Understanding your options is one of the most important items when it comes to increasing your chance of overcoming foreclosure. A well-educated Kentucky Bankruptcy Lawyer and experienced foreclosure attorney will be able to explain the different available alternatives to you and make professional suggestions on which path to take. The more experience a foreclosure attorney has, the better chance you have of keeping your home. For instance, Chapter 13 allows you to catch up on the payments but you then have to make payments on time. The LII Lawyer Directory contains lawyers who have claimed their profiles and are actively seeking clients.

You may still owe a deficiency, and it triggers an income tax debt from a 1099-C for the deficiency after doing the work. Finally, you are liable to lawsuits from the purchaser for property defects. You went through all that paperwork to buy the home to ensure compliance with laws like the Truth in Lending Act (TILA).

If you don’t hear back, it’s a good idea to follow up to ensure your letter was received and is being processed. Generally, you should act as quickly as possible, but you typically have 30 days to respond to the notice. Downtown Louisville (40202, 40203, 40204, 40206) Downtown Louisville is where the city comes alive with big-city energy, bustling entertainment, dining, and cultural attractions. The zip codes 40202, 40203, 40204, and encompass this vibrant urban core.

You pay your regular mortgage payment for the month, plus the total of everything you owe due to forbearance, in one single payment. Federally backed mortgage lenders cannot require missed forbearance payments to be repaid in a lump sum, but non-federally backed lenders may do so. The most common types of consumer bankruptcy are Chapter 7 and Chapter 13. Once bankruptcy is filed, you receive an automatic stay, which will stop foreclosure on your home, as well as stopping lawsuits, garnishments, and harassing collection calls. The stay lasts only until the bankruptcy proceedings are complete, but it will eliminate many debts which may make it easier for you to pay your mortgage and keep your home. Even if the mortgage company agrees to not pursue the deficiency, the IRS regulations require the bank to turn in a 1099-C.

Other Ways To Stop A Foreclosure In Kentucky

Even if the note and mortgage are to one spouse only, the other spouse also has the right to be given notice. Under the Truth in Lending Act, if the loan is invalid, the loan default is also invalid, which stops a foreclosure action. Invoking the right of rescission is just one of many rights and defenses. At Winton & Hiestand Law Group, PLLC we are your dedicated consumer protection attorney in Louisville, KY, committed to defending the rights of consumers. Our extensive experience makes us the premier choice for resolving matters such as debt collection violations, fair credit reporting, mortgage foreclosure defense, motor vehicle repossession, and much more. While our firm is bolstered through our professional associations, it is our internal processes that form the foundation for our foreclosure activities.

How Can A Louisville, Colorado Attorney Help?

In this article, you’ll find details on foreclosure laws in Kentucky with citations to statutes so you can learn more. These are just some of the reasons to consider consulting a lawyer if you’re facing a foreclosure. The first notices you receive will offer good information about foreclosure prevention options that can help you. Later mail may include important notices of pending legal action. Your failure to open the mail will not be an excuse if you are sued in court for foreclosure. We understand the fear of losing one’s home can take a heavy toll on a person’s emotional and physical well-being.

I just wanted to take a minute to thank you for your time and effort in helping me through a very difficult situation with my house. It has been a very difficult year for me and I appreciate everything you did. Behind the talk of hearth and home exists a very real sentiment and attachment to your home. Now you find yourself facing the very real possibility of losing your home.