You don’t have to sue to exercise your three day right of Louisville Foreclosure Attorney rescission but you do have to send the letter. That is what the Supreme Court decision stated in Jesinoski v. Countrywide Home Loans. This is about two major Kentucky foreclosure defenses TILA, RESPA. For information about how TILA and RESPA integrate check out the CFPB bulletin.
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M&P also provides a flat fee residential foreclosure service for our clients. Staffed with knowledgeable attorneys and personnel, this streamlined program allows our clients some certainty as to the overall expense of a foreclosure action. In addition to the foreclosure process, our attorneys often prepare deeds-in-lieu of foreclosure and forbearance agreements for clients who desire a resolution outside of the judicial process. Clients need a client-centered approach from experienced lawyers whose only practice areas are defending foreclosures and Chapter 7 or Chapter 13 cases. Over 99% of our Chapter 7 clients complete their Chapter 7 and obtain financial freedom and discharge.
When you’re facing foreclosure, it’s important to understand how the process works as a whole. You may have many questions, such as “When is it too late to stop foreclosure? ” Each state has its own unique laws and protections for borrowers, as well as specific processes.
Consider Refinancing Or A Loan Modification
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.
To start a foreclosure, the lender files a complaint in Circuit court in Kentucky, after which the debtor has 20 days to file an answer. If the debtor does not timely and properly raise the proper defenses, the lender often quickly files a summary judgment. Then, they win because there are no issues of fact to argue over. Some homeowners file answers themselves and admit the default. When the homeowner is about 60 days behind, the mortgage company will stop accepting 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.
Mortgage creditors regularly turn to the experienced legal team at McBrayer. With law offices in Lexington and Louisville and a government relations practice in Frankfort, we serve clients throughout Kentucky and the United States. Our Fayette County foreclosure attorneys are committed to providing each of our clients with a high level of personal service and knowledgeable representation.
A deed in lieu of foreclosure is another way to avoid foreclosure involving losing your home. With this option, the homeowner hands over the deed to their home to their lender, which releases them from any more mortgage responsibilities. A deed in lieu of foreclosure is a quieter way for a homeowner and lender to avoid foreclosure proceedings. Once the deed is returned to the lender, they can sell the property to recover losses.