Louisville
The property remains in your name until the deed is Louisville Bankruptcy Attorney out of your name. Foreclosure may be a dramatic and emotional moment for your family. A qualified foreclosure attorney can offer professional advice, solutions, and provide security. Knowing that you are in good hands will help you get through the process more efficiently.
The New Owner Is Subject To The Lease Eviction Laws
The bank or mortgage company can take back a home to satisfy the mortgage debt. In every state, including Kentucky, homeowners have the option to go through what is known as a foreclosure by judicial sale. If you are facing foreclosure or are a victim of mortgage fraud it is critical to consult with a lawyer who specializes in mortgage and foreclosure. States and the federal government have precise laws that lay out the procedures and rules that lenders must follow before they force a property into foreclosure.
Best Foreclosure Lawyers In Louisville, Ky
Forbearance was not meant to go on indefinitely, and the extension of the deadline to request mortgage forbearance ended Sept. 30, 2021, with a maximum forbearance period of six months. When the allowed forbearance period is over, homeowners must start paying back what they owe. Once your home reaches the pre-foreclosure stage, there are some options you can pursue. Our foreclosure attorneys will explain each option homeowners should consider to avoid foreclosure.
Whether a reinstatement, a workout, or a short sale, our staff is prepared to gather the correct information for a decision by the client. We also offer services to assist our client’s with loss mitigation solutions. Our services include document preparation for forbearance and deed-in-lieu agreements, loan modification documents, and mutual indemnification agreements. We also obtain any additional tax or title information needed to complete the loss mitigation process, and we file the final documents for you. Kentucky is a judicial foreclosure state, meaning that most, if not all, foreclosures go through the courts.
Moreover, the down payment, payment amount, financing charges, terms of repayment, and payment period have specific definitions that must be accurately set forth in the closing documents. At some point prior to the scheduled date of the sale, an appraisal of the property will be done. After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses, such as cable, memberships, entertainment, that you can eliminate.
Servicers generally must provide borrowers with loss mitigation opportunities, account for each foreclosure step, and carefully comply with foreclosure laws. In order to redeem the property, you must pay off the amount that you owe on your loan before the foreclosure sale begins. In Kentucky, you also have what is known as a redemption period. A redemption period allows borrowers to buy back their home after the foreclosure sale. Kentucky law allows a redemption period of six months if the home is sold for less than two-thirds of its appraised value.
With a combined 40 years of experience, we are focused on your success. Please read our profiles to learn more about our professional backgrounds. Your foreclosure attorney must be transparent, reliable, capable, and legitimate.
The Lexington, KY, homeowner foreclosure lawyers at Bunch & Brock have extensive experience representing clients who have fallen behind on mortgage payments or are facing foreclosure. We have over 35 years of experience advising people throughout Kentucky about how to best address their situation and helping them make the most informed decisions for their circumstances. If you believe that you are facing an imminent threat of foreclosure, you may have more options and protections than you think. Your lawyer can help you navigate the foreclosure process and determine the best course of action for your situation before a sale date cuts off rights. Defaulting on mortgage payments means that the foreclosure will be judicial.
I have had the stack of documents alone be over three feet tall from a discovery request. Upon receiving the complaint, the homeowner has a limited time to respond, in Kentucky this is 20 days. This response, known as an “answer,” allows the homeowner to present any defense or objection to the foreclosure. A proper complaint can be as short as three to four pages and about 15 to 20 paragraphs setting forth just enough to obtain a default judg. A proper answer will often be much longer than the complaint and refer to federal mortgage servicing laws.
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This involves negotiating with the lender to change the terms of the loan, such as extending the repayment period or reducing the interest rate, to make the mortgage payment more manageable. A loan modification must be reasonable but Kentucky foreclosure law does not dictate what reasonable is. You have 20 days to file an answer or a default judgment may be issued, and the property will be sold. Most persons who attempt to file their own answer fail to use the property defenses or admit that they owe the debt and failed to make the payments.
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.