Contrary to some bankruptcy myths, there are Louisville Foreclosure Attorney times when filing for bankruptcy may be the right solution for an impending foreclosure. When the bankruptcy court approves your petition, it will issue an automatic stay. You have 60 days to respond to the summons, and failure to do so may result in the court entering a default judgment against you. You should also be aware that once the impending foreclosure is made part of the public record, unscrupulous scam artists (who are not true attorneys) might contact you offering help. Please include all relevant details from your case including where, when, and who it involves.

Take special note of the time-frame in which you can resolve the situation before the foreclosure auction takes place at the end. Short Sales and Loan modifications are possible all along the way. When you retain the services of Deatrick & Spies, P.S.C., you can be assured that your attorney is fully qualified to take on your case. Behind the talk of hearth and home exists a very real sentiment and attachment to your home. Now you find yourself facing the very real possibility of losing your home.

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In all states in the U.S., including Ohio, foreclosure by judicial sale is allowed. In some states, original mortgages are treated as “non-recourse” loans, meaning that, at most, the lender can take possession of the house in the event of foreclosure, even if it is worth less than the amount due. The bank cannot go after the borrower for the remaining balance once it sells the house. You should consult an Attorney in Louisville, Ohio to find out if this is the case here. This usually does not apply if the mortgage has been refinanced. 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.

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In every state, including Colorado, borrowers have the option to go through foreclosure by judicial sale. In some states, original mortgages are treated as “non-recourse” loans, meaning that, at most, the lender can take ownership of the house in the event of foreclosure, even if it is worth less than the amount due. The bank cannot go after the debtor for the remaining balance once it sells the house. You should consult a Lawyer in Louisville, Colorado to find out if this is the case here. This typically does not apply if the mortgage has been refinanced. In all states in the U.S., including Kentucky, foreclosure by judicial sale is allowed.

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In some states, the information on this website may be considered a lawyer referral service. Please reference the Terms of Use and the Supplemental Terms for specific information related to your state. If you fail to answer the court action, the lender can ask for a default judgment. Often, the court will send the matter to the master commissioner (a court-appointed official) for a foreclosure recommendation. If the commissioner recommends foreclosure and the judge agrees, the lender wins the case. If you need the help of a private practice attorney, use the Justia Lawyer Directory to find Louisville real estate lawyers.

They are different tools for different purposes to provide a future with finances free from the debt and stress from a foreclosure or collection lawsuit. Chapter 13 is perfect for saving a home, defending a private student loan lawsuit, and managing tax debts. Chapter 7 is usually best for debtors with little equity in homes and assets and less than average incomes. Let us be your advocate when it comes to saving your home, protecting your paycheck, and helping you obtain the debt relief that you need.

If you qualify for Chapter 7, you can discharge some or all of your debt load. It also provides for an automatic stay of all legal proceedings, including foreclosures, that go into effect immediately. Foreclosures damage your credit score for years and will leave you with your mortgage debt.

Then, the homeowner can work on a loan modification, partial claim, or workout with the bank while the home is in Chapter 13. Filing an answer and discovery also allows the homeowner time to pursue alternatives such as selling the home. Usually, a mortgage company files a Lis Pendens, which is a notice of pending litigation at the start of the case. The purpose is to notify potential buyers of the property pending litigation.