Trustees look for hidden assets, income, & transfers in these documents. All employment is decided on the basis of qualifications, merit, and business Kentucky Bankruptcy Lawyer need. If any of the issues below apply to you, click on the box to find out how bankruptcy can help. Find out which types of bankruptcies can help you keep your property and your paycheck. Don’t lose another night of sleep due to creditor phone calls and unpaid bills. We can protect you, and help you obtain the financial freedom you deserve.
Essentially they state there are no issues left to be argued. This is a crucial step in the judicial foreclosure process when facing financial hardship. Because there are over 120 different primary defenses, the mere filing of an answer and discovery may delay the judicial foreclosure process for years.
If the lienholder does not file the Lis Pendens, a good faith purchaser may take the property free of a mechanic, trustee, or judgment lien. If someone purchases the property after a Lis Pendens, the buyer has notice of the pending litigation, and the foreclosure continues. Continue to research Kentucky foreclosure laws and come back often for new information!
Our Foreclosure Lawyers Have The Experience You Seek
McBrayer offers a range of options for our clients who need to collect on the obligations of their customers or borrowers, whether in a consumer or commercial context. McBrayer regularly represents local and regional banks, mortgage lenders, and non-profit housing agencies in collection and foreclosure matters. McBrayer also frequently represents large and small businesses and individuals in collection matters. Our attorneys are experienced in defending lenders from allegations of bad faith or lender liability, which sometimes arise when creditors seek to enforce their rights. McBrayer strives to efficiently handle collection and foreclosure cases in accordance with Kentucky law and local procedures.
Franklin County Foreclosure Defense Lawyers
Prior to the foreclosure crisis in 2010, borrowers didn’t have much in the way of protection against foreclosure. In fact, many state and federal laws actually favored mortgage servicers instead of homeowners. However, state and federal mortgage servicing laws have since been updated to provide more protections for borrowers.
Filing for bankruptcy is a valid and useful option for both avoiding foreclosure and regaining control of your finances. This is especially true if you’re in a bind, or if you’re only days away from the sale of your home. As soon as you file for bankruptcy, you receive the protection of the automatic stay. The stay prevents the lender from foreclosing or collecting on your debts. Filing for Chapter 7 can help you delay the process, while Chapter 13 can help you save your home, but only if you can afford to pay back your debts.
Experience
The information presented on this website is not legal advice and is for informational purposes only. Our lawyer recommendations do not constitute a guarantee regarding the outcome of any legal matter, past success on cases does not guarantee success in any new or future lawsuit. This website is not intended as advertising or solicitation in any jurisdiction.
With a combined 40 years of experience, we are focused on your success. Please read our profiles to learn more about our professional backgrounds. Approximately half of the states, including Kentucky, require the lender to file a lawsuit in court to foreclose. The lender gives notice of the suit by serving you (the borrower) a summons and complaint. You’ll get 20 days after service to file a response to the complaint. Kentuckians don’t automatically have the right to reinstate their loan before the foreclosure sale.
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.
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. The lender usually makes a bid on the property using what’s called a “credit bid” rather than bidding cash. With a credit bid, the lender gets a credit up to the amount of the borrower’s debt. The highest bidder at the sale becomes the new owner of the property.
Advocating for clients in Commercial Law, Contract Law, and Creditors’ Rights cases. Based in Louisville, we are familiar with the courts throughout all of Kentucky and southern Indiana. Our attorneys have the necessary skill to help you resolve your legal problem.
I am an experienced lawyer focusing on bankruptcy relief for foreclosures, small businesses, consumers, and tax debt. In 2005 I purchased two investment properties and rented them both out. When the market went down, I could no longer afford either property but I also could not sell them either so I got behind on my mortgage payments. I contacted Kentucky Solutions and they were able to take them BOTH off my hands for less than what I owed by doing a Short Sale, and I don’t owe anyone a dime! My problems are solved and the foreclosure is stopped—Amazing!
Throughout the process of foreclosure, it is vitally important to work with a skilled foreclosure attorney. It can be difficult to navigate court processes on your own, but working closely with an attorney will help things move more smoothly. Kentucky’s state foreclosure laws require that all foreclosures must be judicial.
In all states in the U.S., including Ohio, foreclosure by judicial sale is allowed. In some states, original mortgages are treated as “non-recourse” loans, meaning that, at most, the lender can take possession of the house in the event of foreclosure, even if it is worth less than the amount due. The bank cannot go after the borrower for the remaining balance once it sells the house. You should consult an Attorney in Louisville, Ohio to find out if this is the case here. This usually does not apply if the mortgage has been refinanced. 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.
Under Kentucky law, the mortgage company or servicer will usually make what is called a credit bid. This means that they make a bid on the house for the amount that is owed on it. However, the lender can also secure a deficiency judgment if they are the highest bidder, but they bid less than what you owe. He is a member of the Bankruptcy & Financial Restructuring, Banking Litigation, Real Estate, and Equine Transactional practices.