But the failure to safeguard the funds even if the new Landlord will not take the rent is probably a breach of the lease. The new owner has the same rights and responsibilities as the prior Landlord. About half of the persons facing eviction due to foreclosure are renters. Every Louisville Foreclosure Lawyer Federal Circuit Court, the Consumer Financial Protection Bureau, and the Supreme Court now agree written notice is the only requirement.

 

Foreclosure Vs Pre-foreclosure

 

When you properly outline and sue the mortgage company back you can often force the lender to be more reasonable. When this happens, they either have to give the homeowner terms that are reasonable or face years in litigation. If you don’t think bankruptcy is the best answer for your situation, our attorneys can help you pursue other options. Two prominent options are reinstating the property and redeeming the property. If you file for Chapter 7, this will stop the foreclosure, but only for a certain period of time. You may be able to save your home for a few more months, which could give you the breathing room you need to prevent the sale altogether.

 

Forbearance was not meant to go on indefinitely, and the extension of the deadline to request mortgage forbearance ended Sept. 30, 2021, with a maximum forbearance period of six months. When the allowed forbearance period is over, homeowners must start paying back what they owe. Once your home reaches the pre-foreclosure stage, there are some options you can pursue. Our foreclosure attorneys will explain each option homeowners should consider to avoid foreclosure.

 

What Should I Include In My Letter To The Foreclosure Attorney?

 

When you hire the foreclosure attorneys at the O’Bryan Law Offices, you can rest assured that we have your best interests in mind and want to help you work towards becoming debt free. We will evaluate your finances and help you choose your best debt relief option. If you have 40,000 in unsecured debt, which must be repaid and 20,000 in mortgage costs, then your plan payments will be far more than 1000 per month for a 60-month Chapter 13 plan.

 

What Is Foreclosure In Louisville, Kentucky?

 

If not, there is still a chance that you can negotiate reinstatement with your lender. If you face sudden expenses, such as medical bills or a lawsuit, which put a serious but relatively short-term strain on your finances, you should notify your lender immediately. You might find that they are willing to accept lower payments, if this will prevent you from defaulting. Some states treat mortgages as “non-recourse loans.” A non-recourse loan is one that is secured by the borrower’s property, but for which the borrower is not personally liable.

 

The borrower is responsible for the difference between what the property sold for at auction and the amount of the original loan. Get the help you need to recover from a difficult financial position through bankruptcy. Our attorneys are pleased to help you decide your financial future. We offer free initial consultations and are available for evening and weekend appointments.

 

But..you got the bank to agree to a reduced price and we closed on the house yesterday. I feel like the weight of the world has been lifted off my shoulders. You made it a very easy process for me, even with all of my skepticism and stressing out. Jason is a Louisville native who grew up in PRP, went to St. X and U of L. He and his wife, Hannah, now live in Hikes Point and have 3 children whom they adopted through foster care. Jason strives to provide his clients with exceptional legal services through experience, dedication, and compassion.

 

Aligned with MDK’s mission and values, Chris views the firm as a catalyst for innovation and problem-solving. He embraces a “team-first” mentality and actively contributes to creating innovative solutions to address clients’ diverse challenges. Chris interprets MDK’s mission as providing him with the resources and freedom to think outside the box and develop creative approaches to assist clients effectively. This dedication to collaboration translates seamlessly into his daily work.