If you have a legitimate defense to foreclosure and Louisville Bankruptcy Attorney want to fight to keep your home, you will almost certainly need the assistance of an attorney. The attorneys at O’Bryan Law Firm know how difficult this process can be for you and your family. Your house was an investment, both financially and emotionally. Contact us for a free case evaluation to see how we might be able to help you save your home.

A foreclosure lawyer will evaluate your case, determine the right defense strategy, and explain your options to you so that you can make an informed decision. If possible, they can help you avoid foreclosure by the bank or the mortgage company. Our staff is trained to identify and report all possible loss mitigation opportunities to our Home Retention Department. Tailored to your unique needs, we gather specific information to permit the client to evaluate each case for settlement opportunities. Whether a reinstatement, a workout, or a short sale, our staff is prepared to gather the correct information for a decision by the client.

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

A loan modification is an excellent method for lowering your monthly mortgage payment to make it more affordable. Our team of foreclosure lawyers, located at our Highly Respected Firm in Louisville, are equipped with specialized strategies all aimed at providing you the absolute best result from your unique foreclosure case. I share my knowledge by teaching Kentucky attorneys how to defend foreclosures as an instructor for NBI and Lorman. Whether you have an overwhelming amount of credit card debt, your wages are being garnished, or your home is going into foreclosure, filing for bankruptcy can protect you. If you’re in desperate need of debt relief, and are considering bankruptcy, you’ve come to the right place.

Contact O’bryan Law Offices For Foreclosure Defense In Kentucky

We help people file for bankruptcy under the Bankruptcy Code. But even when state law doesn’t provide a reinstatement right, the terms of the mortgage contract might give you the ability to reinstate the loan, or the lender might agree to let you complete a reinstatement. Real estate law covers the purchase, sale, and lease of residential or commercial property, as well as issues such as disputes between property owners, land use and zoning, property tax, and eminent domain. This is a transaction where the homeowner (the “borrower”) transfers the title to the lender, and that lender then cancels the foreclosure. Best Lawyers employs a sophisticated, conscientious, rational, and transparent survey process designed to elicit meaningful and substantive evaluations of the quality of legal services.

To keep the house, the homeowner can file for Chapter 13 bankruptcy to catch up on the mortgage and stop the foreclosure. It is possible to obtain a deficiency judgment against the borrower for the difference between the amount the borrower owed on the federally backed mortgage loan and the foreclosure sale price. But only if the borrower is personally served with the lawsuit and then loses the lawsuit, or fails to answer.

Take Back Your Life With Bankruptcy

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.

The Process

You may be able to save your home for a few more months, which could give you the breathing room you need to prevent the sale altogether. We recommend speaking with a Chapter 7 lawyer for more information on how this chapter of the Bankruptcy Code can help you. As a last resort, you might consider a “short sale,” which results in loss of the home, but it typically leads to a great deal of the debt on the mortgage being forgiven. Typically, a short sale in Kentucky involves selling the house for whatever price it can fetch. The proceeds from the sale go to the lender, and if it sells for less than what’s left on the mortgage, the balance of the debt is forgiven. Many people have to refile their Chapter 13 case, convert to a Chapter 7, or lose property because an attorney did it wrong.