For more information on federal mortgage servicing laws and foreclosure relief options, go to the Consumer Financial Protection Bureau (CFPB) website. In some states, the lender can seek a personal judgment against the debtor to recover the deficiency. Generally, once the lender gets a deficiency judgment, the lender may collect this amount—in our example, $50,000—from the borrower. Once you file for bankruptcy, something called an “automatic stay” happens. The stay functions as an injunction prohibiting the lender from foreclosing on your home or trying to collect its debt, at least temporarily. With the help of our knowledgeable and experienced lawyers, you can take the necessary steps to get back on your feet again.

 

How To File A Kentucky Bankruptcy

 

When you retain the services of Deatrick & Spies, P.S.C., you can be assured that your attorney is fully qualified to take on your case. NASHVILLE – Working with the Nashville Bar Association, our attorneys helped with the escalating problems of people who had recently lost their jobs. Focused on providing assistance with unemployment appeals, the attorneys helped individuals receive unemployment benefits after their applications had been contested by their former employers.

 

At this point, the lender will have received legal Louisville Foreclosure Attorney permission to evict the residents and put the home up for a foreclosure auction. Mortgage companies often bid two thirds plus 1% (67%) of the appraised value at the Commissioners sale to prevent homeowners from redeeming property. The key to saving a home is to file a Chapter 13 before the sale and catch it up. Any Chapter 13 must be filed before the sale, or you lose all rights to the home. Filing a Chapter 13 requires time to design the Chapter 13 plan and petition.

 

Chapter 13, on the other hand, could save your home altogether. This chapter allows you to set up a payment plan rather than liquidating your assets to pay back your creditors. However, you must take a bankruptcy means test to see if you qualify.

 

I just wanted to take a minute to thank you for your time and effort in helping me through a very difficult situation with my house. It has been a very difficult year for me and I appreciate everything you did. Behind the talk of hearth and home exists a very real sentiment and attachment to your home. Now you find yourself facing the very real possibility of losing your home.

 

Under Kentucky foreclosure laws, homeowners have a right of redemption. This allows them to redeem the property by paying the foreclosure selling price after the commissioner sale if the property paid less than two thirds of the appraised value. To redeem the property you must include any additional costs the buyer paid, after the sale.

 

⎆ What Louisville Foreclosure Attorneys Do For You

 

Honesty is the best policy when it comes to dealing with lenders. Three Federal Banking studies prove the rich use the code to increase their wealth. “Individuals who file experience a sharp boost in their credit score after bankruptcy, whereas the recovery in credit score is much lower for individuals who do not file for bankruptcy.”

 

Deed In Lieu Of Foreclosure

 

This has resulted in the Firm being at the forefront of the default mortgage industry. In a repayment plan, additional money is added to your regular monthly mortgage payments for set time periods to pay back what you owe. After the missed payments are paid back, monthly payments return to normal. Before signing anything when it comes to a repayment plan, be sure you can afford the extra money each month that you’ll be required to pay.

 

When a foreclosure is final, the homeowner must move out of the house. If the servicer sells the property for less than what is owed, they or the U.S. Department of Housing and Urban Development (HUD) could seek a deficiency judgment on the homeowner. This means that the homeowner could still owe the servicer or HUD money even after the foreclosure. Foreclosure is the legal means to repossess or take over a home. Kentucky is a judicial state, meaning that most, if not all, foreclosures are processed through the courts.

 

He must also guide you on the best way to handle loss mitigation. You work with the lender to sell the property for less than the loan is worth. You are doing the work for the mortgage company and being forced out of the home early.