In addition to the foreclosure process,  Louisville Bankruptcy Lawyer our attorneys often prepare deeds-in-lieu of foreclosure and forbearance agreements for clients who desire a resolution outside of the judicial process. Since our founding in 1963, we have built one of the largest real estate practices in the state. Our clients come to us for our experience and our ability to achieve results quickly and cost-effectively. Our clients can expect hands-on representation from experienced attorneys, and that is what McBrayer, provides. Filing either a Chapter 7 bankruptcy or a Chapter 13 bankruptcy will stop any home foreclosure action by your lender under the automatic stay provision of the U.S.

 

Facing foreclosure is perhaps one of the most stressful and trying experiences a person could have. In order to redeem the property, you must pay off the amount that you owe on your loan before the foreclosure sale begins. In Kentucky, you also have what is known as a redemption period. A redemption period allows borrowers to buy back their home after the foreclosure sale. Kentucky law allows a redemption period of six months if the home is sold for less than two-thirds of its appraised value. If you file for Chapter 7, this will stop the foreclosure, but only for a certain period of time.

 

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However, if the foreclosure sale results in excess profits, this excess will go to you. Find foreclosure lawyers in your area to work with you on your case. This will ensure that all state and local requirements are met and followed.

 

We recommend asking for your lender’s loss mitigation department. They will walk you through the process of pursuing loss mitigation options, such as loan modification. Going up against a mortgage company that is seeking a foreclosure judgment against you is very stressful. Facing the stress of financial hardship is already a prominent stressor, so how long will the foreclosure process last in Kentucky? While every case is unique and should be handled as such, a typical foreclosure should begin and end within 5 months on average. However, this process can lengthen or shorten, largely depending on the actions of the borrower.

 

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When you’re facing foreclosure, it’s important to understand how the process works as a whole. You may have many questions, such as “When is it too late to stop foreclosure? ” Each state has its own unique laws and protections for borrowers, as well as specific processes. Once you have fallen behind on your mortgage payments, you still have time and options that will help you prevent or avoid foreclosure.

 

Sometimes, a foreclosure sale doesn’t bring in enough money to pay off the full amount owed on the loan. The process of judicial foreclosure is long, complex, and varies from state to state, jurisdiction to jurisdiction, and sometimes from judge to judge. Nonetheless, we have distilled the foreclosure process to create an action timeline to manage and monitor the progress of each of our clients’ cases. Because so much of the foreclosure process is outside of our direct control, we aggressively manage each foreclosure to eliminate as much lead time as possible from complaint to sale. Our standard provides an aggressive basis for exception reporting and daily lead-time analysis by our management team.

 

A Kentucky property owner has only twenty days after service with the complaint to file the answer. A default judgment happens when Defendant fails to file a response. You may or may not be allowed additional time to file your response by showing a reason for the delay.

 

You should stay in touch, and be honest with, your creditor as much as possible. You should remember that banks in Louisville don’t want your house. While the foreclosure process can be devastating for the homeowner, it’s no walk in the park for the bank, either. They expected to make a profit through interest on the loan paid over time, and foreclosure is a last resort, allowing them to cut their losses and move on. If you are honest with them, lenders will usually try to accommodate your changed financial situation, to avoid a default on your part, and the necessity of foreclosing on their part.

 

Banks typically want sell the property quickly, for as much money as possible. This law firm website and legal marketing are managed by MileMark Media. Foreclosure can happen out of the blue- a sudden job loss or a financial burden making it impossible to pay our mortgage. Saving homes and other property from potential foreclosure is a specialty of our firm that is highlighted through our growing number of successful foreclosure defense cases. Three Federal Banking studies prove the rich use the code to increase their wealth.