The borrower only has to give notice to the mortgage company of the right to rescind. Never sign a legal document without reading and understanding all the Louisville Bankruptcy Lawyer terms and getting professional advice from an attorney, a trusted real estate professional or a HUD-approved housing counselor. They have options to help homeowners through hard financial times.

Working with a real estate agent specializing in short sales is important. During the short sale process, the lending bank is also involved and will usually hire their own real estate brokers or attorneys to get an estimated property value. Homeowners struggling to make their mortgage payments may qualify for a loan modification.

We can make sure your lender is following the law, and we may be able to help you negotiate a better and more affordable option with your mortgage lender. For loans federally backed by Fannie Mae or Freddie Mac, you may be eligible for a COVID-19 Payment Deferral or similar repayment plan, depending on your lender. After forbearance ends, you return to making regular mortgage payments for the same amount and interest rate you had pre-forbearance. Missed mortgage payments are added on to the end of your loan term and are paid back when the loan is refinanced, the house is sold, or the mortgage is paid off. You will be notified of a pre-foreclosure by receiving a legal notice of default.

A deed in lieu of foreclosure is another way to avoid foreclosure involving losing your home. With this option, the homeowner hands over the deed to their home to their lender, which releases them from any more mortgage responsibilities. A deed in lieu of foreclosure is a quieter way for a homeowner and lender to avoid foreclosure proceedings. Once the deed is returned to the lender, they can sell the property to recover losses.

If you are facing the possibility of foreclosure, a good Louisville, Kentucky real estate Attorney can help. At the very least, they will be able to inform you of your legal options. Doing so will not make it go away, and will probably make it worse. You should stay in close contact with your bank, and be forthright with them. It is necessary to remember that the bank does not really want your Louisville house – they expected to make a profit through the interest on your loan, and that’s what they’d prefer to do.

Attorneys

The lender can also pursue a deficiency judgment which makes the homeowner responsible for making up any leftover balance owed after the house has been sold. Some lenders will forgive the remaining balance after the home has been sold, but there is a chance that you could be required to pay some or all of the difference. The extent of how much your credit score is affected will also depend on how high your score was before the missed payments, bankruptcy, and/or foreclosure. [newline]A higher credit score will be affected more than one that was already low.

How Can A Louisville, Kentucky Attorney Help?

When you’re facing foreclosure, it’s important to understand how the process works as a whole. You may have many questions, such as “When is it too late to stop foreclosure? ” Each state has its own unique laws and protections for borrowers, as well as specific processes.

Louisville Foreclosure Lawyers

This notice lets you know that you are in default and that the home could be foreclosed on if payments are not made. If you’re behind three months on your mortgage payment, you should expect to receive a notice of default in the mail from your lender. Once the foreclosure process reaches the home’s sale, several different things can happen.

This has resulted in the Firm being at the forefront of the default mortgage industry. In a repayment plan, additional money is added to your regular monthly mortgage payments for set time periods to pay back what you owe. After the missed payments are paid back, monthly payments return to normal. Before signing anything when it comes to a repayment plan, be sure you can afford the extra money each month that you’ll be required to pay.

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.

Identifying errors is no easy task for the ordinary homeowner. However, a foreclosure attorney has the experience to spot issues and knows how to uncover information to help your foreclosure. Bankruptcy allows individuals, couples, and businesses that cannot meet their financial obligations to be excused from repaying some or all of their debt. If you have questions regarding bankruptcy law contact one of our recommended attorneys today. PTFA does not explicitly say the tenant must pay rent, but courts state that upon the transfer of the deed that the new owner has the right to collect the rent.

The attorney should respond with the requested verification, and they are typically required to halt any foreclosure actions until that is provided. As of spring 2016, there were over 886,000 properties across the U.S. in foreclosure. Nationally, the number of properties that received a foreclosure filing in March increased by 11 percent from February, for an average of 1 in every 1,212 properties. In your letter, you should include your full name, the address of the property in question, details about your mortgage, and a clear request for verification of the debt. You can request that your lender provide detailed documentation of the debt, like account statements and notices.

M&P also provides a flat fee residential foreclosure service for our clients. Staffed with knowledgeable attorneys and personnel, this streamlined program allows our clients some certainty as to the overall expense of a foreclosure action. In addition to the foreclosure process, our attorneys often prepare deeds-in-lieu of foreclosure and forbearance agreements for clients who desire a resolution outside of the judicial process. Clients need a client-centered approach from experienced lawyers whose only practice areas are defending foreclosures and Chapter 7 or Chapter 13 cases. Over 99% of our Chapter 7 clients complete their Chapter 7 and obtain financial freedom and discharge.

Under Kentucky foreclosure laws, homeowners have a right of redemption. This allows them to redeem the property by paying the foreclosure selling price after the commissioner sale if the property paid less than two thirds of the appraised value. To redeem the property you must include any additional costs the buyer paid, after the sale.

This triggers a tax problem unless the person can prove he was insolvent at the time of the 1099C filing. Just because you and the mortgage company agreed you were not liable does not mean the IRS won’t find you liable. A Chapter 7 bankruptcy will only postpone the foreclosure of your home. Once you file Chapter 7 bankruptcy, one of several things will happen. An automatic stay will be granted for your foreclosure during the bankruptcy proceedings, keeping the lender from pursuing past-due payments. Or, the lender will ask the judge to move forward with the foreclosure, which will continue despite the bankruptcy filing.