This triggers a tax problem unless the person can prove he Louisville Foreclosure Attorney 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.

 

Any bankruptcy is less damaging to your credit than a foreclosure. If you file bankruptcy and get a discharge you can buy a home within two years after a discharge. If you have a foreclosure it will be from 3 to 7 years you will have to wait before you can buy another home. Some of my Chapter 13 clients were able to refinance or purchase a home after making on-time payments for a year inside their bankruptcy.

 

⎆ The Importance Of Understanding All Your Options

 

When you call our law firm, clients talk to me or my assistant Toni, who will schedule a consultation to design a solution that meets your goals. We spend time with you to ensure you achieve your needs, get a fresh start, and get out of debt. We do less than 20 cases monthly to ensure each client gets the needed attention, debt relief, and a better future. Real estate law covers the purchase, sale, and lease of residential or commercial property, as well as issues such as disputes between property owners, land use and zoning, property tax, and eminent domain. We help people file for bankruptcy relief under the Bankruptcy Code.

 

Phillips Law Firm

 

Saving homes and other property from potential foreclosure is a specialty of our firm that is highlighted through our growing number of successful foreclosure defense cases. Yes, they generally have a limited time to provide verification—usually around 30 days, but it’s good to check local laws. To recommend or link to this lawyer as a trusted attorney, we have provided a list of sample links. This involved restructuring your mortgage to reduce monthly payments and make them more affordable. This may change the length of your loan, your interest rate or other terms.

 

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.

 

Finding an expert Louisville foreclosure attorney in Kentucky guarantees a smoother process and a higher chance of winning a case. In Kentucky, the redemption period varies depending on the type of foreclosure and the circumstances. For example, if the foreclosure is judicial, the homeowner may have up to 6 months to redeem the property.

 

Filing For Bankruptcy In Indiana And Kentucky

 

If a property has a second mortgage or a lien creditor, the first mortgage creditor is forced to do a foreclosure to pay off the mortgage and have a property that can be sold or transferred. Judgment liens, workman’s liens, and second mortgages tend to make short sales difficult or impossible. Just like filing a good answer will almost always delay the foreclosure 6 months issuing discovery will also delay the foreclosure process 6 to 12 months. You are allowed to ask 25 questions; make 25 requests for documentation such as the promissory note, mortgage contract, loan documents and history of missed payment.

 

Behind the talk of hearth and home, there exists a very real sentiment and attachment to your home. Now, in the midst of financial crisis, you face the possibility of losing your home. Kentucky Legal Aid is responsible for providing legal services to 35 counties. If the only thing you repay in your Chapter 13 is your mortgage, it is more likely to be affordable. If the home sells for more than the debt you can file a motion to be paid the excess money. Within less than 12 days of my house being sold at a foreclosure auction, I found Kentucky Solutions.