At some point prior to the scheduled date of the sale, an appraisal of the property will be done. The first notices you receive will offer good information Kentucky Bankruptcy Lawyer about foreclosure prevention options that can help you. Later mail may include important notices of pending legal action.

Getting Help From A Kentucky Foreclosure Lawyer

While you are trying to settle with them and obtain a modification or workout they may continue the process of selling your home. If you fail to use an attorney who guards for this the homeowner gives up several rights. If an answer or motions fail to raise issues and claims the home can be sold while you are attempting a workout with the mortgage company. The Summary Judgment motion is a tool for a quick judgment when an answer admits enough facts to avoid a trial. Default and summary judgments are tools to win the lawsuit quickly. These motions are filed with supporting affidavits and evidence such as payment history, notes, and mortgages.

The pre foreclosure process officially begins when you fall behind on your mortgage payments. Your mortgage company or servicer can charge certain fees during this time. Examples of these fees include late fees and inspection costs. They must also send you information about how to avoid foreclosure, as well as a breach letter.

Moving Out After Foreclosure

If the commissioner recommends the court should grant the motion, and the judge agrees, the court will enter a judgment for the lender. If the court grants summary judgment for the lender—or you lose at trial—the judge will order the home sold at a foreclosure sale. By law, a lender is allowed to initiate Kentucky home foreclosure proceedings after you have missed only three mortgage payments. The foreclosure becomes public record once the lender sends you notice of the intent to foreclose. Don’t pay fees for foreclosure prevention help – use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender.

Communication between you and your lender is perhaps the most important way to avoid foreclosure. Honesty is the best policy when it comes to dealing with lenders. Attorney Tracy Hirsch will help you determine if a Chapter 7 bankruptcy or Chapter 13 bankruptcy will best suit your specific situation.

The note spells out the amount of money you borrowed and the terms for repayment, such as the interest rate and length of the loan. It’s also good to know that most foreclosures take about six months or less if done by default. However, cases can often take a year or more if you fight a foreclosure. The following are some points and terms to remember when doing your research. The FIRST STEP is to decide whether you want to save/keep your home or sell your home. High interest rates and late fees can make it unmanageable, however, we can help you get things back under control.

This gives borrowers ample time to submit a loss mitigation application. Missing one mortgage payment often does not lead to foreclosure. Once you default, your servicer must send you a notice of default. This is usually done once your payment is overdue by at least 30 days.

However, if it was a high-cost home loan, they do have a statutory right to reinstate the loan. For these loans, lenders are required to give the borrower at least 30 days to reinstate the loan. However, certain mortgages (such as a federally backed mortgage loan) automatically include provisions for reinstatement. We highly recommend that you find a foreclosure attorney with considerable experience in court.