A Kentucky property owner has only twenty Louisville Foreclosure Lawyer  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.

 

Reinstate The Mortgage Loan

 

I am an experienced lawyer focusing on bankruptcy relief for foreclosures, small businesses, consumers, and tax debt. In 2005 I purchased two investment properties and rented them both out. When the market went down, I could no longer afford either property but I also could not sell them either so I got behind on my mortgage payments. I contacted Kentucky Solutions and they were able to take them BOTH off my hands for less than what I owed by doing a Short Sale, and I don’t owe anyone a dime! My problems are solved and the foreclosure is stopped—Amazing!

 

This means that the final summary judgment on the foreclosure must be handed down by a circuit court. If you believe that foreclosure is imminent, there are some other options. This allows you to have some portion of the debt forgiven, while refinancing the rest.

 

During bankruptcy, the homeowner can again try a loan modification or workout. If you’ve already completed your bankruptcy filing, the discharge of your other debts may mean the bank will be more likely to approve your loan modification. With a Chapter 13 bankruptcy, a payment plan will help you be current on your mortgage again after a period of three to five years.

 

Below, you will also find links to other articles about foreclosures in Louisville, Kentucky. Although it is possible to stop a foreclosure alone, a foreclosure attorney will be best equipped to help you navigate the complicated, stressful process. When consumers have to deal with foreclosure, it almost always involves a home. The bank will normally take possession of the house, and then sell it at auction, to try to cover the balance of the mortgage.

 

Attorneys

 

The foreclosure law process for consensual and non-consensual liens are similar. For instance, we can strip judicial liens which are not consensual if it impairs your equity in a bankruptcy. However, we can also strip a second mortgage which is a consensual lien if there is no equity for the lien to attach. In Kentucky, lenders file foreclosures in the property’s county, which may or not be the county the owner lives in. Chapter 13, on the other hand, could save your home altogether. This chapter allows you to set up a payment plan rather than liquidating your assets to pay back your creditors.

 

Moving Out After Foreclosure

 

I am very happy to know that there are still reputable and ethical companies like Kentucky Solutions in this state. I am very pleased with their services and would highly recommend them to anyone trying to sell their home, even if they owe more than it’s worth. To discuss your case with one of our experienced Louisville and Lexington real estate attorneys, contact the firm online. With law offices in Lexington and Louisville and a government relations practice in Frankfort, we are equipped to handle real estate issues across the state.

 

Filing for bankruptcy is a valid and useful option for both avoiding foreclosure and regaining control of your finances. This is especially true if you’re in a bind, or if you’re only days away from the sale of your home. As soon as you file for bankruptcy, you receive the protection of the automatic stay. The stay prevents the lender from foreclosing or collecting on your debts. Filing for Chapter 7 can help you delay the process, while Chapter 13 can help you save your home, but only if you can afford to pay back your debts.