Explore AllLaw’s library of free legal articles, or get connected with an attorney. Likewise, a HUD-approved housing counselor can provide helpful information Louisville Bankruptcy Lawyer (at no cost) about various alternatives to foreclosure. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. This procedure allows you to sell your home even though the proceeds will be less than what you still owe. It is up to the lender as to whether you will still be responsible for the deficit or whether they waive it. We understand that the memories you’ve made there are what truly made your house your home, and we want to do everything we can to help you preserve that.

However, you will still have to catch up on your house payments if you want to keep your property. But if you respond to the lawsuit, the case will go through the litigation process. The lender might then request the court to grant summary judgment. A summary judgment motion asks that the court grant judgment in favor of the lender because the case’s critical aspects aren’t in dispute.

Louisville Real Estate Lawyers

Defending against a bank, a mortgage company, or another lender can often be a confusing process. State foreclosure laws are often highly complex, and these cases require special knowledge and experience to handle properly. Foreclosure is a process that no homeowner wants to go through. However, encountering financial difficulties and failing to make mortgage payments can trigger the process. As a borrower, you still have rights, regardless of whether the foreclosure process has begun.

At O’Bryan Law Offices, we’re highly passionate and skillfully successful when it comes to helping Kentucky and Indiana residents file bankruptcy. We understand that most people hear bankruptcy and imagine it as something they never want to resort to. However, our experienced attorneys know that it is simply a legal option for debtors to discharge their debts. Chapter 7 and Chapter 13 filings can and often do help those who are drowning in debt a helping hand. Thankfully, borrowers have a few options for avoiding a foreclosure complaint (and subsequent foreclosure auction).

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At Hirsch Law, we can help homeowners keep their homes through bankruptcy, loan modifications, short sales, or a deed in lieu of foreclosure. The thought of losing your permanent residence can be emotionally draining. You may have thought it would never happen to you – foreclosure. Yet, you are now faced with this real possibility, and are looking for ways to avoid having your house taken away from you. If you’re wondering if you can stop a foreclosure in Louisville, Kentucky, the answer is “yes.” Filing for bankruptcy is one of many viable options to save your home. Under Kentucky law, the new owner from the foreclosure sale gets the right to possess the property after giving you a 10 days’ notice in writing.

If you qualify for Chapter 7, you can discharge some or all of your debt load. It also provides for an automatic stay of all legal proceedings, including foreclosures, that go into effect immediately. Foreclosures damage your credit score for years and will leave you with your mortgage debt.

If not, there is still a chance that you can negotiate reinstatement with your lender. In most cases, you will have a ten or fifteen-day grace period after you miss a mortgage payment before you’ll be charged a late fee. Every month that you fail to pay will incur another late fee.

Our national directory features foreclosure and mortgage lawyers in every state and major metropolitan area. Kentucky is a judicial foreclosure state, which means that foreclosure cases go through the court system and the lender must file a lawsuit to foreclose on the property. The court will attempt to determine the circumstances surrounding the default through in-court hearings and documents filed by the homeowner and lender. The homeowner will also have the opportunity to try to negotiate a way to avoid losing avoid foreclosure. If the process proceeds to the foreclosure sale, a few things can happen.

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.

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.