If this happens, your lender must notify you of the lawsuit by  Louisville Foreclosure Lawyer serving you with a summons and a complaint. Kentucky law gives borrowers 20 days after service to answer the complaint. Homeowners who are facing foreclosures should seek legal aid from a qualified foreclosure defense attorney.

In the United States, bankruptcy is governed by federal law, commonly referred to as the “Bankruptcy Code” (“Code”). The United States Constitution (Article 1, Section 8, Clause 4) authorizes Congress to enact “uniform Laws on the subject of Bankruptcies throughout the United States”. The organizations below provide individuals with free or low-cost legal assistance with real estate issues in the Louisville, Kentucky area. The modifications could result in lowered interest rates, a lowered principal, or reduced attached fees.

Commercial & Residential Foreclosure

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.

What Is A Foreclosure Defense Lawyer?

Just before auction you were able to buy it and make it so we didn’t have to pay anything. 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.

Kentucky Solutions talked with my mortgage company and made all the arrangements for me so I wouldn’t lose my house. As wonderful as they are, I hope I never need their services again. Our family was facing foreclosure and Kentucky Solutions was able to buy our house even though we had no equity. Our lawyers can handle development projects through all phases.

In some states, the information on this website may be considered a lawyer referral service. Please reference the Terms of Use and the Supplemental Terms for specific information related to your state. If you fail to answer the court action, the lender can ask for a default judgment. Often, the court will send the matter to the master commissioner (a court-appointed official) for a foreclosure recommendation. If the commissioner recommends foreclosure and the judge agrees, the lender wins the case. If you need the help of a private practice attorney, use the Justia Lawyer Directory to find Louisville real estate lawyers.

Keep in mind that missing one payment doesn’t automatically mean that your home will undergo a foreclosure sale. Foreclosure laws in Kentucky require adherence to a certain process, which is overseen by the courts. If you are facing foreclosure in Kentucky, we strongly recommend working with an attorney. This way, you can give yourself the best possible chance at saving your home. The judge issues a summary judgment when there are no facts in dispute. The judge applies the law and decides the case if the facts are clear and not disputed.

This means that the final summary judgment on the foreclosure must be handed down by a circuit court. If you believe that foreclosure is imminent, there are some other options. This allows you to have some portion of the debt forgiven, while refinancing the rest.

Explore AllLaw’s library of free legal articles, or get connected with an attorney. Likewise, a HUD-approved housing counselor can provide helpful information (at no cost) about various alternatives to foreclosure. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. This procedure allows you to sell your home even though the proceeds will be less than what you still owe. It is up to the lender as to whether you will still be responsible for the deficit or whether they waive it. We understand that the memories you’ve made there are what truly made your house your home, and we want to do everything we can to help you preserve that.

Contact An Experienced Bankruptcy Attorney To Help You Stop Home Foreclosure

When the Commissioner receives property for sale, the property will be appraised by two disinterested parties. This appraisal determines the value and redemption amount of the property. The owner cannot redeem the property if it sells for more than the redemption value. A sale for more than the redemption value extinguishes the property owner’s right of redemption. The defendant has a short amount of time to pay the buyer the redemption price to recover the property. Circuit courts will often send the case to the Commissioner, who will make recommendations on issues to the Court.