At Hirsch Law, we can help homeowners keep their Louisville Bankruptcy Attorney homes through bankruptcy, loan modifications, short sales, or a deed in lieu of foreclosure. The thought of losing your permanent residence can be emotionally draining. You may have thought it would never happen to you – foreclosure. Yet, you are now faced with this real possibility, and are looking for ways to avoid having your house taken away from you. If you’re wondering if you can stop a foreclosure in Louisville, Kentucky, the answer is “yes.” Filing for bankruptcy is one of many viable options to save your home. Under Kentucky law, the new owner from the foreclosure sale gets the right to possess the property after giving you a 10 days’ notice in writing.

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.

Kentucky Foreclosure Law Process • Video By Nick Thompson

Kentucky is a judicial foreclosure state, meaning that most, if not all, foreclosures go through the courts. If you miss just one mortgage payment, you are considered to be in default on your loan. The time for a foreclosure in Kentucky varies from county to county, but loan servicers usually wait 120 days after the homeowner fails to make mortgage payments before starting foreclosure proceedings. If the house must go back, the homeowner typically wants to defend the action to gain time by hiring a foreclosure lawyer to file an answer to the lawsuit. Discovery should follow no more than two months after the answer. Finally, the debtor may need to file a Chapter 7 bankruptcy to avoid a deficiency judgment and income tax debt.

Kentucky Buy-sell Agreement Lawyers

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??

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So, the plaintiff immediately wins when Defendant fails to raise factual and legal issues properly and admits the debt is owed. You must have both legal and raise factual issues to be decided to delay foreclosure. The truth is, it takes time to sell a home or avoid foreclosure. Fighting a foreclosure or filing bankruptcy gives you that time.

Three options are the most popular – filing for bankruptcy, reinstating the mortgage loan, and loss mitigation. Foreclosure is the legal process by which the lender in a mortgage arrangement takes possession of the property (typically a house) that secured the loan. This is done when the Louisville, Colorado debtor has repeatedly failed to make their payments. Often, banks want to get rid of the property as soon as they can, in order to make as much money as possible, and move on.