Below, you will also find links to other articles about foreclosures in Louisville, Kentucky. Although it is possible to stop a foreclosure alone, a foreclosure attorney will be best equipped to help you navigate the complicated, stressful process. When consumers have to deal with foreclosure, it almost always involves a home. The bank will normally take possession of the house, and then Louisville Foreclosure Lawyer sell it at auction, to try to cover the balance of the mortgage.

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.

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He focuses his practice in the areas of bankruptcy, commercial law, and financial restructuring and workouts. Greg has represented secured and unsecured creditors, bidders, and successful purchasers at Section 363 sales, real estate lessees and lessors, equipment lessors, debtors, and unsecured creditors’ committees. He also has experience with bankruptcy litigation, including preferences, fraudulent conveyances, dischargeability, injunction litigation, and Chapter 11 Plan Confirmation issues. What often happens is; that most homeowners call the mortgage company or their lawyer, fail to file an answer, and then the mortgage company obtains a default judgment and requests a foreclosure sale date. Many Defendants fail to file the answer and dispute the complaint timely and properly.

Louisville Foreclosure Defense Lawyers

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 the couple is married they can each file a Chapter 7 delaying it a year. At O’Bryan Law Offices, our attorneys educate individuals and families across Kentucky and Southern Indiana on their options to pursue debt relief and asset protection. With over 50 years of combined experience, we offer one-on-one guidance throughout an uncertain time. If you are dealing with a foreclosure, you will have to decide if you want to fight it and if it will be worth it to pay for an attorney’s help.

Reinstating The Mortgage Before The Foreclosure Sale In Kentucky

In every state, including Colorado, borrowers have the option to go through foreclosure by judicial sale. In some states, original mortgages are treated as “non-recourse” loans, meaning that, at most, the lender can take ownership of the house in the event of foreclosure, even if it is worth less than the amount due. The bank cannot go after the debtor for the remaining balance once it sells the house. You should consult a Lawyer in Louisville, Colorado to find out if this is the case here. This typically does not apply if the mortgage has been refinanced. In all states in the U.S., including Kentucky, foreclosure by judicial sale is allowed.

Unpaid medical bills, high credit card APRs, garnishments, and judgment liens can destroy your financial status and cause extreme emotional distress. I opened the door to a Kentucky Solutions agent who offered to help. We completed the paperwork and Kentucky Solutions did all of the rest. They saved us from the devastating effect of foreclosure buy doing a Short Sale and buying our house even after we had filed bankruptcy on the house. I highly recommend Kentucky Solutions as your go-to guys for foreclosure prevention.

Because Chapter 13 bankruptcy creates a repayment plan for your debts, you may have more assets available to do so. However, the lender can then file a Motion to Lift the stay on your foreclosure, and probably will. Because a Motion to Lift is often hard to fight, Chapter 7 bankruptcy will probably only delay foreclosure. The only way to avoid a Motion to Lift is to catch up on your payments, which may be possible if you don’t have to worry about your other debts. If the foreclosure sale of your home is coming up quickly, you can stop the sale by filing for bankruptcy. Filing for bankruptcy creates an “automatic stay,” which will halt the foreclosure.