However, if it was a high-cost home loan, they do have a statutory right to reinstate the loan. For these loans, lenders are required to give the borrower at least 30 days to reinstate the loan. However, certain mortgages (such as a federally backed mortgage loan) Louisville Bankruptcy Lawyer automatically include provisions for reinstatement. We highly recommend that you find a foreclosure attorney with considerable experience in court.

 

A Defendant admits the facts of a complaint if a Defendant fails to dispute and fight the foreclosure. It is essential to do a little research to understand the Kentucky Foreclosure Law Process. This includes federal laws such as RESPA, TILA, and the CFPB guidelines.

 

Mortgage Foreclosure Defense Attorneys

 

Our attorneys strive to efficiently handle collection and foreclosure cases in accordance with Kentucky law and the local procedures of each county. In many cases, with effort and attention to detail, such matters can be brought to a conclusion relatively quickly and inexpensively. Where novel or complex issues arise in a seemingly routine case, our experienced attorneys and staff are prepared to identify them and deal with them.

 

One way to stop foreclosure is an Agreed Order – an agreement between the debtor and the mortgage company to stop all court actions. Sometimes creditors want to collect their money more quickly than you can comfortably afford. A Chapter 7 bankruptcy provides relief from other types of debt such as medical bills and credit card bills, and this option may allow you to catch up on your mortgage payments and keep your home.

 

The note spells out the amount of money you borrowed and the terms for repayment, such as the interest rate and length of the loan. It’s also good to know that most foreclosures take about six months or less if done by default. However, cases can often take a year or more if you fight a foreclosure. The following are some points and terms to remember when doing your research. The FIRST STEP is to decide whether you want to save/keep your home or sell your home. High interest rates and late fees can make it unmanageable, however, we can help you get things back under control.

 

Is It Better To Foreclose Or File Bankruptcy?

 

Mortgage creditors regularly turn to the experienced legal team at McBrayer. With law offices in Lexington and Louisville and a government relations practice in Frankfort, we serve clients throughout Kentucky and the United States. Upon being served foreclosure papers or upon the wrongful selling of your house, oftentimes it is all too easy to succumb to the pressures of filing for bankruptcy. And although Chapter 13 Bankruptcy is a viable option of halting foreclosure and allowing you to restructure your debts, that doesn’t mean it is the best option for you. 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.

 

While keeping your home might not always be possible, an Attorney can increase your odds of success, and help you minimize the negative impact if you do end up losing your home. Many borrowers are unaware that they have certain rights and protections under state and federal law. Most attorneys are well aware of these protections, and will inform homeowners of their legal rights. Therefore, not only will we inform you of your rights, but we will also help you defend them.

 

Lawyers with longer memberships tend to have more experience so we use the Membership date to help prioritize lawyer listings on search pages. Assets can be things like a second car that has been paid off or jewelry. If you sell them, you could use the cash to help reinstate your loan. Even if these efforts don’t significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home. In Kentucky, lenders and judicial liens foreclose on homes in Circuit Court. Interestingly, other states use a deed of trust to foreclose a home.

 

A foreclosure lawyer will evaluate your case, determine the right defense strategy, and explain your options to you so that you can make an informed decision. If possible, they can help you avoid foreclosure by the bank or the mortgage company. Our staff is trained to identify and report all possible loss mitigation opportunities to our Home Retention Department. Tailored to your unique needs, we gather specific information to permit the client to evaluate each case for settlement opportunities. Whether a reinstatement, a workout, or a short sale, our staff is prepared to gather the correct information for a decision by the client.

 

Consensual liens like a mortgage voluntarily give the lienholder an interest in the property. The non-consensual liens include tax, mechanic, and judicial liens, which can also result in foreclosure. Both Kentucky or Indiana are judicial foreclosure states, meaning foreclosure requires court action.

 

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!

 

Then, the homeowner can work on a loan modification, partial claim, or workout with the bank while the home is in Chapter 13. Filing an answer and discovery also allows the homeowner time to pursue alternatives such as selling the home. Usually, a mortgage company files a Lis Pendens, which is a notice of pending litigation at the start of the case. The purpose is to notify potential buyers of the property pending litigation.

 

This extra time might allow you to explore alternatives to foreclosure. In Kentucky, you do not technically have a right to reinstate your loan unless it is a high-cost home loan. Lenders of high-cost loans must give at least 30 days’ notice of default to the borrower. Check your mortgage loan to determine whether or not you have a right to reinstate your loan.

 

We help people file for bankruptcy under the Bankruptcy Code. But even when state law doesn’t provide a reinstatement right, the terms of the mortgage contract might give you the ability to reinstate the loan, or the lender might agree to let you complete a reinstatement. Real estate law covers the purchase, sale, and lease of residential or commercial property, as well as issues such as disputes between property owners, land use and zoning, property tax, and eminent domain. This is a transaction where the homeowner (the “borrower”) transfers the title to the lender, and that lender then cancels the foreclosure. Best Lawyers employs a sophisticated, conscientious, rational, and transparent survey process designed to elicit meaningful and substantive evaluations of the quality of legal services.