Working with a real estate agent Louisville Foreclosure Lawyer 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.

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.

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.

Foreclosure Lawyers In Louisville

But if you choose to defend the foreclosure lawsuit, the case will go through the litigation process. The lender might then ask the court to grant summary judgment. [newline]A summary judgment motion asks that the court grant judgment in favor of the lender because there’s no dispute about the critical aspects of the case. If the commissioner recommends that the court should grant the motion, and the court agrees, the court will enter a judgment for the lender.

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.

Pre-foreclosure usually has more disadvantages than it does advantages. Once the homeowners have reached the pre-foreclosure stage, there isn’t much they can do to save their property. Your credit score is affected as soon as you quit making mortgage payments. However, if you’re behind on your monthly payments, it might open the door for loss mitigation options you wouldn’t have had if you weren’t behind on your mortgage. The pre-foreclosure on a home occurs before the official foreclosure proceedings.

So, don’t get caught off guard if you’re a homeowner behind in mortgage payments. Learn about foreclosure laws in Kentucky and how the Kentucky foreclosure process works, from missing your first payment to a foreclosure sale. Foreclosure defense offers options for a homeowner who falls behind on a mortgage, such as alleging lender misconduct or negotiating a loan modification, repayment plan, forbearance agreement, or short sale.

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.

Resources For Foreclosures

This is a transaction where the homeowner (the “borrower”) transfers the title to the lender, and that lender then cancels the foreclosure. 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.

There are about 120 different federal and state laws and defenses to a complaint, from the statute of limitations to fraud. If you do not assert them in the initial answer, you lose affirmative defenses forever. Just filing a good answer will almost always delay the foreclosure by 6 months. Until the property is actually sold to a new owner, the homeowner could still find a work out solution with the servicer. There is no legal requirement that a servicer must work with the homeowner.

Your foreclosure attorney should represent you at such conferences. In addition, his suggestions should increase the possibility of reaching an outcome that will be in your favor. One of the critical issues that arise is turning for help to the attorney who works for the bank. Also, when you talk to these servicers or collectors, they often record the call to use it against you in court.

Therefore, the time for a foreclosure in Kentucky varies from county to county, but loan servicers usually allow 90 days before starting foreclosure proceedings. Deatrick & Spies, P.S.C. is a respected law firm, operating since 1994. Advocating for clients in Commercial Law, Contract Law, and Creditors’ Rights cases. Based in Louisville, we are familiar with the courts throughout all of Kentucky and southern Indiana. Our attorneys have the necessary skill to help you resolve your legal problem.

Kentucky mortgage companies are subject to the Truth in Lending (TILA) requirements. If a lender fails to issue the notice of your three-day right of rescission they might have to give back money to the borrower. The further behind you get, the harder it will be to reinstate your loan and the more likely it is that you will lose your house. When you sign your mortgage, you also sign a document called a note. 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. In most cases, you will have a ten or fifteen-day grace period after you miss a mortgage payment before you’ll be charged a late fee.