Throughout the process of foreclosure, it is vitally important Louisville Bankruptcy Attorney to work with a skilled foreclosure attorney. It can be difficult to navigate court processes on your own, but working closely with an attorney will help things move more smoothly. Kentucky’s state foreclosure laws require that all foreclosures must be judicial.

 

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.

 

Foreclosure Louisville, Ky

 

But..you got the bank to agree to a reduced price and we closed on the house yesterday. I feel like the weight of the world has been lifted off my shoulders. You made it a very easy process for me, even with all of my skepticism and stressing out.

 

If it has, and all your equity is in the first mortgage, then any other mortgages would count as unsecured debt and would be discharged. But what if a third party is the highest bidder at the auction? If they offer more than the amount you currently owe, this results in excess proceeds. This is any amount of money above your original loan or what you currently owe.

 

Jason Bauman Attorney At Law Psc

 

If you fail to respond I have seen a property sold within 90 days. If you’re considering any of the options mentioned above, speak with a foreclosure attorney immediately. The stay lifts automatically when the court grants your discharge of debts, which takes about three months. However, it usually takes a lender a while to restart the foreclosure process, so your stay may actually last somewhat longer. True bankruptcy protection falls under Chapters 7 and 13 in the U.S.

 

Best Foreclosure Lawyers In Louisville, Ky

 

A foreclosure lawyer will evaluate your case, determine the right defense strategy, and explain your options to you so that you can make an informed decision. If possible, they can help you avoid foreclosure by the bank or the mortgage company. Our staff is trained to identify and report all possible loss mitigation opportunities to our Home Retention Department. Tailored to your unique needs, we gather specific information to permit the client to evaluate each case for settlement opportunities. Whether a reinstatement, a workout, or a short sale, our staff is prepared to gather the correct information for a decision by the client.

 

You should consult a Lawyer in Louisville, Kentucky to find out if this is the case here. At the sale, the purchaser makes a deposit, and the Commissioner files a report with the judge, asking for approval of the sale. Defendant continues to possess the home until the purchase is complete and the master commissioner issues a deed. After the sale, the master commissioner will pay his fees, and the property taxes, and the remaining funds will go to the creditors in the rank of priority. Funds first go to property taxes, second to mortgages, third to judgment liens, and the remainder to the homeowner. The first thing you need to know about the Kentucky foreclosure process is that foreclosures in Kentucky are court-ordered sales conducted by the circuit court master commissioner.

 

Facing foreclosure is perhaps one of the most stressful and trying experiences a person could have. 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. If you file for Chapter 7, this will stop the foreclosure, but only for a certain period of time.

 

Judicial foreclosures require a court-ordered sale of the home. However, federal laws give you added support and rights during the whole process. However, the borrower only gets a short time to respond to a complaint after it is filed. If the borrower fails to pay within that time, the Commissioner then advertises and holds a sale of the property. If you’re behind in payments and have mounting debt, then you’re facing one of the most difficult challenges a person can face. Fortunately, if you find yourself in this situation, you’re in the right place.

 

The pre foreclosure process officially begins when you fall behind on your mortgage payments. Your mortgage company or servicer can charge certain fees during this time. Examples of these fees include late fees and inspection costs. They must also send you information about how to avoid foreclosure, as well as a breach letter.

 

However, if it was a high-cost home loan, they do have a statutory right to reinstate the loan. For these loans, lenders are required to give the borrower at least 30 days to reinstate the loan. However, certain mortgages (such as a federally backed mortgage loan) automatically include provisions for reinstatement. We highly recommend that you find a foreclosure attorney with considerable experience in court.

 

This gives borrowers ample time to submit a loss mitigation application. Missing one mortgage payment often does not lead to foreclosure. Once you default, your servicer must send you a notice of default. This is usually done once your payment is overdue by at least 30 days.