Even if the note and mortgage are to one spouse only, the Louisville Bankruptcy Attorney 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.

The statute also requires that eviction notices must also be sent to the Housing Authority. Even if the individual rents from a corporation, the lease is still protected. The Helping Families Save Their Homes Act went into effect in 2009. This act included the Protecting Tenants at Foreclosure Act (PTFA.) PFTA requires that any new owner takes the foreclosed property subject to the rights of the lease and tenant. In other words, the new owner is subject to all current lease eviction laws. Our legal team will work to defend your home and explore options to keep it.

Consult a real estate attorney or foreclosure lawyer to understand the Court and what is owed and how to redeem and pay the allowable charges. Certain circumstances will modify your redemption rights when a property is foreclosed. At Hirsch Law, we can help homeowners keep their homes through bankruptcy, loan modifications, short sales, or a deed in lieu of foreclosure. The thought of losing your permanent residence can be emotionally draining. Foreclosure is a process that begins when a homeowner who has borrowed money to buy a house fails to make their mortgage payments.

Get Started

If you are still in the house after 10 days, the new owner can get a writ of possession from the court and the sheriff can set you and your things out of the house. A Chapter 13 bankruptcy can allow you to catch up on your mortgage over a three-to five-year period while you make your regular monthly mortgage payments. Either a Chapter 13 bankruptcy or a Chapter 7 bankruptcy can help you get rid of lower-priority debts so that you can focus on your mortgage and other essential bills. The court will enter a judgement of foreclosure, say how much you as the homeowner owe the lender and give you a short time to pay the full amount. If you don’t pay within that time, the property will be sold by an officer of the court. Don’t pay fees for foreclosure prevention help – use that money to pay the mortgage instead.

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).

While your non-exempt property will be sold by a bankruptcy trustee to pay off your debt, there are federal and Kentucky exemption laws that can protect certain types of property, including your home. It is in everyone’s best interest for the lender to get the highest possible price at auction. If the sale price is more than what’s left on the mortgage, the borrower can keep the extra. If it’s less, the lender has the right to collect the deficiency on the judgment.

How Long Do I Have To Respond To A Foreclosure Notice?

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.

Accordingly, they will probably make reasonable accommodations to your financial situation if it means that you will be able to make some form of payment to them. If you need the help of a private practice attorney, use the Justia Lawyer Directory to find Louisville real estate lawyers. You have an absolute right to rescind for any reason for three days after closing, until the disclosures are made or up to three years after the transaction.

Speak with a Louisville bankruptcy lawyer to learn more about your options. You should be mindful of the fact that your bank wants you to make your monthly mortgage payments – they probably aren’t scheming to trick you into giving up your home. For a bank, a foreclosure is simply a last resort to cut their losses.

After becoming about two payments behind in a mortgage, the lender will start refusing to take payments. When the loan is about six months overdue, the lender will send the mortgage off to an attorney and begin the foreclosure by filing the complaint. This section will cover various aspects of foreclosure in Kentucky, including ways to stop foreclosure, the foreclosure process, rights during foreclosure, and options available for borrowers facing foreclosure. Our staff is trained to identify and report all possible loss mitigation opportunities to our Home Retention Department. Tailored to your unique needs, we gather specific information to permit the client to evaluate each case for settlement opportunities.

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 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.