A Kentucky property owner has only twenty days after Louisville Bankruptcy Attorney service with the complaint to file the answer. A default judgment happens when Defendant fails to file a response. You may or may not be allowed additional time to file your response by showing a reason for the delay.
The Commissioner usually decides default and summary judgments. The Court must only agree with the Commissioner’s recommendations to enter a judgment. The deed transfers to the buyer at closing, but the buyer has an interest in the property as soon as the auction is held. Even if a bankruptcy court grants the bank their motion to end the stay, the foreclosure will be delayed at least a few months.
Nick Thompson Bankruptcy & Foreclosure Attorney
Under Kentucky law, the mortgage company or servicer will usually make what is called a credit bid. This means that they make a bid on the house for the amount that is owed on it. However, the lender can also secure a deficiency judgment if they are the highest bidder, but they bid less than what you owe. He is a member of the Bankruptcy & Financial Restructuring, Banking Litigation, Real Estate, and Equine Transactional practices.
McBrayer offers a range of options for our clients who need to collect on the obligations of their customers or borrowers, whether in a consumer or commercial context. McBrayer regularly represents local and regional banks, mortgage lenders, and non-profit housing agencies in collection and foreclosure matters. McBrayer also frequently represents large and small businesses and individuals in collection matters. Our attorneys are experienced in defending lenders from allegations of bad faith or lender liability, which sometimes arise when creditors seek to enforce their rights. McBrayer strives to efficiently handle collection and foreclosure cases in accordance with Kentucky law and local procedures.
Filing A Foreclosure Answer Or Discovery Late
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.
Unpaid medical bills, high credit card APRs, garnishments, and judgment liens can destroy your financial status and cause extreme emotional distress. I opened the door to a Kentucky Solutions agent who offered to help. We completed the paperwork and Kentucky Solutions did all of the rest. They saved us from the devastating effect of foreclosure buy doing a Short Sale and buying our house even after we had filed bankruptcy on the house. I highly recommend Kentucky Solutions as your go-to guys for foreclosure prevention.
If you fail to respond I have seen a property sold within 90 days. If you’re considering any of the options mentioned above, speak with a foreclosure attorney immediately. The stay lifts automatically when the court grants your discharge of debts, which takes about three months. However, it usually takes a lender a while to restart the foreclosure process, so your stay may actually last somewhat longer. True bankruptcy protection falls under Chapters 7 and 13 in the U.S.
Furthermore, this notice prevents the owner from transferring the property. Before the scheduled foreclosure date, there is an appraisal of the property. If the home sells for less than two-thirds of the appraisal value, the borrower has one year from the foreclosure sale date to redeem the property. The borrower does this by paying the selling price of the property plus a small percentage of the sale price. However, the bank almost always bids over this amount at the foreclosure sale to prevent redemption.
If you can meet these conditions, you may be able to avoid foreclosure. If you are facing foreclosure or are a victim of mortgage fraud it is critical to consult with a lawyer who specializes in mortgage and foreclosure. States and the federal government have precise laws that lay out the procedures and rules that lenders must follow before they force a property into foreclosure. Your attorney will work with you to determine your best options and help you avoid foreclosure if possible.
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.
The project temporarily displaced persons in low-income housing, but Stites & Harbison attorneys have worked closely with these families to explain relocation options. They also helped the families get settled into temporary housing until permanent housing becomes available. If you are not a current client, do not include any confidential or secret information in your email.