If you’re looking for a compassionate Louisville Bankruptcy Lawyer bankruptcy lawyer in Louisville KY, then look no further. In every engagement, we explore the drivers of our clients’ success, then seek to remove the mundane legal tasks that interfere with your true business goals. Kentucky Solutions helped me sell the house and avoid foreclosure proceedings. His practice concentrates in the areas of business and corporate law and planning, including mergers and acquisitions, commercial lending, and real estate and real estate finance.
Commercial Foreclosure & Residential Foreclosure Lawyers
Some states treat mortgages as “non-recourse loans.” A non-recourse loan is one that is secured by the borrower’s property, but for which the borrower is not personally liable. 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.
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.
In the United States, bankruptcy is governed by federal law, commonly referred to as the “Bankruptcy Code” (“Code”). The United States Constitution (Article 1, Section 8, Clause 4) authorizes Congress to enact “uniform Laws on the subject of Bankruptcies throughout the United States”. The organizations below provide individuals with free or low-cost legal assistance with real estate issues in the Louisville, Kentucky area. The modifications could result in lowered interest rates, a lowered principal, or reduced attached fees.
After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses, such as cable, memberships, entertainment, that you can eliminate. Delay payments on credit cards and other “unsecured” debt until you have paid your mortgage. Once the foreclosure sale concludes, the new owner must give you ten days’ notice before they have the right to possess the property. Once this ten-day period passes, they must seek a Writ of Possession from the court.
Practices
Furthermore, this notice prevents the owner from transferring the property. Before the scheduled foreclosure date, there is an appraisal of the property. If the home sells for less than two-thirds of the appraisal value, the borrower has one year from the foreclosure sale date to redeem the property. The borrower does this by paying the selling price of the property plus a small percentage of the sale price. However, the bank almost always bids over this amount at the foreclosure sale to prevent redemption.
Facing foreclosure is perhaps one of the most stressful and trying experiences a person could have. In order to redeem the property, you must pay off the amount that you owe on your loan before the foreclosure sale begins. In Kentucky, you also have what is known as a redemption period. A redemption period allows borrowers to buy back their home after the foreclosure sale. Kentucky law allows a redemption period of six months if the home is sold for less than two-thirds of its appraised value. If you file for Chapter 7, this will stop the foreclosure, but only for a certain period of time.
When Does Foreclosure Begin?
You would miss this opportunity if you filed for bankruptcy after your home is sold in foreclosure. Our clients experience relief and hope in life after bankruptcy. The best time to hire a foreclosure attorney is before the foreclosure process officially begins.
If the commissioner recommends the court should grant the motion, and the judge agrees, the court will enter a judgment for the lender. If the court grants summary judgment for the lender—or you lose at trial—the judge will order the home sold at a foreclosure sale. By law, a lender is allowed to initiate Kentucky home foreclosure proceedings after you have missed only three mortgage payments. The foreclosure becomes public record once the lender sends you notice of the intent to foreclose. Don’t pay fees for foreclosure prevention help – use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender.
We help people file for bankruptcy under the Bankruptcy Code. But even when state law doesn’t provide a reinstatement right, the terms of the mortgage contract might give you the ability to reinstate the loan, or the lender might agree to let you complete a reinstatement. Real estate law covers the purchase, sale, and lease of residential or commercial property, as well as issues such as disputes between property owners, land use and zoning, property tax, and eminent domain. This is a transaction where the homeowner (the “borrower”) transfers the title to the lender, and that lender then cancels the foreclosure. Best Lawyers employs a sophisticated, conscientious, rational, and transparent survey process designed to elicit meaningful and substantive evaluations of the quality of legal services.