering a default judgment against you. You should also be aware that once the impending foreclosure is made part of the public record, unscrupulous scam artists (who are not true attorneys) might contact you offering help. Please include all relevant details from your case including where, when, and who it involves.

 

Judicial foreclosures require a court-ordered sale of the home. However, federal laws give you added support and rights during the whole process. However, the borrower only gets a short time to respond to a complaint after it is filed. If the borrower fails to pay within that time, the Commissioner then advertises and holds a sale of the property. If you’re behind in payments and have mounting debt, then you’re facing one of the most difficult challenges a person can face. Fortunately, if you find yourself in this situation, you’re in the right place.

 

At Hirsch Law, we can help homeowners keep their homes through bankruptcy, loan modifications, short sales, or a deed in lieu of foreclosure. The thought of losing your permanent residence can be emotionally draining. You may have thought it would never happen to you – foreclosure. Yet, you are now faced with this real possibility, and are looking for ways to avoid having your house taken away from you. If you’re wondering if you can stop a foreclosure in Louisville, Kentucky, the answer is “yes.” Filing for bankruptcy is one of many viable options to save your home. Under Kentucky law, the new owner from the foreclosure sale gets the right to possess the property after giving you a 10 days’ notice in writing.

 

This way, you can explore all of your options ahead of time, which could allow you to avoid the process completely. Working with an attorney may even give you the leverage you need to strike a deal with your lender. We generally recommend speaking with a lawyer as soon as possible after you receive the breach letter. Waiting too long could prevent attorneys from being able to help you effectively. If you fail to give an answer, the court will likely award your lender with a default judgment.

 

They aren’t in the real estate business, and expect to make money through interest on the loan, not by selling your house. If you are up-front with them early on, they will probably make a reasonable effort to accommodate your financial system if it will keep you from defaulting. Foreclosure is the process through which the lender in a mortgage takes ownership and/or possession of the property that secured the original loan.

 

If you are still in the house after 10 days, the new owner can get a writ of possession from the court and the sheriff can set you and your things out of the house. A Chapter 13 bankruptcy can allow you to catch up on your mortgage over a three-to five-year period while you make your regular monthly mortgage payments. Either a Chapter 13 bankruptcy or a Chapter 7 bankruptcy can help you get rid of lower-priority debts so that you can focus on your mortgage and other essential bills. The court will enter a judgement of foreclosure, say how much you as the homeowner owe the lender and give you a short time to pay the full amount. If you don’t pay within that time, the property will be sold by an officer of the court.