If you are still in the house after 10 days, the new owner can get a writ of possession from the court and the sheriff can set you and your things out of the house. A Chapter 13 bankruptcy can allow you to catch up on your mortgage over a three-to five-year period while you make your regular monthly mortgage payments. Either a Chapter 13 bankruptcy or a Chapter 7 bankruptcy can Louisville Foreclosure Lawyer help you get rid of lower-priority debts so that you can focus on your mortgage and other essential bills. The court will enter a judgement of foreclosure, say how much you as the homeowner owe the lender and give you a short time to pay the full amount. If you don’t pay within that time, the property will be sold by an officer of the court. Don’t pay fees for foreclosure prevention help – use that money to pay the mortgage instead.
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Understanding your options is one of the most important items when it comes to increasing your chance of overcoming foreclosure. A well-educated and experienced foreclosure attorney will be able to explain the different available alternatives to you and make professional suggestions on which path to take. The more experience a foreclosure attorney has, the better chance you have of keeping your home. For instance, Chapter 13 allows you to catch up on the payments but you then have to make payments on time. The LII Lawyer Directory contains lawyers who have claimed their profiles and are actively seeking clients.
It is worth the 100 dollars to see what an attorney thinks of a deal. Often these foreclosure rescue offers are deals that steal your equity. The cash for keys option is not a bad option for someone that has to move on and is no longer interested in living in the home. But defending a foreclosure may be a better option for someone who can live in the house rent-free while it takes 1, 2, or 3 years to process a foreclosure. In overcoming the challenges and recover your losses your attorney needs to explain and provide answers. In this article, we examine some of the most important things to know in foreclosure and in hiring your attorney.
What Is The Foreclosure Process In Kentucky?
We can make sure your lender is following the law, and we may be able to help you negotiate a better and more affordable option with your mortgage lender. For loans federally backed by Fannie Mae or Freddie Mac, you may be eligible for a COVID-19 Payment Deferral or similar repayment plan, depending on your lender. After forbearance ends, you return to making regular mortgage payments for the same amount and interest rate you had pre-forbearance. Missed mortgage payments are added on to the end of your loan term and are paid back when the loan is refinanced, the house is sold, or the mortgage is paid off. You will be notified of a pre-foreclosure by receiving a legal notice of default.
The homeowners can ask for a modification, attempt a short sale, file a bankruptcy, sell the home, or file a Chapter 13 bankruptcy and take up to five years to bring the mortgage loan current. Attempting to stop the sale the day before a judicial foreclosure sale often guarantees you lose the home and all of any equity and money you could have kept. Let’s say you have fallen behind on your mortgage payments, but the foreclosure process has yet to officially start. The servicer of your mortgage can begin to charge fees during this time. Some examples of these fees include late fees and inspection fees. However, your lenders are also required to send you a breach letter, as well as inform you of how you can avoid foreclosure.