In all, more than 70 appeals were resolved, earning Louisville Foreclosure Lawyer Lauren Paxton Roberts, who headed the effort, recognition by the Legal Aid Society of Middle Tennessee and the Cumberlands. A cornerstone of Chris’s success is his unwavering belief in the power of collaboration. He recognizes the invaluable support network that propels him forward, including his family and friends, along with the collaborative efforts of his colleagues. Actively engaged in the Kentucky and Indiana Bar Associations, Chris builds connections both within and beyond MDK, enriching his legal practice with shared knowledge and expertise. Under PTFA, bona fide tenants may continue to occupy the property until the end of a lease unless the lease is at will or the home is sold to a purchaser who intends to own the unit as a primary residence.
Foreclosure
While your non-exempt property will be sold by a bankruptcy trustee to pay off your debt, there are federal and Kentucky exemption laws that can protect certain types of property, including your home. It is in everyone’s best interest for the lender to get the highest possible price at auction. If the sale price is more than what’s left on the mortgage, the borrower can keep the extra. If it’s less, the lender has the right to collect the deficiency on the judgment.
It details the legal steps required for a new owner to reclaim property from a resident after a foreclosure sale. Our resources can help you navigate this process, including the variations in legality and timelines across different states. The redemption period is short and most people cannot come up with the money after the foreclosure auction. Even if there was a foreclosure auction a foreclosed home may still belong to foreclosed homeowners because until the home is paid for the buyer only has an equitable interest in the home. With regard to foreclosures and the landlord-tenant lease eviction laws, this article explains the rights of both tenants and landlords.
Kentucky Foreclosure Lawyer
Under Kentucky foreclosure laws, homeowners have a right of redemption. This allows them to redeem the property by paying the foreclosure selling price after the commissioner sale if the property paid less than two thirds of the appraised value. To redeem the property you must include any additional costs the buyer paid, after the sale.
Litigation often only delays the process but delay may be what you need if you need time to sell a home. Kentucky redemption and rescission are two methods to help stop a sale and prevent a deficiency or income tax debt from the foreclosure sale. Threebestrated.com ranks us as one of the top 3 offices for bankruptcy and foreclosure in Louisville and obtaining consistently favorable results for clients. We represent distressed homeowners in Kentucky and southern Indiana. In Kentucky, the foreclosure process typically begins when a homeowner falls behind on mortgage payments.
Even if you plan to surrender the home, Chapter 7 will probably be necessary because bankruptcy is a tax exempt method to discharge the debt. P. Christopher Wiley, a Senior Attorney at MDK, brings a wealth of expertise to the realm of foreclosures and evictions, serving as a trusted guide for clients navigating complex legal landscapes in Kentucky. Since joining MDK in 2010, Chris has remained dedicated to finding innovative solutions tailored to the unique needs of each client, earning recognition for his exceptional contributions to the legal field.
Resources For Foreclosures
Or, if you want to save your home, filing for Chapter 13 bankruptcy might be the answer. To find out the options available, speak with a local bankruptcy attorney. During the preforeclosure period, the servicer can charge you various fees. Also, in most cases, federal law requires the servicer to let you know how to avoid foreclosure, and most mortgage contracts require the servicer to send you a breach letter.
Our office often negotiates cash for keys options for Louisville foreclosures at the end of the case. When you eventually move to a new home, there is no advantage in keeping possession of the house after you are out. In fact, there is the issue of building code violations if you are not living in the property because people injure themselves, making you liable. You don’t want to move out too early because of the fact that every month you stay in the home is a rent-free month. But, mortgage lenders are often happy to avoid further litigation by your exchanging the keys and possession for a cash sum, usually $2,000 to $5,000 dollars.
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. If you need the help of a private practice attorney, use the Justia Lawyer Directory to find Louisville real estate lawyers. You have an absolute right to rescind for any reason for three days after closing, until the disclosures are made or up to three years after the transaction.
Your lender may have disregarded certain mandatory regulations, may not legally own the debt, or may have filed a wrongful foreclosure. Even if your lender did everything correctly, there are ways we can help. Some states do not require the lender to go to court in order to foreclose, but since Kentucky is a judicial foreclosure state, the lender must file a lawsuit to get the foreclosure started. If you believe you can make up past payments over time, you can pursue a Chapter 13 bankruptcy.
It also makes you feel calmer, thereby lowering your stress level. If you don’t have a local Louisville foreclosure attorney to represent you, you face the bank’s attorney alone. Normally, a bank attorney has thousands of cases towards his experience. This leaves you little chance against them without a good attorney. Settlement supports the idea of offering the bank and the homeowner a way to resolve the issue and prevent foreclosure from taking place.
Every foreclosure case is different and yours might need particular skills. The following list shows the bankruptcy action items an attorney with experience guides you through. LOUISVILLE- Stites & Harbison has had long and celebrated relationships with a myriad of agencies and service organizations in the community. As a result of the breadth of pro bono services provided and our long-standing financial commitment, the Legal Aid Society named Stites & Harbison “Outstanding Law Firm of the Year” in 2009. 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.
Speak with a Louisville bankruptcy lawyer to learn more about your options. You should be mindful of the fact that your bank wants you to make your monthly mortgage payments – they probably aren’t scheming to trick you into giving up your home. For a bank, a foreclosure is simply a last resort to cut their losses.
When you call our law firm, clients talk to me or my assistant Toni, who will schedule a consultation to design a solution that meets your goals. We spend time with you to ensure you achieve your needs, get a fresh start, and get out of debt. We do less than 20 cases monthly to ensure each client gets the needed attention, debt relief, and a better future. Real estate law covers the purchase, sale, and lease of residential or commercial property, as well as issues such as disputes between property owners, land use and zoning, property tax, and eminent domain. We help people file for bankruptcy relief under the Bankruptcy Code.
