If not, there is still a chance that you Louisville Bankruptcy Lawyer can negotiate reinstatement with your lender. In most cases, you will have a ten or fifteen-day grace period after you miss a mortgage payment before you’ll be charged a late fee. Every month that you fail to pay will incur another late fee.

Loss Mitigation Options

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. Since our founding in 1963, we have built one of the largest real estate practices in the state. Our clients come to us for our experience and our ability to achieve results quickly and cost-effectively. Our clients can expect hands-on representation from experienced attorneys, and that is what McBrayer, provides. Filing either a Chapter 7 bankruptcy or a Chapter 13 bankruptcy will stop any home foreclosure action by your lender under the automatic stay provision of the U.S.

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One way to stop foreclosure is an Agreed Order – an agreement between the debtor and the mortgage company to stop all court actions. Sometimes creditors want to collect their money more quickly than you can comfortably afford. A Chapter 7 bankruptcy provides relief from other types of debt such as medical bills and credit card bills, and this option may allow you to catch up on your mortgage payments and keep your home.

The foreclosure law process for consensual and non-consensual liens are similar. For instance, we can strip judicial liens which are not consensual if it impairs your equity in a bankruptcy. However, we can also strip a second mortgage which is a consensual lien if there is no equity for the lien to attach. In Kentucky, lenders file foreclosures in the property’s county, which may or not be the county the owner lives in. Chapter 13, on the other hand, could save your home altogether. This chapter allows you to set up a payment plan rather than liquidating your assets to pay back your creditors.

These are just some of the reasons to consult with an attorney if you’re facing a foreclosure. Stites & Harbison has a rich tradition of pro bono service in the communities where our attorneys work and live. Our firm has been recognized annually by the Nashville Bar Association for its pro bono contributions. In Louisville, we were recognized as a Public Service Challenge Pacesetter by the Louisville Pro Bono Consortium, based on the firm’s commitment to devote 50 hours per lawyer annually to pro bono publico causes. Tax law covers issues involving federal, state, and local taxes for individuals and businesses, ranging from compliance and tax avoidance strategies to audits, tax debts, and disputes with tax authorities. A loan default occurs when you fail to do what the mortgage note requires.

At O’Bryan Law Offices, we’re highly passionate and skillfully successful when it comes to helping Kentucky and Indiana residents file bankruptcy. We understand that most people hear bankruptcy and imagine it as something they never want to resort to. However, our experienced attorneys know that it is simply a legal option for debtors to discharge their debts. Chapter 7 and Chapter 13 filings can and often do help those who are drowning in debt a helping hand. Thankfully, borrowers have a few options for avoiding a foreclosure complaint (and subsequent foreclosure auction).