Explore AllLaw’s library of free legal articles, or get Louisville Bankruptcy Attorney connected with an attorney. Likewise, a HUD-approved housing counselor can provide helpful information (at no cost) about various alternatives to foreclosure. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. This procedure allows you to sell your home even though the proceeds will be less than what you still owe. It is up to the lender as to whether you will still be responsible for the deficit or whether they waive it. We understand that the memories you’ve made there are what truly made your house your home, and we want to do everything we can to help you preserve that.
Bankruptcy allows individuals, couples, and businesses that cannot meet their financial obligations to be excused from repaying some or all of their debt. If you have questions regarding bankruptcy law contact one of our recommended attorneys today. The lender usually makes a bid on the property using what’s called a “credit bid” rather than bidding cash. With a credit bid, the lender gets a credit up to the amount of the borrower’s debt. The highest bidder at the sale becomes the new owner of the property.
We constantly strive to create and improve upon a workflow process that reduces the amount of time it takes for our client to recover its asset, but without sacrificing the quality of the process. Under a loan modification, borrowers and lenders can negotiate new terms of a mortgage. If the lender agrees, this can take place whether or not you are current on your payments, late, in default, have filed for bankruptcy, or are in foreclosure. Another viable solution is to try to negotiate loss mitigation with your mortgage lender. Ideally, you could call them as soon as you realize you might have trouble paying your mortgage. In fact, the sooner you call, the more time you give yourself to find a solution with the lender.
The intelligence and creativity of our team members make it possible to develop unexpected solutions to our clients’ challenges. We’re a comprehensive legal and professional services provider. We are simplifiers and problem solvers, leaning into creativity to solve problems in ways that generate true value. Within less than 12 days of my house being sold at a foreclosure auction, I found Kentucky Solutions.
“Individuals who file experience a sharp boost in their credit score after bankruptcy, whereas the recovery in credit score is much lower for individuals who do not file for bankruptcy.” Take the debtor education class after filing bankruptcy to get the discharge from creditors and become debt free. We provide free legal advice and representation for low-income, disabled, and elderly clients in legal crises that threaten self-sufficiency or quality of life. Our team of fully certified, legal professionals represents low-income, disabled, and elderly clients in legal crises that threaten self-sufficiency or quality of life. Kentucky Legal Aid is responsible for providing legal services to 35 counties.
Our Firm Handles Legal Matters In The Areas Of Commercial Law, Contract Law & Creditors’ Rights
In all states in the U.S., including Ohio, foreclosure by judicial sale is allowed. In some states, original mortgages are treated as “non-recourse” loans, meaning that, at most, the lender can take possession of the house in the event of foreclosure, even if it is worth less than the amount due. The bank cannot go after the borrower for the remaining balance once it sells the house. You should consult an Attorney in Louisville, Ohio to find out if this is the case here. This usually does not apply if the mortgage has been refinanced. You should be mindful of the fact that your bank wants you to make your monthly mortgage payments – they probably aren’t scheming to trick you into giving up your home.
Foreclosure is something that no homeowner wants to face in their lifetime. However, financial situations can change in the blink of an eye. Maybe you were in a major accident and you have mountains of medical debt that you didn’t before. New expenses and payments can greatly hinder your ability to pay your bills on time. If you get too far behind on mortgage payments, however, you may find yourself facing foreclosure. In this blog, the Kentucky bankruptcy lawyers at O’Bryan Law Offices will help you understand the Kentucky foreclosure process and save your home in the process.
If this happens, your lender must notify you of the lawsuit by serving you with a summons and a complaint. Kentucky law gives borrowers 20 days after service to answer the complaint. Homeowners who are facing foreclosures should seek legal aid from a qualified foreclosure defense attorney.
Getting Help From A Kentucky Foreclosure Lawyer
We help people file for bankruptcy relief under the Bankruptcy Code. Behind the talk of hearth and home, there exists a very real sentiment and attachment to your home. Now, in the midst of financial crisis, you face the possibility of losing your home. We have established relationships and continue to foster new ones with real estate development and management companies across the country that focus on student housing. These relationships enable us to efficiently put together plans and contracts that define student housing developments that work for the schools and for the students.
Kentucky foreclosure law allows you certain rights, and our attorneys are here to defend those rights. If you need a foreclosure defense lawyer Kentucky, O’Bryan Law Offices is here for you. Our creditors’ rights and foreclosure team often calls upon the knowledge of the firm’s real estate and transactional attorneys for support, including our in-house title examination staff. Our law firm is well prepared to continue to serve the client if a collection matter becomes a bankruptcy matter, as often happens. 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.
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.
I am an experienced lawyer focusing on bankruptcy relief for foreclosures, small businesses, consumers, and tax debt. In 2005 I purchased two investment properties and rented them both out. When the market went down, I could no longer afford either property but I also could not sell them either so I got behind on my mortgage payments. I contacted Kentucky Solutions and they were able to take them BOTH off my hands for less than what I owed by doing a Short Sale, and I don’t owe anyone a dime! My problems are solved and the foreclosure is stopped—Amazing!
Our belief has always been that the quality of a peer review survey is directly related to the quality of the voters. Recognition by Best Lawyers is based entirely on peer review. LOUISVILLE- Stites & Harbison has had long and celebrated relationships with a myriad of agencies and service organizations in the community. As a result of the breadth of pro bono services provided and our long-standing financial commitment, the Legal Aid Society named Stites & Harbison “Outstanding Law Firm of the Year” in 2009.
However, you will still have to catch up on your house payments if you want to keep your property. But if you respond to the lawsuit, the case will go through the litigation process. The lender might then request the court to grant summary judgment. A summary judgment motion asks that the court grant judgment in favor of the lender because the case’s critical aspects aren’t in dispute.
These are just some of the reasons to consult with an attorney if you’re facing a foreclosure. Stites & Harbison has a rich tradition of pro bono service in the communities where our attorneys work and live. Our firm has been recognized annually by the Nashville Bar Association for its pro bono contributions. In Louisville, we were recognized as a Public Service Challenge Pacesetter by the Louisville Pro Bono Consortium, based on the firm’s commitment to devote 50 hours per lawyer annually to pro bono publico causes. Tax law covers issues involving federal, state, and local taxes for individuals and businesses, ranging from compliance and tax avoidance strategies to audits, tax debts, and disputes with tax authorities. A loan default occurs when you fail to do what the mortgage note requires.