Until that time, the old owner collects and manages the property. PNMAC Mortgage v. Stanko, states that even if the tenant has not paid rent to the Kentucky Bankruptcy Lawyer new Landlord, the tenant is entitled to the 90-day notice period under the PTFA. Many people whose vehicles have been repossessed believe they do not have any rights because they fell behind in the payments. Even if you defaulted on your auto loan, you still may have certain rights in the vehicle under the law.

This website is using a security service to protect itself from online attacks. The action you just performed triggered the security solution. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. In 2020, I filed the first Chapter 11 Small Business Reorganization Act (SBRA) case for a family-run business in Kentucky under the bankruptcy code. Make sure to include your name, address, account number, and a clear statement asking for verification of the debt. This letter can be a great way to pause the process while you clarify your situation.

Filing Chapter 7 Chapter 13 Bankruptcy • Video – Nick C Thompson

Saving homes and other property from potential foreclosure is a specialty of our firm that is highlighted through our growing number of successful foreclosure defense cases. Yes, they generally have a limited time to provide verification—usually around 30 days, but it’s good to check local laws. To recommend or link to this lawyer as a trusted attorney, we have provided a list of sample links. This involved restructuring your mortgage to reduce monthly payments and make them more affordable. This may change the length of your loan, your interest rate or other terms.

However, if the lender does not dismiss the leftover balance, they could file a delinquency judgment which requires the borrower to make up some or all of the difference left. The seller must be upfront with potential buyers about property liens or any unpaid taxes, as both could transfer to the new homeowner after the sale. Oftentimes, homeowners have been through a significant life event to get them behind on mortgage payments, like a medical emergency, divorce, or death, so this can be an emotional and stressful time.

You could, for example, try a “short sale,” which allows you to sell your house for whatever amount you can get, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank will get the proceeds of the sale, and the rest of the debt will be forgiven. This allows you to have some portion of the debt forgiven, while refinancing the rest. Foreclosure is the legal process by which the lender in a mortgage arrangement takes possession of the property (typically a house) that secured the loan.

Louisville, Kentucky Mortgage And Foreclosure Attorneys

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.

The mortgage lender will file for court approval to notify the homeowners of default. The pre-foreclosure warns homeowners that there is little time left to settle their debts before they put the home on the market. However, there is still a chance that homeowners can avoid foreclosure and negotiate with their lenders. To stop the foreclosure, the homeowners must pay off their debts to the lender. Chapter 13 bankruptcy can cure foreclosure by giving homeowners time to catch up on their home mortgage payments. This type of bankruptcy allows homeowners to reorganize their debts and create a repayment plan to catch up on missed mortgage payments over three to five years.