Never sign a legal document without  Louisville Bankruptcy Lawyer reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional or a HUD-approved housing counselor. A breach letter is basically a notice from the lender that informs borrowers that they are in default. Your mortgage contract mostly likely has this provision as a requirement. Before a lender can proceed and accelerate the loan, they must give you a chance to fix the default and avoid foreclosure altogether. Once you miss a payment, most lenders give borrowers a grace period of around ten to fifteen days. When this grace period passes, you will begin to see late fees.

 

We can assist with the contract to acquire property, either as a direct purchase or as an option, and to form a limited liability company (LLC) for that purpose. After success in planning and zoning, we can do ground leasing and follow the project through to its completion. Each year Premier Bankruptcy Lawyers (PBL) researches and recommends leading bankruptcy lawyers across the United States. PBL lists only one attorney and firm in each city and inclusion to the guide is by invitation only. In this article, you’ll find details on foreclosure laws in Kentucky with citations to statutes so you can learn more. How courts and agencies interpret and apply the law can also change.

 

“You won’t find a more conscientious, competent, or nicer attorney than Tracy Hirsch. If you find yourself in a situation where you have no choice and may lose your home, certainly call Tracy. If you’re unsure if your particular debts will allow you to file, here’s how to determine if it’ll help your specific situation. Learn about what bankruptcy is, and what your legal rights are when it comes to your assets. We tried to sell it with our Realtor for months and nobody wanted it.

 

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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 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.

 

If it has, and all your equity is in the first mortgage, then any other mortgages would count as unsecured debt and would be discharged. But what if a third party is the highest bidder at the auction? If they offer more than the amount you currently owe, this results in excess proceeds. This is any amount of money above your original loan or what you currently owe.

 

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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.

 

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If the commissioner recommends the court should grant the motion, and the judge agrees, the court will enter a judgment for the lender. If the court grants summary judgment for the lender—or you lose at trial—the judge will order the home sold at a foreclosure sale. By law, a lender is allowed to initiate Kentucky home foreclosure proceedings after you have missed only three mortgage payments. The foreclosure becomes public record once the lender sends you notice of the intent to foreclose. Don’t pay fees for foreclosure prevention help – use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender.