This can be beneficial if the interest rate is lower than it was Louisville Foreclosure Lawyer  when you got the loan and can extend the length of your loan. In some cases, although rare, the lender can reduce the loan amount. Missed payments are reported to the three credit reporting agencies – Experian, Equifax, and TransUnion. The report will state how overdue the payments are by 30 days, 60 days, 90 days, etc. Once the credit reporting agencies have this information, they will add it to your credit report. We can help you get a fresh financial start or consolidate your debt into one affordable payment.

 

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.

 

If the foreclosure was nonjudicial, the homeowner may have a shorter redemption period. In a foreclosure, the borrower’s total mortgage debt frequently exceeds the foreclosure sale price. The difference between the total debt and the sale price is called a “deficiency.” For example, say the total debt owed is $450,000, but the home sells for $400,000 at the foreclosure sale. If you’re facing a foreclosure, filing for bankruptcy might help. In fact, if a foreclosure sale is scheduled to occur in the next day or so, the best way to stop the sale immediately is by filing for bankruptcy.

 

Is Louisville An Expensive Place To Live?

 

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.

 

Schwartz Bankruptcy Law Center

 

They do not want to pay foreclosure fees any more than the homeowner. If you are unable to work with your servicer, contact the Kentucky Homeownership Protection Center immediately to find alternatives. A Chapter 7 bankruptcy provides relief from other types of debt such as medical bills and credit card bills, and this option may allow you to catch up on your mortgage payments and keep your home.

 

Kentucky Chapter 7 & Chapter 13

 

When consumers have to deal with foreclosure, it almost always involves a home. The bank will normally take possession of the house, and then sell it at auction, to try to cover the balance of the mortgage. Banks typically want sell the property quickly, for as much money as possible. I share my knowledge by teaching Kentucky attorneys how to defend foreclosures as an instructor for NBI and Lorman.

 

They aren’t in the real estate business, and expect to make money through interest on the loan, not by selling your house. If you are up-front with them early on, they will probably make a reasonable effort to accommodate your financial system if it will keep you from defaulting. You may have thought it would never happen to you – foreclosure. Yet, you are now faced with this real possibility, and are looking for ways to avoid having your house taken away from you. If you’re wondering if you can stop a foreclosure in Louisville, Kentucky, the answer is “yes.” Filing for bankruptcy is one of many viable options to save your home. In many cases, filing for Chapter 7 bankruptcy can delay the foreclosure by a matter of months.

 

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

 

Identifying errors is no easy task for the ordinary homeowner. However, a foreclosure attorney has the experience to spot issues and knows how to uncover information to help your foreclosure. Bankruptcy allows individuals, couples, and businesses that cannot meet their financial obligations to be excused from repaying some or all of their debt. If you have questions regarding bankruptcy law contact one of our recommended attorneys today. PTFA does not explicitly say the tenant must pay rent, but courts state that upon the transfer of the deed that the new owner has the right to collect the rent.