Finding an expert Louisville foreclosure attorney in Kentucky guarantees a smoother process and a higher chance of winning a case. In Kentucky, the redemption period varies Louisville Foreclosure Lawyer depending on the type of foreclosure and the circumstances. For example, if the foreclosure is judicial, the homeowner may have up to 6 months to redeem the property.

Many people simply file the Chapter 13 as an answer to the foreclosure complaint. It is the quickest easy cheapest method to cure the default if you plan to keep the home. Your contract or “note” with the mortgage company allows them to add on the legal fees often at 350, 450 or 550 per hour for attorney fees. Delay filing the Chapter 13 and it may be impossible to catch up the mortgage because the legal fees and default have to be cured. Many people choose to litigate or stay in the house rent-free until the house is sold. This allows people to save up house payments they would have made.

Find A Leading Bankruptcy Lawyer

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.

Stopping Foreclosure

You may need to pay an amount down on a new home or lease with an option to buy. Under Kentucky laws and regulations most people will qualify for a prime rate mortgage two years after filing bankruptcy. We can file an answer to your foreclosure to give you additional time to do a work out with your mortgage company.

After becoming about two payments behind in a mortgage, the lender will start refusing to take payments. When the loan is about six months overdue, the lender will send the mortgage off to an attorney and begin the foreclosure by filing the complaint. This section will cover various aspects of foreclosure in Kentucky, including ways to stop foreclosure, the foreclosure process, rights during foreclosure, and options available for borrowers facing foreclosure. Our staff is trained to identify and report all possible loss mitigation opportunities to our Home Retention Department. Tailored to your unique needs, we gather specific information to permit the client to evaluate each case for settlement opportunities.

Honesty is the best policy when it comes to dealing with lenders. Three Federal Banking studies prove the rich use the code to increase their wealth. “Individuals who file experience a sharp boost in their credit score after bankruptcy, whereas the recovery in credit score is much lower for individuals who do not file for bankruptcy.”

The Process

The information presented on this website is not legal advice and is for informational purposes only. Our lawyer recommendations do not constitute a guarantee regarding the outcome of any legal matter, past success on cases does not guarantee success in any new or future lawsuit. This website is not intended as advertising or solicitation in any jurisdiction. Understandably, it’s confusing for tenants about which Landlord to pay.

The mortgage lender will send a notice of default to the homeowner, stating they have a certain amount of time to bring their payments up to date. If the homeowner fails to do so, the lender will proceed with the foreclosure process. This initial stage sets the tone for the subsequent steps in the foreclosure process.

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.

An Entry of Appearance (EOA) files with the court and the bank’s attorney at the start of the case. With that, all of the subsequent court notices go to your foreclosure attorney. At that point, you shouldn’t be negotiating with the bank or their attorney. Litigation and defending the foreclosure in state court or in Chapter 13 bankruptcy in federal court, is possible. It is the role of your attorney to provide an overview in detail of the advantages and disadvantages so that you can make the right decision.

The borrower is responsible for the difference between what the property sold for at auction and the amount of the original loan. Get the help you need to recover from a difficult financial position through bankruptcy. Our attorneys are pleased to help you decide your financial future. We offer free initial consultations and are available for evening and weekend appointments.

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 homeowner will also have the opportunity to try to negotiate a way to avoid losing avoid foreclosure. If you’re facing foreclosure and you want to defend against it, working with a foreclosure attorney is your best bet. Defending against a bank, a mortgage company, or another lender can often be a confusing process.

Our team of skilled attorneys are here to offer their legal expertise and guidance, ensuring that you can have peace of mind and relief from the stresses of legal battles. The modifications could result in lowered interest rates, a lowered principal, or reduced attached fees. The lender could also extend the length of the term, or hold monthly payments to a designated percentage of the household income. This effectively stops all creditors and debt collectors from attempting to collect from you during the bankruptcy process, and also stops foreclosure proceedings. Contrary to some bankruptcy myths, there are times when filing for bankruptcy may be the right solution for an impending foreclosure.