They do not want to pay foreclosure fees any more than the homeowner. If you are unable to work with your servicer, contact the Kentucky Homeownership Protection Center immediately to find alternatives. A Chapter 7 bankruptcy provides relief from other types of debt such as medical bills and credit card bills, and this Louisville Bankruptcy Lawyer option may allow you to catch up on your mortgage payments and keep your home.

 

If you have questions about Kentucky’s foreclosure process or want to learn about potential defenses to a foreclosure and possibly fight the foreclosure in court, consider talking to a foreclosure attorney. Talking to a HUD-approved housing counselor about different loss mitigation options is also a good idea. This program uses federal money to help homeowners in Kentucky make mortgage payments and pay other housing-related costs. Before the foreclosure crisis, federal and state laws regulating mortgage servicers and foreclosure procedures were relatively limited and tended to favor foreclosing lenders. However, many federal and state laws now give protections to borrowers.

 

It also makes you feel calmer, thereby lowering your stress level. If you don’t have a local Louisville foreclosure attorney to represent you, you face the bank’s attorney alone. Normally, a bank attorney has thousands of cases towards his experience. This leaves you little chance against them without a good attorney. Settlement supports the idea of offering the bank and the homeowner a way to resolve the issue and prevent foreclosure from taking place.

 

Aligned with MDK’s mission and values, Chris views the firm as a catalyst for innovation and problem-solving. He embraces a “team-first” mentality and actively contributes to creating innovative solutions to address clients’ diverse challenges. Chris interprets MDK’s mission as providing him with the resources and freedom to think outside the box and develop creative approaches to assist clients effectively. This dedication to collaboration translates seamlessly into his daily work.

 

You may still owe a deficiency, and it triggers an income tax debt from a 1099-C for the deficiency after doing the work. Finally, you are liable to lawsuits from the purchaser for property defects. You went through all that paperwork to buy the home to ensure compliance with laws like the Truth in Lending Act (TILA).

 

Nick Thompson, Real Estate Attorney

 

Even if the note and mortgage are to one spouse only, the other spouse also has the right to be given notice. Under the Truth in Lending Act, if the loan is invalid, the loan default is also invalid, which stops a foreclosure action. Invoking the right of rescission is just one of many rights and defenses. 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. While our firm is bolstered through our professional associations, it is our internal processes that form the foundation for our foreclosure activities.

 

Consider Refinancing Or A Loan Modification

 

Or you may need to file a bankruptcy to delay, avoid or stop the foreclosure. The O’Bryan Law Offices team of experienced foreclosure attorneys has been helping homeowners throughout Kentucky, and Indiana navigate through the complicated legal process of pre-foreclosures and foreclosures. If you receive a notice of default, it’s not too late to take action. Our attorneys will explain your legal options to avoid foreclosure, like bankruptcy. But it often helps homeowners work through their financial struggles and see the light at the end of the tunnel. If you are delaying the foreclosure to sell the home or get a modification in the months or years it takes to foreclose, a homeowner often makes no insurance, property, tax, or mortgage payment.

 

Types Of Legal Issues You Can Get Help With

 

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.

 

Basically, this means that a lender in a foreclosure can take the house that was mortgaged, but nothing else. If the house sells for less than the lender is owed, it cannot go after the borrower. A loan modification is an excellent method for lowering your monthly mortgage payment to make it more affordable. Please include all relevant details from your case including where, when, and who it involves. Case details that can effectively describe the legal situation while also staying concise generally receive the best responses from lawyers.

 

Every foreclosure case is different and yours might need particular skills. The following list shows the bankruptcy action items an attorney with experience guides you through. LOUISVILLE- Stites & Harbison has had long and celebrated relationships with a myriad of agencies and service organizations in the community. As a result of the breadth of pro bono services provided and our long-standing financial commitment, the Legal Aid Society named Stites & Harbison “Outstanding Law Firm of the Year” in 2009. The project temporarily displaced persons in low-income housing, but Stites & Harbison attorneys have worked closely with these families to explain relocation options. They also helped the families get settled into temporary housing until permanent housing becomes available.