What this means is that when loans transfer and they Louisville Bankruptcy Attorney lose the documents, the lenders cannot effectively sue to collect. National Disability Rights Network – Locate legal advocacy service providers by state for people with disabilities. Contact your lender or servicer as soon as you realize that you have a problem. The mortgage holder, noteholder and servicer can all be the same company or all different companies. High interest rates and late fees can make it unmanageable, however, we can help you get things back under control. The FIRST STEP is to decide whether you want to save/keep your home or sell your home.

Speak with a Louisville bankruptcy lawyer to learn more about your options. You should be mindful of the fact that your bank wants you to make your monthly mortgage payments – they probably aren’t scheming to trick you into giving up your home. For a bank, a foreclosure is simply a last resort to cut their losses.

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. To redeem, you have to pay off the full amount of the loan before the foreclosure sale.

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.

Legal Resources For Military And Veterans

You may still owe a deficiency, and it triggers an income tax debt from a 1099-C for the deficiency after doing the work. Finally, you are liable to lawsuits from the purchaser for property defects. You went through all that paperwork to buy the home to ensure compliance with laws like the Truth in Lending Act (TILA).

Mortgage Foreclosure Defense

But if you choose to defend the foreclosure lawsuit, the case will go through the litigation process. The lender might then ask the court to grant summary judgment. [newline]A summary judgment motion asks that the court grant judgment in favor of the lender because there’s no dispute about the critical aspects of the case. If the commissioner recommends that the court should grant the motion, and the court agrees, the court will enter a judgment for the lender.

This has resulted in the Firm being at the forefront of the default mortgage industry. In a repayment plan, additional money is added to your regular monthly mortgage payments for set time periods to pay back what you owe. After the missed payments are paid back, monthly payments return to normal. Before signing anything when it comes to a repayment plan, be sure you can afford the extra money each month that you’ll be required to pay.

Delay payments on credit cards and other “unsecured” debt until you have paid your mortgage. Facing foreclosure is perhaps one of the most stressful and trying experiences a person could have. Many borrowers are unaware that they have certain rights and protections under state and federal law. Most attorneys are well aware of these protections, and will inform homeowners of their legal rights. Therefore, not only will we inform you of your rights, but we will also help you defend them.

Once you have fallen behind on your mortgage payments, you still have time and options that will help you prevent or avoid foreclosure. In the following sections, we briefly outline the Kentucky foreclosure process. Foreclosure is a process that no homeowner wants to go through. However, encountering financial difficulties and failing to make mortgage payments can trigger the process. As a borrower, you still have rights, regardless of whether the foreclosure process has begun.

Popular In Louisville

If the foreclosure was nonjudicial, the homeowner may have a shorter redemption period. In a foreclosure, the borrower’s total mortgage debt frequently exceeds the foreclosure sale price. The difference between the total debt and the sale price is called a “deficiency.” For example, say the total debt owed is $450,000, but the home sells for $400,000 at the foreclosure sale. If you’re facing a foreclosure, filing for bankruptcy might help. In fact, if a foreclosure sale is scheduled to occur in the next day or so, the best way to stop the sale immediately is by filing for bankruptcy.

This law firm website and legal marketing are managed by MileMark Media. 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.