Until that time, the old owner collects and manages the property. PNMAC Mortgage v. Stanko, states that even if the tenant has not paid rent to the new Landlord, the tenant is entitled to the 90-day notice period under the PTFA. Many people whose vehicles have been repossessed believe they do not have any rights because they fell behind in the payments. Even if you defaulted on your auto loan, you still may have certain rights in the vehicle under the law.

Upon being served foreclosure papers or upon the wrongful selling of your house, oftentimes it is all too easy to succumb to the pressures of filing for bankruptcy. And although Chapter 13 Bankruptcy is a viable option of halting foreclosure and allowing you to restructure your debts, that doesn’t mean it is the best option for you. If you are having problems with making up missed payments after forbearance ends, contact our Bunch and Brock attorneys for help.

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.

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.

How Can I Avoid Foreclosure In Kentucky?

KY Solutions made the process so simple and was very thorough answering any questions. I would recommend Kentucky Solutions to anyone seeking to sell their home even if they feel they have no equity in it. I opened the door to a Kentucky Solutions agent who offered to help. We completed the paperwork and Kentucky Solutions did all of the rest. They saved us from the devastating effect of foreclosure buy doing a Short Sale and buying our house even after we had filed bankruptcy on the house. I highly recommend Kentucky Solutions as your go-to guys for foreclosure prevention.

After A Covid Mortgage Forbearance, You Have Options For Paying What You Owe

Moreover, the down payment, payment amount, financing charges, terms of repayment, and payment period have specific definitions that must be accurately set forth in the closing documents. At some point prior to the scheduled date of the sale, an appraisal of the property will be done. After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses, such as cable, memberships, entertainment, that you can eliminate.

When dealing with something as important as your home, you want to ensure you receive the best legal advice. If you’re pursuing an alternative to foreclosure, like a loan modification, you could benefit from being in default. Loan modifications are a type of refinancing that can help you avoid foreclosure proceedings. To learn more about loan modifications and other options to prevent a foreclosure, your lender or a Kentucky foreclosure attorney can help. However, not all short sales are for a pre-foreclosure property. If homeowners know their home is impending foreclosure, they may begin the short sale process.

We Stop Kentucky Foreclosures, Lawsuits, And Garnishments

This triggers a tax problem unless the person can prove he was insolvent at the time of the 1099C filing. Just because you and the mortgage company agreed you were not liable does not mean the IRS won’t find you liable. A Chapter 7 bankruptcy will only postpone the foreclosure of your home. Once you file Chapter 7 bankruptcy, one of several things will happen. An automatic stay will be granted for your foreclosure during the bankruptcy proceedings, keeping the lender from pursuing past-due payments. Or, the lender will ask the judge to move forward with the foreclosure, which will continue despite the bankruptcy filing.

When you are through litigating in state Circuit Court, it’s time to see if there is one last asset you can get from the foreclosure. Loss mitigation is the mortgage negotiation that helps the homeowner keep their property. The most common option is a workout where the lender adds the arrearages to the principle. If you go through the process alone, you don’t know which loans carry loss mitigation options that may be helpful in your situation. The problem is, not all lenders are open enough to share this information with you. Having this in mind, it is up to your attorney to lay out all the available options for loss mitigation.