While my situation has yet to be resolved, and may not be possible to resolve at all, I submitted a signup form and was contacted immediately. In a state Kentucky Bankruptcy Lawyer sale, the proceeds go to judgment liens before the debtor is paid. The debtor only keeps $5,000 in equity not the $23,000 exemption. The Debtor, his income taxes and Child Support are paid last if anything is left.

This can be beneficial if the interest rate is lower than it was when you got the loan and can extend the length of your loan. In some cases, although rare, the lender can reduce the loan amount. Missed payments are reported to the three credit reporting agencies – Experian, Equifax, and TransUnion. The report will state how overdue the payments are by 30 days, 60 days, 90 days, etc. Once the credit reporting agencies have this information, they will add it to your credit report. We can help you get a fresh financial start or consolidate your debt into one affordable payment.

Even if the note and mortgage are to one spouse only, the other spouse also has the right to be given notice. Under the Truth in Lending Act, if the loan is invalid, the loan default is also invalid, which stops a foreclosure action. Invoking the right of rescission is just one of many rights and defenses. At Winton & Hiestand Law Group, PLLC we are your dedicated consumer protection attorney in Louisville, KY, committed to defending the rights of consumers. Our extensive experience makes us the premier choice for resolving matters such as debt collection violations, fair credit reporting, mortgage foreclosure defense, motor vehicle repossession, and much more. While our firm is bolstered through our professional associations, it is our internal processes that form the foundation for our foreclosure activities.

Contact A Kentucky Foreclosure Defense Lawyer With O’bryan Law Offices

Pre-foreclosure usually has more disadvantages than it does advantages. Once the homeowners have reached the pre-foreclosure stage, there isn’t much they can do to save their property. Your credit score is affected as soon as you quit making mortgage payments. However, if you’re behind on your monthly payments, it might open the door for loss mitigation options you wouldn’t have had if you weren’t behind on your mortgage. The pre-foreclosure on a home occurs before the official foreclosure proceedings.

Homeowners looking to sell a pre-foreclosed home should enlist the help of a real estate agent to handle the process. There are mandatory times the lender must wait so the homeowner is given the opportunity to catch up and cure promissory note default. Property taxes and HOA fees can cause a foreclosure in Kentucky. There are no deficiency judgments allowed for federally backed mortgage loan servicers under federal foreclosure laws.

How Can I Avoid Foreclosure In Kentucky?

The borrower only has to give notice to the mortgage company of the right to rescind. 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. They have options to help homeowners through hard financial times.

It details the legal steps required for a new owner to reclaim property from a resident after a foreclosure sale. Our resources can help you navigate this process, including the variations in legality and timelines across different states. The redemption period is short and most people cannot come up with the money after the foreclosure auction. Even if there was a foreclosure auction a foreclosed home may still belong to foreclosed homeowners because until the home is paid for the buyer only has an equitable interest in the home. With regard to foreclosures and the landlord-tenant lease eviction laws, this article explains the rights of both tenants and landlords.

⎆ The Importance Of Understanding All Your Options

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.

A loan default occurs when you fail to do what the mortgage note requires. For example, a homeowner who misses a mortgage payment is in default. In Kentucky, you do not technically have a right to reinstate your loan unless it is a high-cost home loan. Lenders of high-cost loans must give at least 30 days’ notice of default to the borrower. Check your mortgage loan to determine whether or not you have a right to reinstate your loan.

In each case, the firm’s resources are focused on the delivery of cost-effective and successful representation on behalf of our clients. At other law firms, you pay your bankruptcy lawyer, and then you are handed off to a secretary, paralegal, or younger attorney. I personally prepare your consumer bankruptcy, foreclosure defense, or small business bankruptcy case. We usually have two consultations a free consultation for 2 hours and 2-3 hours with you to ensure your petition is perfect. Bankruptcy attorneys should never pass clients off to a paralegal or inexperienced junior lawyer after the law firm collects. The foreclosure defense attorneys at Bunch & Brock understand the issues, know your legal rights, and will help you determine the best course of action for your situation.

While your non-exempt property will be sold by a bankruptcy trustee to pay off your debt, there are federal and Kentucky exemption laws that can protect certain types of property, including your home. It is in everyone’s best interest for the lender to get the highest possible price at auction. If the sale price is more than what’s left on the mortgage, the borrower can keep the extra. If it’s less, the lender has the right to collect the deficiency on the judgment.