The foreclosed home belongs to the owner who can stop the sale with a bankruptcy until the auction. After that he may voluntarily leave or Louisville Foreclosure Lawyer the judge orders the borrower to turnover the property to the purchaser. Homeowners are given a minor amount of notice by the court before the sheriff evicts the residents. The lender can bid up to the total amount owed, including fees and costs, or it may bid less. In some states, including Kentucky, when the lender is the high bidder at the sale but bids less than the total debt, it can get a deficiency judgment against the borrower. The property becomes “Real Estate Owned” (REO) if the lender is the highest bidder.

What Are My Rights During Foreclosure In Kentucky?

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.

Can I Use This Letter If I’m Already In The Foreclosure Process?

Or you may need to file a bankruptcy to delay, avoid or stop the foreclosure. The O’Bryan Law Offices team of experienced foreclosure attorneys has been helping homeowners throughout Kentucky, and Indiana navigate through the complicated legal process of pre-foreclosures and foreclosures. If you receive a notice of default, it’s not too late to take action. Our attorneys will explain your legal options to avoid foreclosure, like bankruptcy. But it often helps homeowners work through their financial struggles and see the light at the end of the tunnel. If you are delaying the foreclosure to sell the home or get a modification in the months or years it takes to foreclose, a homeowner often makes no insurance, property, tax, or mortgage payment.

Cash For Keys Options For Louisville Foreclosures

When the bankruptcy court approves your petition, it will issue an automatic stay. You have 60 days to respond to the summons, and failure to do so may result in the court entering a default judgment against you. You should also be aware that once the impending foreclosure is made part of the public record, unscrupulous scam artists (who are not true attorneys) might contact you offering help. To redeem, you have to pay off the full amount of the loan before the foreclosure sale.

In all, more than 70 appeals were resolved, earning Lauren Paxton Roberts, who headed the effort, recognition by the Legal Aid Society of Middle Tennessee and the Cumberlands. A cornerstone of Chris’s success is his unwavering belief in the power of collaboration. He recognizes the invaluable support network that propels him forward, including his family and friends, along with the collaborative efforts of his colleagues. Actively engaged in the Kentucky and Indiana Bar Associations, Chris builds connections both within and beyond MDK, enriching his legal practice with shared knowledge and expertise. Under PTFA, bona fide tenants may continue to occupy the property until the end of a lease unless the lease is at will or the home is sold to a purchaser who intends to own the unit as a primary residence.

This law firm website and legal marketing are managed by MileMark Media. 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.

However, if plan payments are not made, the case will be dismissed. If the mortgage payments are not made, the lender will file a motion to terminate the stay and foreclose. When the homeowner properly completes Chapter 13, catching up on the mortgage, the foreclosure will be dismissed. Remember that all the damage to your credit was already done when the foreclosure was filed. Filing a Chapter 13 bankruptcy will start the process of paying for items on time after the case is filed.