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 Louisville Bankruptcy Lawyer overdue by at least 30 days.

 

So Glad To Be Rid Of The House!

 

Case details that can effectively describe the legal situation while also staying concise generally receive the best responses from lawyers. Greg is a member of the Fayette County, Kentucky, and American Bar associations as well as the American Bankruptcy Institute. Active within the community, he also conducts presentations on a variety of bankruptcy and commercial topics primarily directed at business professionals. His presentation topics include bankruptcy stay, preferential transfers/fraudulent conveyances, sale of assets in Chapter 11, and loan workout and foreclosure issues. In addition, Greg has served as an Adjunct Professor at Transylvania University and an Instructor at the American Institute of Banking.

 

Mortgage creditors regularly turn to the experienced legal team at McBrayer. With law offices in Lexington and Louisville and a government relations practice in Frankfort, we serve clients throughout Kentucky and the United States. Upon being served foreclosure papers or upon the wrongful selling of your house, oftentimes it is all too easy to succumb to the pressures of filing for bankruptcy. And although Chapter 13 Bankruptcy is a viable option of halting foreclosure and allowing you to restructure your debts, that doesn’t mean it is the best option for you. M&P also provides a flat fee residential foreclosure service for our clients. Staffed with knowledgeable attorneys and personnel, this streamlined program allows our clients some certainty as to the overall expense of a foreclosure action.

 

In The Kentucky Foreclosure Law Process Timing Is Everything To Stop The Sale

 

In most Kentucky cases, the lender will receive a deficiency summary judgment. We mentioned deficiency judgments in a previous section, but now we’ll go into more detail. A deficiency judgment occurs if the foreclosed home sells for less than the borrower owes on it. As an example, let’s say that you owe $450,000 on the home, but it only sells for $350,000 as the foreclosure sale price. 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.

 

Louisville Foreclosure Lawyers

 

For example, a homeowner who misses a mortgage payment is in default. The homeowner can file a Chapter 7 or Chapter 13 bankruptcy up to the sale date, but it must be filed before the sale. The owner loses any interest or rights to the property after the sale happens. Failing to file a Chapter 7 or 13 before the sale also triggers a possible IRS debt.

 

Inaccurate credit reporting can have a detrimental impact on your financial well-being. We’ll work to correct errors and ensure your credit report reflects accurate information. It was a tough situation we were in and we really appreciate your assistance. I was able to keep my house after my wife passed away…Kentucky Solutions is a life saver. Deatrick & Spies, P.S.C. is located in Louisville, KY and serves clients in and around Masonic Home, Eastwood, Louisville, Glenview, Harrods Creek, Prospect and Jefferson County.