Site icon Louisville Bankruptcy & Foreclosure Attorney

Louisville Kentucky Mortgage Foreclosure

Stop your Mortgage Foreclosure in Louisville Kentucky

Stop your Louisville Kentucky Mortgage Foreclosure

Louisville Kentucky mortgage foreclosures happen far too often. There are options the lender  could take to avoid the expense of foreclosure.  But it is easy and profitable for the lender to bill the homeowner for added interest, service fees and forced placed insurance.  Include with that 250 to 500 per hour for attorney fees, 900 dollars for a property inspection and other servicer fees to the bill.

Events like divorce, death in the family, disability, and job loss tend to cause foreclosures. In fact, this might happen from even small mistakes like forgetting to pay the property taxes. When that happens, you will find that the bank or owner of the debt often only cares about their payment and profits.

Making the right foreclosure decision.

I’ve handled Louisville Kentucky mortgage foreclosures in Jefferson County Circuit court  since 1991.  Since 2000, I have taken only bankruptcy and foreclosure cases. That’s over 33 years of being an attorney. We have some of the highest ratings in the nation for satisfied clients according to AVVO, three best-rated, and Google where you cannot buy a high rating.

Even the best people can find themselves unable to cover their mortgage payments. If you miss mortgage payments for two months or longer, you go into foreclosure. After 120 days the lender has the right to file the foreclosure lawsuit.  With a foreclosure, you face a simple financial decision.

  1. It may be the best decision to keep the home or;
  2. It may be best to sell or let it go back.

You don’t want to have a tax problem or a deficiency when the home is sold.  We help you properly go down one of those two paths based on what is best for you; not what is best for the bank. We believe that your obligation to yourself and your family is higher than any obligation to your creditors. That’s why we show you the options you need to make the right decision.

Mortgage Foreclosure in Louisville Kentucky

Does Bankruptcy or foreclosure defense help.

We defend Louisville Kentucky mortgage foreclosures in state court if you need time to stay in the home, modify your mortgage, rent, or sell it. Defending a foreclosure requires fighting the foreclosure in state court by filing an answer, discovery, requesting mediation, and responding to any summary judgment or trial.   This can delay a foreclosure for  months or years.  Or it can quickly get your mortgage out of foreclosure.

Defending your foreclosure might also require filing bankruptcy in federal court. Chapter 7 Bankruptcy delays the foreclosure and gives you time to sell the property or find a different home. A Bankruptcy discharge stops and avoids any 1099 income tax debt and collection of a deficiency judgment.

If you want to keep the home, we often file a Chapter 13 bankruptcy, which allows you to catch up on the payments over up to five years.  A Chapter 7 can eliminate your unsecured debt.   This can often make the home affordable, or also make a Chapter 13 affordable by eliminating all the unsecured debt before you file a Chapter 13.  People often file a Chapter 7 first to make their Chapter 13 affordable.

You may need time to obtain a mortgage modification or workout agreement. We can provide that time.

Avoid your Louisville Kentucky Mortgage Foreclosure now.

It is possible to stop, delay, or avoid a foreclosure. If you receive a court summons or les Pendens, then the foreclosure process has started. After that, you have 20 days to file your answer. Miss this deadline and you lose some rights you don’t get back. You have about 60 days after filing your answer to file discovery.  Miss a deadline for filing an answer and you again lose advantages and rights.

If you wait until the home sells at auction you lose all rights to keep the home unless it sells for less than 66 % of its value.   In that case, it is possible to pay the new owner what he paid, plus improvements, his costs and 10% to redeem the home.  Very few people have the money for this option.

Homeowners who attempt to handle the foreclosure themselves often either speed the process up or cost themselves money by admitting they owe the debt and that they are in default. The bank’s attorneys work for the banks, not you.  The bank won’t tell you how to sue the bank properly. In fact, they record your conversations to be used against you later in court. A mortgage foreclosure in louisville kentucky cannot possibly be fair unless you are also represented with an attorney trained in this area.

Working with your foreclosure attorney.

The debtor collector will tell you about the options they want you to choose from. He won’t tell you about options they don’t want you to take, like suing them back or filing bankruptcy. You need a proper foreclosure attorney and defense which allows you one or more of the following options:

  1. Rent the home out.
  2. Sell the home.
  3. Attempt a mortgage modification.
  4. Obtain a short sale of the home.
  5. Reside in the home while you search for another home.
  6. Do a Deed in lieu and give the home up.
  7. Avoid a judgment against you.
  8. Do a workout agreement to put the arrearage onto the principle.
  9. A cash for keys option may be available to pay you money to surrender the home.
  10. Avoid tax debt.
  11. Avoid code violations that may cost you fines or even jail. As long as the property is in your name, you are responsible for maintenance and lawsuits, even from trespassers. Even filing bankruptcy does not automatically get the property out of your name.
  12. Mediate a settlement.

Hire an experienced foreclosure attorney.

Mortgages and foreclosures are an area of the law where most attorneys have little or no experience. It takes a lot of time and experience to work in this area of law. I was married to a mortgage banker for over 15 years. I also worked in lending and have defended foreclosures for over 30 years. Your attorney must have a strong knowledge base of the following:

  1. TILA truth in lending
  2. Dodd-Frank
  3. Fair Debt Collection Practices law
  4. CFPB and lending rules.
  5. Statute of Limitations and the affirmative defenses.

We teach other lawyers how to handle these subjects. We do not recommend defending against foreclosure on your own. The stakes are too high. By filing your answer or discovery, you often overlook defenses and admit items you shouldn’t. After that, often the damage can rarely be undone. Hiring a professional to fight on your behalf against the lender is the best you can do to ensure that you won’t miss an opportunity to save your home. Even the average attorney does not have the experience or knowledge an experienced and  more seasoned professional possesses.

Let us help your Louisville Mortgage foreclosure.

Letting the home go back might not be the best choice, and you might not have to let it go back. Even if you do want to make it go back, it might cost your thousands to let it go back the wrong way. You may be able to live in it for a long time if you do it correctly.

We are here to help you successfully defend a foreclosure – if you let us. In the early stages, you have at least six different major options and over 100 defenses to stop a foreclosure. Depending on the case, it might be best for you to file Chapter 13 or Chapter 7 bankruptcy. We will prepare the documents correctly and at the right moment do everything within the law to ensure you keep the property.

Call now and get a free consultation.

Time is of the essence. You only have 20 days to file your answer after you are served. You need to submit your discovery within about 60-90 days after that. A delay or mistake may be fatal for your Foreclosure case. We offer a free foreclosure consultation. Let us explain and discuss your situation, the law, and the possibilities. The more knowledgeable and prepared you are, the better your chances and results. Get the help you need by calling 502-625-0905 now.

Resources for Louisville Kentucky Mortgage Foreclosures

Louisville Kentucky Bankruptcy Forms

How to Аvoid Louisville Kentucky Foreclosures • Video

Louisville Kentucky Foreclosure Defense

Options to Avoid Foreclosure with Bankruptcy

How to Effectively Stop Foreclosure in 2020

Mortgage Modifications • Foreclosure Failures

If you are thinking about filing bankruptcy, don’t delay because timing is crucial. I am here to help you. So, contact my office right away to start the conversation. Nick C. Thompson, Bankruptcy Lawyer: 502-625-0905.

Exit mobile version