So, do thorough research to find out how many years Louisville Foreclosure Attorney of practice they have had as a foreclosure attorney and their education. This way, you are closer to making an good decision, and thereby increasing the chance of keeping your home and all the lovely memories you have in it. Filing for Chapter 13 bankruptcy gives you up to five years to recover your payments and allows you to keep your property. It is another potential alternative to foreclosure that a qualified attorney can assist you with and offer experience and information that you may otherwise struggle to discover. For instance, if the mortgage company either does not perform preliminary steps or breaches the contract, they might not have the right to foreclose. Additionally, if a foreclosure law is violated, or the foreclosure party is not the owner of the mortgage debt, your attorney helps you see the missing pieces and responds accordingly in your favor.

 

Start Your Intake Or Contact Us

 

By community, here are examples of ways Stites & Harbison attorneys and staff have made a difference in their hometowns. Beyond his legal endeavors, Chris cherishes the time spent with his family and friends, emphasizing the importance of personal connections. With a steadfast commitment to excellence, collaboration, and personal integrity, Chris Wiley continues to be a valued asset to both MDK and the Louisville legal community. Inaccurate credit reporting can have a detrimental impact on your financial well-being. We’ll work to correct errors and ensure your credit report reflects accurate information. This procedure allows you to sell your home even though the proceeds will be less than what you still owe.

 

The New Owner Is Subject To The Lease Eviction Laws

 

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).

 

It also makes you feel calmer, thereby lowering your stress level. If you don’t have a local Louisville foreclosure attorney to represent you, you face the bank’s attorney alone. Normally, a bank attorney has thousands of cases towards his experience. This leaves you little chance against them without a good attorney. Settlement supports the idea of offering the bank and the homeowner a way to resolve the issue and prevent foreclosure from taking place.

 

When a foreclosure is final, the homeowner must move out of the house. If the servicer sells the property for less than what is owed, they or the U.S. Department of Housing and Urban Development (HUD) could seek a deficiency judgment on the homeowner. This means that the homeowner could still owe the servicer or HUD money even after the foreclosure. Foreclosure is the legal means to repossess or take over a home. Kentucky is a judicial state, meaning that most, if not all, foreclosures are processed through the courts.

 

Best Lawyers employs a sophisticated, conscientious, rational, and transparent survey process designed to elicit meaningful and substantive evaluations of the quality of legal services. Our belief has always been that the quality of a peer review survey is directly related to the quality of the voters. The third scenario is that the lender will wait for the bankruptcy case to end and then pursue the foreclosure. Regardless of what happens with your foreclosure after filing for Chapter 7 bankruptcy, chances are you will not be able to keep your home. If you cannot qualify for a refinance, you can look into a loan modification, which reworks your current loan.

 

Unlike foreclosures, credit agencies do not notate a pre-foreclosure on your credit report. The only way it will be reflected on your credit score is from the missed payments. Those missed payments will be noted on your credit report and drop it down. Both bankruptcy and foreclosure severely affect your credit score and can be difficult to recover from. There are also some advantages and disadvantages to selling and buying a pre-foreclosure property.

 

At this time, homeowners have several options to stop foreclosure. They can negotiate with their lender on their monthly payments or settle the debt by a deed-in-lieu-of-foreclosure or a short sale. McBrayer offers a range of options for our clients who need to collect on the obligations of their customers or borrowers, whether in a consumer or commercial context. McBrayer regularly represents local and regional banks, mortgage lenders, and non-profit housing agencies in collection and foreclosure matters. McBrayer also frequently represents large and small businesses and individuals in collection matters.

 

That’s why it takes a lot of expertise and practical knowledge to convince your bank that a loan modification should take place. This is another part of the foreclosure process that your attorney’s help is crucial in properly asking for the application. This is the time to decide whether to keep a home or whether to surrender it. If you file Chapter 7 bankruptcy, you won’t have to be responsible for income taxes from a 1099 and it delays the sale. If you want to save the home, you may apply with the lender for a mortgage modification or file Chapter 13 in bankruptcy court.