When you properly outline and sue the mortgage company back you can often force the lender to be more reasonable. When this happens, they either Kentucky Bankruptcy Lawyer have to give the homeowner terms that are reasonable or face years in litigation. If you don’t think bankruptcy is the best answer for your situation, our attorneys can help you pursue other options. Two prominent options are reinstating the property and redeeming the property. If you file for Chapter 7, this will stop the foreclosure, but only for a certain period of time. You may be able to save your home for a few more months, which could give you the breathing room you need to prevent the sale altogether.
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.
How Can I Avoid Foreclosure In Kentucky?
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.
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.
The Kentucky Foreclosure Laws And Options
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.
⎆ The Importance Of Understanding All Your Options
First, you must gather all of the paperwork and documents you used to purchase or refinance your home and take it to law offices so you can be advised. To apply for a mortgage, you must provide a copy of your taxes, pay stubs, any prior bankruptcy proof, and proof of citizenship. You also must explain where the down payment comes from and prove that you intend to live there, along with numerous other items.
The redemption period, on the other hand, is the state laws time period after the foreclosure sale during which the homeowner might be able to redeem the property. The redemption period is a critical component of the foreclosure process. During this time, the homeowner has the right to redeem the property by paying off the foreclosure sale price, plus interest and other fees. Miss the timing, correct amount or other elements and you lose the ability to recover your property.