A Lawyer can increase your chances of keeping your home, and help minimize the financial impact if keeping it proves impossible. Typically, a plaintiff performs a title search to find any party that may have an interest in the property. The failure to include parties can cause the sale to have problems later. The Commissioner usually is very careful to insure the lender follows Louisville Foreclosure Lawyer proper procedures. A Lis Pendens merely warns potential buyers the property has pending litigation.

 

Then, the homeowner can work on a loan modification, partial claim, or workout with the bank while the home is in Chapter 13. Filing an answer and discovery also allows the homeowner time to pursue alternatives such as selling the home. Usually, a mortgage company files a Lis Pendens, which is a notice of pending litigation at the start of the case. The purpose is to notify potential buyers of the property pending litigation.

 

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If the commissioner recommends the court should grant the motion, and the judge agrees, the court will enter a judgment for the lender. If the court grants summary judgment for the lender—or you lose at trial—the judge will order the home sold at a foreclosure sale. By law, a lender is allowed to initiate Kentucky home foreclosure proceedings after you have missed only three mortgage payments. The foreclosure becomes public record once the lender sends you notice of the intent to foreclose. Don’t pay fees for foreclosure prevention help – use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender.

 

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Take special note of the time-frame in which you can resolve the situation before the foreclosure auction takes place at the end. Short Sales and Loan modifications are possible all along the way. When you retain the services of Deatrick & Spies, P.S.C., you can be assured that your attorney is fully qualified to take on your case. Behind the talk of hearth and home exists a very real sentiment and attachment to your home. Now you find yourself facing the very real possibility of losing your home.

 

Having a skilled litigator will help ensure that the process proceeds as smoothly as possible for you. They will also be well-acquainted with different methods of foreclosure defense. You could, for example, try a “short sale,” which allows you to sell your house for whatever amount you can get, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank will get the proceeds of the sale, and the rest of the debt will be forgiven.

 

This website is using a security service to protect itself from online attacks. The action you just performed triggered the security solution. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. In 2020, I filed the first Chapter 11 Small Business Reorganization Act (SBRA) case for a family-run business in Kentucky under the bankruptcy code. First, every debtor must provide documents and exhibits to the Bankruptcy Court.

 

Due to their lack of knowledge, they will often admit they owe the debt, fail to raise defenses, and the property is often quickly sold. After failing to file an answer the mortgage company will promptly move for judgment and sell the property. An experienced foreclosure or bankruptcy attorney will be able to give you the most relevant answer for your case. We understand the fear of losing one’s home can take a heavy toll on a person’s emotional and physical well-being.

 

Communication between you and your lender is perhaps the most important way to avoid foreclosure. Honesty is the best policy when it comes to dealing with lenders. Attorney Tracy Hirsch will help you determine if a Chapter 7 bankruptcy or Chapter 13 bankruptcy will best suit your specific situation.

 

Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional or a HUD-approved housing counselor. A breach letter is basically a notice from the lender that informs borrowers that they are in default. Your mortgage contract mostly likely has this provision as a requirement. Before a lender can proceed and accelerate the loan, they must give you a chance to fix the default and avoid foreclosure altogether. Once you miss a payment, most lenders give borrowers a grace period of around ten to fifteen days. When this grace period passes, you will begin to see late fees.

 

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If the lienholder does not file the Lis Pendens, a good faith purchaser may take the property free of a mechanic, trustee, or judgment lien. If someone purchases the property after a Lis Pendens, the buyer has notice of the pending litigation, and the foreclosure continues. Continue to research Kentucky foreclosure laws and come back often for new information!

 

Our firm represents both investors and lenders and works diligently toward a swift resolution for our clients. Our foreclosure attorneys are knowledgeable about the entire foreclosure process, including intake, title review, litigation, title claims and foreclosure sales. We understand and navigate state laws and local procedures while upholding the best interests of our clients.

 

SKO may not have a duty or legal obligation to keep confidential any information that you provide to us (in person or electronically) until you become a client of the firm. The further behind you get, the harder it will be to reinstate your loan and the more likely it is that you will lose your house. If you are worried about foreclosure, a good Louisville, Colorado real estate Lawyer might be able to help.

 

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.

 

Most mortgage creditors won’t consider you for mortgages in the future if your credit report shows a foreclosure. Although you’ll receive a blow to your credit, you’ll rebuild good credit sooner because you will be debt free. If you don’t think bankruptcy is the best answer for your situation, our attorneys can help you pursue other options. Two prominent options are reinstating the property and redeeming the property. Thank you so much for all your help with the short sale of my home. How would you be able to get me out of this situation free and clear??