The pre-foreclosure typically occurs when the homeowner is behind three to six months on their mortgage payments. The mortgage lender will notify the homeowners that they have started the preforeclosure process. They do this by filing a notice of default with the court system. The Louisville Bankruptcy Lawyer notice will be approved by a judge for a lien to be placed on the property.
Contact O’bryan Law Offices For Foreclosure Defense In Kentucky
If you are facing the possibility of foreclosure, a good Louisville, Kentucky real estate Attorney can help. At the very least, they will be able to inform you of your legal options. Doing so will not make it go away, and will probably make it worse. You should stay in close contact with your bank, and be forthright with them. It is necessary to remember that the bank does not really want your Louisville house – they expected to make a profit through the interest on your loan, and that’s what they’d prefer to do.
Coxs Creek Real Estate Lawyers
The mortgage lender will file for court approval to notify the homeowners of default. The pre-foreclosure warns homeowners that there is little time left to settle their debts before they put the home on the market. However, there is still a chance that homeowners can avoid foreclosure and negotiate with their lenders. To stop the foreclosure, the homeowners must pay off their debts to the lender. Chapter 13 bankruptcy can cure foreclosure by giving homeowners time to catch up on their home mortgage payments. This type of bankruptcy allows homeowners to reorganize their debts and create a repayment plan to catch up on missed mortgage payments over three to five years.
Our attorneys are experienced in defending lenders from allegations of bad faith or lender liability, which sometimes arise when creditors seek to enforce their rights. McBrayer strives to efficiently handle collection and foreclosure cases in accordance with Kentucky law and local procedures. In many cases, with effort and attention to detail, such matters can be resolved relatively quickly and inexpensively.
He must also guide you on the best way to handle loss mitigation. You work with the lender to sell the property for less than the loan is worth. You are doing the work for the mortgage company and being forced out of the home early.
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.
Then, the bank must follow the proper process to foreclose, which includes the time period requirements. However, if the judge orders a sale, the commissioner will advertise the property for sale for two weeks and then sell the property. You can attempt a reinstatement, workout or modification while you defend the foreclosure or while you are in bankruptcy. But you normally don’t have the time to do these solutions if the house can be sold in 90 days. You are too late to file a bankruptcy or answer to the lawsuit and save the home after the auction happens. If you’re facing foreclosure in Kentucky, it’s crucial to understand your rights and options.
If a work out solution is found, it is an informal process and does not go through the courts. If the homeowner does not respond to the summons, the servicer will seek a default judgment. The commissioner will review the motion for default or summary judgment and refer the case back to the judge with a recommendation on whether to sign the judgment.
A deed in lieu of foreclosure is another way to avoid foreclosure involving losing your home. With this option, the homeowner hands over the deed to their home to their lender, which releases them from any more mortgage responsibilities. A deed in lieu of foreclosure is a quieter way for a homeowner and lender to avoid foreclosure proceedings. Once the deed is returned to the lender, they can sell the property to recover losses.