Even if the note and mortgage are to one spouse only, the other spouse also has the right to be given notice. Under the Truth in Lending Act, if the loan is invalid, the loan default is also invalid, which stops a foreclosure action. Invoking the right of rescission is just one of many rights and defenses. At Winton & Hiestand Law Group, PLLC we are your dedicated consumer protection attorney in Louisville, KY, committed to defending the rights of Louisville Foreclosure Lawyer consumers. Our extensive experience makes us the premier choice for resolving matters such as debt collection violations, fair credit reporting, mortgage foreclosure defense, motor vehicle repossession, and much more. While our firm is bolstered through our professional associations, it is our internal processes that form the foundation for our foreclosure activities.

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The borrower only has to give notice to the mortgage company of the right to rescind. Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional or a HUD-approved housing counselor. They have options to help homeowners through hard financial times.

When a foreclosure is final, the homeowner must move out of the house. If the servicer sells the property for less than what is owed, they or the U.S. Department of Housing and Urban Development (HUD) could seek a deficiency judgment on the homeowner. This means that the homeowner could still owe the servicer or HUD money even after the foreclosure. Foreclosure is the legal means to repossess or take over a home. Kentucky is a judicial state, meaning that most, if not all, foreclosures are processed through the courts.

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This simply means that the mortgage company or lender has filed a lawsuit against you and asked the court to allow a foreclosure sale. If this happens, your lender must notify you of the lawsuit by serving you with a summons and a complaint. Kentucky law gives borrowers 20 days after service to answer the complaint.

If the foreclosure was nonjudicial, the homeowner may have a shorter redemption period. In a foreclosure, the borrower’s total mortgage debt frequently exceeds the foreclosure sale price. The difference between the total debt and the sale price is called a “deficiency.” For example, say the total debt owed is $450,000, but the home sells for $400,000 at the foreclosure sale. If you’re facing a foreclosure, filing for bankruptcy might help. In fact, if a foreclosure sale is scheduled to occur in the next day or so, the best way to stop the sale immediately is by filing for bankruptcy.

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.

This way, you can explore all of your options ahead of time, which could allow you to avoid the process completely. Working with an attorney may even give you the leverage you need to strike a deal with your lender. We generally recommend speaking with a lawyer as soon as possible after you receive the breach letter. Waiting too long could prevent attorneys from being able to help you effectively. If you fail to give an answer, the court will likely award your lender with a default judgment. This allows the lender to foreclose on your home and hold a sale.

The attorney should respond with the requested verification, and they are typically required to halt any foreclosure actions until that is provided. As of spring 2016, there were over 886,000 properties across the U.S. in foreclosure. Nationally, the number of properties that received a foreclosure filing in March increased by 11 percent from February, for an average of 1 in every 1,212 properties. In your letter, you should include your full name, the address of the property in question, details about your mortgage, and a clear request for verification of the debt. You can request that your lender provide detailed documentation of the debt, like account statements and notices.

In each case, the firm’s resources are focused on the delivery of cost-effective and successful representation on behalf of our clients. At other law firms, you pay your bankruptcy lawyer, and then you are handed off to a secretary, paralegal, or younger attorney. I personally prepare your consumer bankruptcy, foreclosure defense, or small business bankruptcy case. We usually have two consultations a free consultation for 2 hours and 2-3 hours with you to ensure your petition is perfect. Bankruptcy attorneys should never pass clients off to a paralegal or inexperienced junior lawyer after the law firm collects. The foreclosure defense attorneys at Bunch & Brock understand the issues, know your legal rights, and will help you determine the best course of action for your situation.