After becoming about two payments behind in a mortgage, the lender will start refusing to take payments. When the loan is about six months overdue, the lender will send the mortgage off to an attorney and begin the foreclosure by filing the complaint. This section will cover various aspects of foreclosure in Kentucky, including ways to stop Louisville Bankruptcy Lawyer foreclosure, the foreclosure process, rights during foreclosure, and options available for borrowers facing foreclosure. 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.
Our family was facing foreclosure and Kentucky Solutions was able to buy our house even though we had no equity. If the judge signs the order, the case is sent back to the commissioner’s office to prepare the notice of sale and two appraisers are sent to do a drive-by inspection of the property. The notice of sale is posted at or near the property in foreclosure and advertised in the local paper three times in the three weeks prior to the sale. In the United States, bankruptcy is governed by federal law, commonly referred to as the “Bankruptcy Code” (“Code”).
Some clients have had their FICO scores up to 720 within 1-2 years after filing a Chapter 13. This guide aims to demystify the steps involved in Kentucky foreclosure laws and explore the options available to homeowners facing foreclosure in Kentucky. A judicial foreclosure state provides more protections and potential defenses to avoid foreclosure borrowers than the deed in trust process. Foreclosure can occur when homeowners do not pay their mortgage payments, second mortgage payments, home equity loans or property taxes. After default, the servicer may send the homeowner a notice of default, usually after the loan is 30 days past due. Servicers could start sending threats of foreclosure as early as days past due.
He collaborates closely with colleagues within the Kentucky practice, ensuring efficient and accurate progress on case matters. Additionally, he liaises with Master Commissioners and Courts to ensure that MDK employs the most effective processes while upholding the firm’s esteemed reputation. This commitment to teamwork hasn’t gone unnoticed, evidenced by his 2023 Best Lawyers designation in Mortgage Banking Foreclosure Law. Whether it is a foreclosure or eviction matter, Christopher Wiley’s pragmatic experience is consistently leveraged by clients.
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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. Jason is a Louisville native who grew up in PRP, went to St. X and U of L. He and his wife, Hannah, now live in Hikes Point and have 3 children whom they adopted through foster care. Jason strives to provide his clients with exceptional legal services through experience, dedication, and compassion.
Your attorney will work with you to determine your best options and help you avoid foreclosure if possible. Our national directory features foreclosure and mortgage lawyers in every state and major metropolitan area. Reimer Law Co. was originally founded in 1971 by Dennis Reimer. In addition, the Firm specializes in handling litigation, evictions, REO, collections, deeds in lieu of foreclosure and other loss mitigation services.
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Generally, if the rental property is in foreclosure, the landlord owns a property until the property transfers to the new owner. The landlord or owner may occupy, use, lease or sell the property as he sees fit unless the mortgage and note have some restriction. There are often restrictions like this in large building commercial mortgages. Still, it is rare to find such restrictions in the majority of residential mortgages, such as a single home or duplex. As unpleasant as it seems, it is essential to stay on top of the issue. You should keep in mind that banks typically don’t want to take your Louisville home.
A foreclosure is much worse on your credit history than a bankruptcy. The homeowner only needs to pay the redemption to the court clerk, and then the commissioner will immediately convey the property back. Redemption is why lenders often bid 70% of the mortgage when they bid at foreclosures. Offering over 66% cuts off the rights of foreclosed homeowners to redeem the property from foreclosure. If you can’t reach a solution with your lender, there are other options.