In most Kentucky cases, the lender will receive a deficiency summary judgment. We mentioned deficiency judgments in a previous Kentucky Bankruptcy Lawyer section, but now we’ll go into more detail. A deficiency judgment occurs if the foreclosed home sells for less than the borrower owes on it. As an example, let’s say that you owe $450,000 on the home, but it only sells for $350,000 as the foreclosure sale price. If you are facing the possibility of foreclosure, a good Louisville, Kentucky real estate Attorney can help. At the very least, they will be able to inform you of your legal options.

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.

A Lawyer can increase your chances of keeping your home, and help minimize the financial impact if keeping it proves impossible. Typically, a plaintiff performs a title search to find any party that may have an interest in the property. The failure to include parties can cause the sale to have problems later. The Commissioner usually is very careful to insure the lender follows proper procedures. A Lis Pendens merely warns potential buyers the property has pending litigation.

This allows the lender to foreclose on your home and hold a sale. This is when having qualified foreclosure attorneys on your side will be invaluable. If you have been served with a foreclosure complaint and need your interests protected, our attorneys and staff are prepared to take the appropriate measures to timely file a response on your behalf. We monitor the ongoing court action and report the status to you. We provide our expertise in determining bidding options, obtain first mortgage payoffs if applicable, and apply for, and obtain excess funds when available. Federal and state laws require that you be in default for at least 120 days before the servicer officially begins the judicial foreclosure process against you.

When Does Foreclosure Start In Kentucky?

Doing so will not make it go away, and will probably make it worse. You should stay in close contact with your bank, and be forthright with them. It is necessary to remember that the bank does not really want your Louisville house – they expected to make a profit through the interest on your loan, and that’s what they’d prefer to do. Accordingly, they will probably make reasonable accommodations to your financial situation if it means that you will be able to make some form of payment to them.

New Lagrange Road, Suite 4, Louisville, Ky 40222

SKO may not have a duty or legal obligation to keep confidential any information that you provide to us (in person or electronically) until you become a client of the firm. The further behind you get, the harder it will be to reinstate your loan and the more likely it is that you will lose your house. If you are worried about foreclosure, a good Louisville, Colorado real estate Lawyer might be able to help.

These are just some of the reasons to consult with an attorney if you’re facing a foreclosure. Stites & Harbison has a rich tradition of pro bono service in the communities where our attorneys work and live. Our firm has been recognized annually by the Nashville Bar Association for its pro bono contributions. In Louisville, we were recognized as a Public Service Challenge Pacesetter by the Louisville Pro Bono Consortium, based on the firm’s commitment to devote 50 hours per lawyer annually to pro bono publico causes. Tax law covers issues involving federal, state, and local taxes for individuals and businesses, ranging from compliance and tax avoidance strategies to audits, tax debts, and disputes with tax authorities. A loan default occurs when you fail to do what the mortgage note requires.

We notify our client of additional interests they may have in the property and ensure that all of the client’s interests are protected. All of these elements of our title work are geared to ensure that the client receives a clear and marketable title. Best of all, our title work is performed at a reasonable cost to you.

Frankfort Foreclosure Defense Lawyers

Our Foreclosure Department is staffed by skilled real estate attorneys licensed to practice in the states of Ohio, Kentucky,Indiana and West Virginia. 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. If you’re facing foreclosure and you want to defend against it, working with a foreclosure attorney is your best bet.