If you need a competent Louisville bankruptcy Louisville Foreclosure Lawyer lawyer to help you with any issue concerning consumer or business bankruptcy, look no further than Schwartz Bankruptcy Law Center. If you have been served with a foreclosure complaint and need your interests protected, our attorneys and staff are prepared to take the appropriate measures to timely file a response on your behalf. We monitor the ongoing court action and report the status to you. We provide our expertise in determining bidding options, obtain first mortgage payoffs if applicable, and apply for, and obtain excess funds when available. The foreclosure process normally takes less than six months if no answer is filed.
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.
The redemption period, on the other hand, is the state laws time period after the foreclosure sale during which the homeowner might be able to redeem the property. The redemption period is a critical component of the foreclosure process. During this time, the homeowner has the right to redeem the property by paying off the foreclosure sale price, plus interest and other fees. Miss the timing, correct amount or other elements and you lose the ability to recover your property.
Redeem The Property
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.
Do You Have More Debt Than You Can Repay?
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 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.
The borrower is responsible for the difference between what the property sold for at auction and the amount of the original loan. Get the help you need to recover from a difficult financial position through bankruptcy. Our attorneys are pleased to help you decide your financial future. We offer free initial consultations and are available for evening and weekend appointments.
The statute also requires that eviction notices must also be sent to the Housing Authority. Even if the individual rents from a corporation, the lease is still protected. The Helping Families Save Their Homes Act went into effect in 2009. This act included the Protecting Tenants at Foreclosure Act (PTFA.) PFTA requires that any new owner takes the foreclosed property subject to the rights of the lease and tenant. In other words, the new owner is subject to all current lease eviction laws. Our legal team will work to defend your home and explore options to keep it.
If you are in foreclosure, you need a partner by your side that is stable, reliable, and has the experience you need. A foreclosure attorney is able to fully explain all the alternatives to you. However, finding and hiring the best foreclosure attorney is hard to do. To begin, you have to find an attorney who doesn’t use only one method to stop your foreclosure.
Understanding your options is one of the most important items when it comes to increasing your chance of overcoming foreclosure. A well-educated and experienced foreclosure attorney will be able to explain the different available alternatives to you and make professional suggestions on which path to take. The more experience a foreclosure attorney has, the better chance you have of keeping your home. For instance, Chapter 13 allows you to catch up on the payments but you then have to make payments on time. The LII Lawyer Directory contains lawyers who have claimed their profiles and are actively seeking clients.
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.
Or, if you want to save your home, filing for Chapter 13 bankruptcy might be the answer. To find out the options available, speak with a local bankruptcy attorney. During the preforeclosure period, the servicer can charge you various fees. Also, in most cases, federal law requires the servicer to let you know how to avoid foreclosure, and most mortgage contracts require the servicer to send you a breach letter.
The first step of the foreclosure process is the pre-foreclosure. While it sounds as scary as foreclosure, you can still make up your missed payments and get back on track. Filing for Chapter 7 will only temporarily stop the foreclosure process, giving you about six months to a year of added time to find another home or sell a property. However, Chapter 7 may reduce your debt enough to help make the home affordable. Thank you so much for all your help with the short sale of my home. How would you be able to get me out of this situation free and clear??
By community, here are examples of ways Stites & Harbison attorneys and staff have made a difference in their hometowns. Beyond his legal endeavors, Chris cherishes the time spent with his family and friends, emphasizing the importance of personal connections. With a steadfast commitment to excellence, collaboration, and personal integrity, Chris Wiley continues to be a valued asset to both MDK and the Louisville legal community. 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. This procedure allows you to sell your home even though the proceeds will be less than what you still owe.
Once you have fallen behind on your mortgage payments, you still have time and options that will help you prevent or avoid foreclosure. In the following sections, we briefly outline the Kentucky foreclosure process. Foreclosure is a process that no homeowner wants to go through. However, encountering financial difficulties and failing to make mortgage payments can trigger the process. As a borrower, you still have rights, regardless of whether the foreclosure process has begun.