But..you got the bank to agree to a reduced price and we closed on the house yesterday. I feel like the weight of the world has been lifted off my Kentucky Bankruptcy Lawyer shoulders. You made it a very easy process for me, even with all of my skepticism and stressing out.
To keep the house, the homeowner can file for Chapter 13 bankruptcy to catch up on the mortgage and stop the foreclosure. It is possible to obtain a deficiency judgment against the borrower for the difference between the amount the borrower owed on the federally backed mortgage loan and the foreclosure sale price. But only if the borrower is personally served with the lawsuit and then loses the lawsuit, or fails to answer.
Kentucky Buy-sell Agreement Lawyers
The intelligence and creativity of our team members make it possible to develop unexpected solutions to our clients’ challenges. We’re a comprehensive legal and professional services provider. We are simplifiers and problem solvers, leaning into creativity to solve problems in ways that generate true value. Within less than 12 days of my house being sold at a foreclosure auction, I found Kentucky Solutions.
Creditor’s Rights And Foreclosures
A Kentucky property owner has only twenty days after service with the complaint to file the answer. A default judgment happens when Defendant fails to file a response. You may or may not be allowed additional time to file your response by showing a reason for the delay.
If you need a competent Louisville bankruptcy lawyer to help you with any issue concerning consumer or business bankruptcy, look no further than Schwartz Bankruptcy Law Center. Federal law prohibits beginning a foreclosure before the borrower is over 120 past due on their mortgage payments. This period of time gives borrowers time to pursue a loss mitigation option from their lender. Attorney Motion has a professional team of mortgage foreclosure attorneys, property foreclosure attorneys & foreclosure defense lawyers to fight for your home. Our practice includes representation of lenders and lending institutions involved in real estate transactions.
Keep in mind that missing one payment doesn’t automatically mean that your home will undergo a foreclosure sale. Foreclosure laws in Kentucky require adherence to a certain process, which is overseen by the courts. If you are facing foreclosure in Kentucky, we strongly recommend working with an attorney. This way, you can give yourself the best possible chance at saving your home. The judge issues a summary judgment when there are no facts in dispute. The judge applies the law and decides the case if the facts are clear and not disputed.
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For example, a homeowner who misses a mortgage payment is in default. The homeowner can file a Chapter 7 or Chapter 13 bankruptcy up to the sale date, but it must be filed before the sale. The owner loses any interest or rights to the property after the sale happens. Failing to file a Chapter 7 or 13 before the sale also triggers a possible IRS debt.
Our belief has always been that the quality of a peer review survey is directly related to the quality of the voters. Recognition by Best Lawyers is based entirely on peer review. 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.