So, if you have a foreclosure and need Louisville Foreclosure Lawyer more information about the Kentucky foreclosure process, call my law firm today. I make sure to maintain the best attorney-client relationship. You can count on my services if you’re struggling to find foreclosure lawyers. Also, see my contact information below to get assistance instantly. Unfortunately, the homeowner will owe income taxes for any 1099-c filed after the sale and transfer. By filing a Chapter 7 or 13 before the sale you avoid any income tax debt and any deficiency.

 

How Bankruptcy Can Stop Foreclosure

 

I am very happy to know that there are still reputable and ethical companies like Kentucky Solutions in this state. I am very pleased with their services and would highly recommend them to anyone trying to sell their home, even if they owe more than it’s worth. To discuss your case with one of our experienced Louisville and Lexington real estate attorneys, contact the firm online. With law offices in Lexington and Louisville and a government relations practice in Frankfort, we are equipped to handle real estate issues across the state.

 

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.

 

Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional or a HUD-approved housing counselor. A breach letter is basically a notice from the lender that informs borrowers that they are in default. Your mortgage contract mostly likely has this provision as a requirement. Before a lender can proceed and accelerate the loan, they must give you a chance to fix the default and avoid foreclosure altogether. Once you miss a payment, most lenders give borrowers a grace period of around ten to fifteen days. When this grace period passes, you will begin to see late fees.

 

Premier Bankruptcy Lawyers: Your Portal To The Nation’s Leading Bankruptcy Attorneys And Practice Area News

 

Explore AllLaw’s library of free legal articles, or get 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.

 

You can find out what your grace period and late fees are by looking at your promissory note. This information will also be on your mortgage statement each month. 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.

 

Foreclosure is a judicial procedure allowing mortgage lenders to take ownership and/or possession of the debtor’s real estate (which was used to secure the loan) in the event of nonpayment in Louisville, Ohio. When a house is foreclosed, it is usually sold at auction shortly thereafter. This is because banks usually want to get rid of the property as soon as possible, even if it means losing some money, and an auction is an simple way to do this. Since 1991, I have practiced bankruptcy law and foreclosure defense in Louisville, Ky handling over 7,000 Chapter 7 and Chapter 13 cases and over 1,000 foreclosures.

 

A Kentucky property owner has only twenty days after service with the complaint to file the answer. A default judgment happens when Defendant fails to file a response. You may or may not be allowed additional time to file your response by showing a reason for the delay.

 

While my situation has yet to be resolved, and may not be possible to resolve at all, I submitted a signup form and was contacted immediately. Here is an excellent Timeline showing what the typical Foreclosure Timeline/Process looks like in Louisville, Kentucky. In Jefferson County, there are so many foreclosures that the timeline is usually much longer. However, this gives you a really good idea of what will take place.

 

If the lienholder does not file the Lis Pendens, a good faith purchaser may take the property free of a mechanic, trustee, or judgment lien. If someone purchases the property after a Lis Pendens, the buyer has notice of the pending litigation, and the foreclosure continues. Continue to research Kentucky foreclosure laws and come back often for new information!