The Commissioner usually decides default and summary judgments. The Court must only agree with the Commissioner’s recommendations to enter Kentucky Bankruptcy Lawyer a judgment. The deed transfers to the buyer at closing, but the buyer has an interest in the property as soon as the auction is held. Even if a bankruptcy court grants the bank their motion to end the stay, the foreclosure will be delayed at least a few months.

 

South Central And Western Kentucky

 

At O’Bryan Law Offices, we’re highly passionate and skillfully successful when it comes to helping Kentucky and Indiana residents file bankruptcy. We understand that most people hear bankruptcy and imagine it as something they never want to resort to. However, our experienced attorneys know that it is simply a legal option for debtors to discharge their debts. Chapter 7 and Chapter 13 filings can and often do help those who are drowning in debt a helping hand. Thankfully, borrowers have a few options for avoiding a foreclosure complaint (and subsequent foreclosure auction).

 

Kentucky is a judicial foreclosure state, meaning that most, if not all, foreclosures go through the courts. If you miss just one mortgage payment, you are considered to be in default on your loan. The time for a foreclosure in Kentucky varies from county to county, but loan servicers usually wait 120 days after the homeowner fails to make mortgage payments before starting foreclosure proceedings. If the house must go back, the homeowner typically wants to defend the action to gain time by hiring a foreclosure lawyer to file an answer to the lawsuit. Discovery should follow no more than two months after the answer. Finally, the debtor may need to file a Chapter 7 bankruptcy to avoid a deficiency judgment and income tax debt.

 

Other Local Lawyers

 

One way to stop foreclosure is an Agreed Order – an agreement between the debtor and the mortgage company to stop all court actions. Sometimes creditors want to collect their money more quickly than you can comfortably afford. A Chapter 7 bankruptcy provides relief from other types of debt such as medical bills and credit card bills, and this option may allow you to catch up on your mortgage payments and keep your home.

 

If the home is not a good deal, then the homeowner typically wants to give himself time in the house so the family can make a smooth transition to a new home. It is also essential to avoid damage to your credit, a deficiency, and an income tax debt. To give yourself time you may want to defend the foreclosure by filing an answer, discovery, summary judgment, or request for mediation. The attorney should review the loan for RESPA and TILA violations along with many other possible defenses. When the mortgage company files the foreclosure with a history of the mortgage payments, the homeowner should first sit down and look at the home objectively. If the home has equity, the home fits the needs of the homeowner, and the mortgage is at a reasonable rate you may want to keep the house.

 

The foreclosure law process for consensual and non-consensual liens are similar. For instance, we can strip judicial liens which are not consensual if it impairs your equity in a bankruptcy. However, we can also strip a second mortgage which is a consensual lien if there is no equity for the lien to attach. In Kentucky, lenders file foreclosures in the property’s county, which may or not be the county the owner lives in. Chapter 13, on the other hand, could save your home altogether. This chapter allows you to set up a payment plan rather than liquidating your assets to pay back your creditors.

 

We recommend asking for your lender’s loss mitigation department. They will walk you through the process of pursuing loss mitigation options, such as loan modification. Going up against a mortgage company that is seeking a foreclosure judgment against you is very stressful. Facing the stress of financial hardship is already a prominent stressor, so how long will the foreclosure process last in Kentucky? While every case is unique and should be handled as such, a typical foreclosure should begin and end within 5 months on average. However, this process can lengthen or shorten, largely depending on the actions of the borrower.

 

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.

 

We spend time with you to ensure you achieve your needs, get a fresh start, and get out of debt. We do less than 20 cases monthly to ensure each client gets the needed attention, debt relief, and a better future. Take control of your situation and contact Winton & Hiestand Law Group, your trusted partner in protecting the rights of consumers. Our team of skilled attorneys are here to offer their legal expertise and guidance, ensuring that you can have peace of mind and relief from the stresses of legal battles. Many people whose vehicles have been repossessed believe they do not have any rights because they fell behind in the payments. Even if you defaulted on your auto loan, you still may have certain rights in the vehicle under the law.

 

Kentucky Foreclosure Law Process • Video By Nick Thompson

 

While keeping your home might not always be possible, an Attorney can increase your odds of success, and help you minimize the negative impact if you do end up losing your home. Many borrowers are unaware that they have certain rights and protections under state and federal law. Most attorneys are well aware of these protections, and will inform homeowners of their legal rights. Therefore, not only will we inform you of your rights, but we will also help you defend them.

 

If it has, and all your equity is in the first mortgage, then any other mortgages would count as unsecured debt and would be discharged. But what if a third party is the highest bidder at the auction? If they offer more than the amount you currently owe, this results in excess proceeds. This is any amount of money above your original loan or what you currently owe.

 

Take special note of the time-frame in which you can resolve the situation before the foreclosure auction takes place at the end. Short Sales and Loan modifications are possible all along the way. When you retain the services of Deatrick & Spies, P.S.C., you can be assured that your attorney is fully qualified to take on your case. Behind the talk of hearth and home exists a very real sentiment and attachment to your home. Now you find yourself facing the very real possibility of losing your home.

 

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.

 

Over 99% of our Chapter 7 clients complete their Chapter 7 and obtain financial freedom and discharge. The average law firm will have 30 to 40 percent of their Chapter 13 cases fail and become dismissed. At Winton & Hiestand Law Group, PLLC we are your dedicated consumer protection attorney in Louisville, KY, committed to defending the rights of consumers. Our extensive experience makes us the premier choice for resolving matters such as debt collection violations, fair credit reporting, mortgage foreclosure defense, motor vehicle repossession, and much more. Deatrick & Spies, P.S.C. is a respected law firm, operating since 1994.