Communication between you and your lender is perhaps the Louisville Foreclosure Attorney most important way to avoid foreclosure. Honesty is the best policy when it comes to dealing with lenders. Attorney Tracy Hirsch will help you determine if a Chapter 7 bankruptcy or Chapter 13 bankruptcy will best suit your specific situation.
This allows the lender to foreclose on your home and hold a sale. This is when having qualified foreclosure attorneys on your side will be invaluable. If you have been served with a foreclosure complaint and need your interests protected, our attorneys and staff are prepared to take the appropriate measures to timely file a response on your behalf. We monitor the ongoing court action and report the status to you. We provide our expertise in determining bidding options, obtain first mortgage payoffs if applicable, and apply for, and obtain excess funds when available. Federal and state laws require that you be in default for at least 120 days before the servicer officially begins the judicial foreclosure process against you.
Louisville And Southern Indiana Foreclosure Attorney
To recommend or link to this lawyer as a trusted attorney, we have provided a list of sample links. Prior to working for the firm, Greg worked for the Federal Energy Regulatory Commission in Washington, DC, in the office of the General Counsel, Enforcement Section, as a trial attorney (1985 – 1987). He is also a graduate of the Enforcement Training Program of the U.S. Securities and Exchange Commission and has also spoken at various seminars.
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.
We constantly strive to create and improve upon a workflow process that reduces the amount of time it takes for our client to recover its asset, but without sacrificing the quality of the process. Under a loan modification, borrowers and lenders can negotiate new terms of a mortgage. If the lender agrees, this can take place whether or not you are current on your payments, late, in default, have filed for bankruptcy, or are in foreclosure. Another viable solution is to try to negotiate loss mitigation with your mortgage lender. Ideally, you could call them as soon as you realize you might have trouble paying your mortgage. In fact, the sooner you call, the more time you give yourself to find a solution with the lender.
We spend time with you to ensure you achieve your needs, get a fresh start, and get out of debt. We do less than 20 cases monthly to ensure each client gets the needed attention, debt relief, and a better future. Take control of your situation and contact Winton & Hiestand Law Group, your trusted partner in protecting the rights of consumers. Our team of skilled attorneys are here to offer their legal expertise and guidance, ensuring that you can have peace of mind and relief from the stresses of legal battles. Many people whose vehicles have been repossessed believe they do not have any rights because they fell behind in the payments. Even if you defaulted on your auto loan, you still may have certain rights in the vehicle under the law.
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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.
Your failure to open the mail will not be an excuse if you are sued in court for foreclosure. One common question we often hear is, “If my house is foreclosed do I still owe the bank? ” Kentucky law allows lenders to pursue a personal judgment against the debtor in order to recover the deficiency.
Essentially they state there are no issues left to be argued. This is a crucial step in the judicial foreclosure process when facing financial hardship. Because there are over 120 different primary defenses, the mere filing of an answer and discovery may delay the judicial foreclosure process for years.
It is becoming increasingly common to see debt buyers purchasing these deficiency debts and suing for the deficiency with interest and foreclosure attorney fees. Unfortunately, this judgment is valid in Kentucky for up to 20 years. Next in the Kentucky foreclosure process is the complaint but, filing the complaint with the circuit court is just the start to a lender obtaining a judgment and sale. In the filing, the plaintiff must include all parties that may have an interest in the property. This includes taxes claims, any spouse, other mortgages, and judgment liens. The necessary parties include anyone with a possible interest in the parties.
Having a skilled litigator will help ensure that the process proceeds as smoothly as possible for you. They will also be well-acquainted with different methods of foreclosure defense. You could, for example, try a “short sale,” which allows you to sell your house for whatever amount you can get, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank will get the proceeds of the sale, and the rest of the debt will be forgiven.