Kentucky is a judicial foreclosure state, meaning that most, if not Louisville Foreclosure Attorney 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.
We stay apprised of changes in the law and within the banking industry that may impact the business decisions lenders make regarding extensions of credit and foreclosures. Consider talking to a local foreclosure attorney or legal aid office to learn about your rights. A lawyer can also tell you about different ways to avoid foreclosure. Foreclosure is a process that begins when a homeowner who has borrowed money to buy a house fails to make their mortgage payments. The bank or mortgage company can take back a home to satisfy the mortgage debt. A deficiency judgment means that you will then pay the difference to the lender.
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Please beware of Rescue scams claiming to help you stop a Kentucky foreclosure. As soon as you file for bankruptcy, the court issues an automatic injunction known as the automatic stay. This requires creditors to halt their collection efforts against you, which can include lawsuits, garnishments, and more. Creditors can only get around this with the approval of the bankruptcy court.
The lender could also extend the length of the term, or hold monthly payments to a designated percentage of the household income. This effectively stops all creditors and debt collectors from attempting to collect from you during the bankruptcy process, and also stops foreclosure proceedings. Once you have received the notice, a sheriff’s office representative or a process server will deliver a summons to you in person at your home. If you don’t, the lender will simply place a public notice in the newspaper. Find your loan documents (mortgage and note) and read them so you know what your lender may do if you can’t make your payments. They have options to help homeowners through hard financial times.
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So usually, your lender will wait until after the third or fourth consecutive missed payment, accompanied by numerous warning notices, before proceeding. Most importantly, a foreclosure attorney represents you in court, ensuring that you follow all the procedures and processes. They also help you fill out paperwork, meet important deadlines, and even achieve a loan modification if necessary. We explore all possible options on your behalf, helping you decide which course of action is best for you.
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Asking for discovery or a jury trial may postpone the matter for much longer. You do need to decide however at the start of the case do you want to litigate and delay or negotiate and save the home. Our experienced bankruptcy attorneys at O’Bryan Law Offices can help you choose the best option for your situation. We’ve helped many clients in the Louisville area save their homes and start fresh. Filing for Chapter 13 bankruptcy may increase your opportunities to keep your home, but you must be able to afford your monthly mortgage payments after bankruptcy.
What Is The Foreclosure Timeline And Process?
The Commissioner usually decides default and summary judgments. The Court must only agree with the Commissioner’s recommendations to enter 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.
I personally prepare your consumer bankruptcy, foreclosure defense, or small business bankruptcy case. We usually have two consultations a free consultation for 2 hours and 2-3 hours with you to ensure your petition is perfect. Bankruptcy attorneys should never pass clients off to a paralegal or inexperienced junior lawyer after the law firm collects. The LII Lawyer Directory contains lawyers who have claimed their profiles and are actively seeking clients. If you default on your mortgage payments in Kentucky, the servicer (on behalf of the loan owner, called the “lender” in this article) will eventually begin a foreclosure. Kentucky law specifies how foreclosures work, and both federal and state laws give you rights and protections throughout the process.
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.
At Hirsch Law, there’s no judgment — only compassion, respect, and understanding. With a distinguished group of attorneys and legal assistants working alongside sophisticated, experienced business professionals, our workforce is the heart of MDK. Facing the threat of mortgage foreclosure can be devastating. Our legal team will work to defend your home and explore options to keep it. Our experienced attorneys in Louisville, KY, will help you navigate the complexities of debt collection and protect your rights.