You are still taxed as income for the amount that was forgiven. Many times this is not an option if there are other mortgages or liens on the property. To convey title, it may require a foreclosure sale to get rid of a second mortgage or judicial liens on the property. Getting the property out of your name does stop code violations and condo or homeowner association fees. If you’re behind on your mortgage payments and have an impending pre-foreclosure, you still have options that can help you keep your home or protect your credit. As you can see, there are many ways that you can try and avoid foreclosure on your home, but the legal process can be complicated.

 

This is a transaction where the homeowner (the “borrower”) transfers Louisville Foreclosure Attorney the title to the lender, and that lender then cancels the foreclosure. Once you have received the notice, a sheriff’s office representative or a process server will deliver a summons to you in person at your home. If you don’t, the lender will simply place a public notice in the newspaper.

 

So, don’t get caught off guard if you’re a homeowner behind in mortgage payments. Learn about foreclosure laws in Kentucky and how the Kentucky foreclosure process works, from missing your first payment to a foreclosure sale. Foreclosure defense offers options for a homeowner who falls behind on a mortgage, such as alleging lender misconduct or negotiating a loan modification, repayment plan, forbearance agreement, or short sale.

 

Do You Have More Debt Than You Can Repay?

 

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. This allows the lender to foreclose on your home and hold a sale.

 

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.

 

This is important because a rescission is possible if the lender misrepresents facts such as the actual cost or fees. This period provides the only final opportunity for homeowners to reclaim their foreclosed home and avoid eviction proceedings. Missing the length and conditions of the redemption period means you have lost the home permanently. With a foreclosure, it may take three to seven years before you can buy another house.

 

Our office often negotiates cash for keys options for Louisville foreclosures at the end of the case. When you eventually move to a new home, there is no advantage in keeping possession of the house after you are out. In fact, there is the issue of building code violations if you are not living in the property because people injure themselves, making you liable. You don’t want to move out too early because of the fact that every month you stay in the home is a rent-free month. But, mortgage lenders are often happy to avoid further litigation by your exchanging the keys and possession for a cash sum, usually $2,000 to $5,000 dollars.

 

Saint Louisville Foreclosure Defense Lawyers

 

Many for-profit companies will contact you promising to negotiate with your lender. As we mentioned earlier, bankruptcy is a valid solution for preventing lenders from foreclosing on your home. When you file for bankruptcy, this stops the foreclosure process in its tracks. You have the benefits of the automatic stay, which prevents your creditors from harassing you, from attempting collections, and from foreclosing on your home. Our foreclosure lawyers are here to help you find a foreclosure alternative that works for your individual situation.

 

The mortgage lender will send a notice of default to the homeowner, stating they have a certain amount of time to bring their payments up to date. If the homeowner fails to do so, the lender will proceed with the foreclosure process. This initial stage sets the tone for the subsequent steps in the foreclosure process.

 

If you want to start your intake, we need your Name, email address, and phone number so it can be set up and you can complete your intake at work or home. If you have questions send us a message with your email address so we can respond. We practice in Louisville, Lexington, and New Albany, Indiana.

 

Behind the talk of hearth and home, there exists a very real sentiment and attachment to your home. Now, in the midst of financial crisis, you face the possibility of losing your home. Kentucky Legal Aid is responsible for providing legal services to 35 counties. If the only thing you repay in your Chapter 13 is your mortgage, it is more likely to be affordable. If the home sells for more than the debt you can file a motion to be paid the excess money. Within less than 12 days of my house being sold at a foreclosure auction, I found Kentucky Solutions.

 

Louisville Foreclosure Lawyers

 

So, do thorough research to find out how many years of practice they have had as a foreclosure attorney and their education. This way, you are closer to making an good decision, and thereby increasing the chance of keeping your home and all the lovely memories you have in it. Filing for Chapter 13 bankruptcy gives you up to five years to recover your payments and allows you to keep your property. It is another potential alternative to foreclosure that a qualified attorney can assist you with and offer experience and information that you may otherwise struggle to discover. For instance, if the mortgage company either does not perform preliminary steps or breaches the contract, they might not have the right to foreclose. Additionally, if a foreclosure law is violated, or the foreclosure party is not the owner of the mortgage debt, your attorney helps you see the missing pieces and responds accordingly in your favor.

 

KY Solutions made the process so simple and was very thorough answering any questions. I would recommend Kentucky Solutions to anyone seeking to sell their home even if they feel they have no equity in it. I opened the door to a Kentucky Solutions agent who offered to help. We completed the paperwork and Kentucky Solutions did all of the rest. They saved us from the devastating effect of foreclosure buy doing a Short Sale and buying our house even after we had filed bankruptcy on the house. I highly recommend Kentucky Solutions as your go-to guys for foreclosure prevention.

 

He counsels MDK’s mortgage clients in all aspects of their default portfolios, collaborating every step of the way. Sections 702 and 703 of the PTFA require the tenant to be given the notice to evict “at least 90 days before the effective date of such notice. Even if the lease is month to month, the requirement is still a 90-day notice.” Bank of N.Y. Mellon v. DeMeo,254 P.3d 1138(Ariz. App. 2011), published and unanimous decision. Bank National Association  ••confusing (language)” is “ineffective for the purpose of the PTFA”. Furthermore, any motion for possession is premature if it is filed before the expiration of the PTFA notice period.