In many cases, with effort and attention to detail, such matters can be resolved relatively quickly and inexpensively. Where novel or complex Kentucky Bankruptcy Lawyer issues arise, or where collection matters transition into bankruptcy matters, our experienced attorneys are prepared to address them. Our commercial litigation team often calls upon the experience of the firm’s real estate and transactional attorneys for support, including in-house title examination capabilities. McBrayer ‘s resources are focused on the delivery of cost-effective and successful representation on behalf of our clients.

Franklin County Foreclosure Defense Lawyers

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.

Over 40 Years Of Bankruptcy Experience

So, if you have a foreclosure and need more information about the Kentucky foreclosure process, call my law firm today. I make sure to maintain the best attorney-client relationship. You can count on my services if you’re struggling to find foreclosure lawyers. Also, see my contact information below to get assistance instantly. Unfortunately, the homeowner will owe income taxes for any 1099-c filed after the sale and transfer. By filing a Chapter 7 or 13 before the sale you avoid any income tax debt and any deficiency.

But..you got the bank to agree to a reduced price and we closed on the house yesterday. I feel like the weight of the world has been lifted off my shoulders. You made it a very easy process for me, even with all of my skepticism and stressing out.

However, if the foreclosure sale results in excess profits, this excess will go to you. Find foreclosure lawyers in your area to work with you on your case. This will ensure that all state and local requirements are met and followed.

The lender could also extend the length of the term, or hold monthly payments to a designated percentage of the household income. This effectively stops all creditors and debt collectors from attempting to collect from you during the bankruptcy process, and also stops foreclosure proceedings. 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. Find your loan documents (mortgage and note) and read them so you know what your lender may do if you can’t make your payments. They have options to help homeowners through hard financial times.

Some states treat mortgages as “non-recourse loans.” A non-recourse loan is one that is secured by the borrower’s property, but for which the borrower is not personally liable. Basically, this means that a lender in a foreclosure can take the house that was mortgaged, but nothing else. If the house sells for less than the lender is owed, it cannot go after the borrower.

In addition to the foreclosure process, our attorneys often prepare deeds-in-lieu of foreclosure and forbearance agreements for clients who desire a resolution outside of the judicial process. Since our founding in 1963, we have built one of the largest real estate practices in the state. Our clients come to us for our experience and our ability to achieve results quickly and cost-effectively. Our clients can expect hands-on representation from experienced attorneys, and that is what McBrayer, provides. Filing either a Chapter 7 bankruptcy or a Chapter 13 bankruptcy will stop any home foreclosure action by your lender under the automatic stay provision of the U.S.

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.

While my situation has yet to be resolved, and may not be possible to resolve at all, I submitted a signup form and was contacted immediately. Here is an excellent Timeline showing what the typical Foreclosure Timeline/Process looks like in Louisville, Kentucky. In Jefferson County, there are so many foreclosures that the timeline is usually much longer. However, this gives you a really good idea of what will take place.

To learn more about how bankruptcy can help homeowners facing foreclosure, contact the Kentucky bankruptcy attorneys at O’Bryan Law Offices. Defaulting on mortgage payments means that the foreclosure will be judicial. This simply means that the mortgage company or lender has filed a lawsuit against you and asked the court to allow a foreclosure sale.

Our foreclosure lawyers are here to help you find a foreclosure alternative that works for your individual situation. Facing a foreclosure proceeding can cause a lot of stress, but working with an attorney helps. Don’t try to tackle this complicated and stressful process on your own. Let an experienced lawyer from O’Bryan Law Offices evaluate your foreclosure case and inform you of your legal rights. In every state, including Kentucky, homeowners have the option to go through what is known as a foreclosure by judicial sale. Clients need a client-centered approach from experienced lawyers whose only practice areas are defending foreclosures and Chapter 7 or Chapter 13 cases.