If you are still in the house after 10 days, the new owner can Louisville Foreclosure Attorney 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.

So usually, your lender will wait until after the third or fourth consecutive missed payment, accompanied by numerous warning notices, before proceeding. Most importantly, a foreclosure attorney represents you in court, ensuring that you follow all the procedures and processes. They also help you fill out paperwork, meet important deadlines, and even achieve a loan modification if necessary. We explore all possible options on your behalf, helping you decide which course of action is best for you.

Kentucky Chapter 7 & Chapter 13

This way, you can explore all of your options ahead of time, which could allow you to avoid the process completely. Working with an attorney may even give you the leverage you need to strike a deal with your lender. We generally recommend speaking with a lawyer as soon as possible after you receive the breach letter. Waiting too long could prevent attorneys from being able to help you effectively. If you fail to give an answer, the court will likely award your lender with a default judgment.

They Bought My Ugly House I Didn’t Want

Most mortgage creditors won’t consider you for mortgages in the future if your credit report shows a foreclosure. Although you’ll receive a blow to your credit, you’ll rebuild good credit sooner because you will be debt free. 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. Thank you so much for all your help with the short sale of my home. How would you be able to get me out of this situation free and clear??

Please beware of Rescue scams claiming to help you stop a Kentucky foreclosure. As soon as you file for bankruptcy, the court issues an automatic injunction known as the automatic stay. This requires creditors to halt their collection efforts against you, which can include lawsuits, garnishments, and more. Creditors can only get around this with the approval of the bankruptcy court.

Covington Foreclosure Defense Lawyers

Our firm represents both investors and lenders and works diligently toward a swift resolution for our clients. Our foreclosure attorneys are knowledgeable about the entire foreclosure process, including intake, title review, litigation, title claims and foreclosure sales. We understand and navigate state laws and local procedures while upholding the best interests of our clients.

You should consult a Lawyer in Louisville, Kentucky to find out if this is the case here. At the sale, the purchaser makes a deposit, and the Commissioner files a report with the judge, asking for approval of the sale. Defendant continues to possess the home until the purchase is complete and the master commissioner issues a deed. After the sale, the master commissioner will pay his fees, and the property taxes, and the remaining funds will go to the creditors in the rank of priority. Funds first go to property taxes, second to mortgages, third to judgment liens, and the remainder to the homeowner. The first thing you need to know about the Kentucky foreclosure process is that foreclosures in Kentucky are court-ordered sales conducted by the circuit court master commissioner.