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.

State foreclosure laws are often highly complex, and these cases require special knowledge and experience to handle properly. Our creditors’ rights and foreclosure team often calls upon the knowledge of the firm’s real estate and transactional attorneys for support, including our in-house title examination staff. Our law firm is well prepared to continue to serve the client if a collection matter becomes a bankruptcy matter, as often happens.

⎆ Landlord And Tenant Rights

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 Federal Circuit Court, the Consumer Financial Protection Bureau, and the Supreme Court now agree written notice is the only requirement.

Louisville Bankruptcy Attorney Foreclosure Lawyer

Each title survey includes a complete and accurate examination of the record title of the real property to be foreclosed. We identify all potential title issues, and more importantly, we propose and implement solutions. We notify our client of additional interests they may have in the property and ensure that all of the client’s interests are protected. All of these elements of our title work are geared to ensure that the client receives a clear and marketable title. Best of all, our title work is performed at a reasonable cost to you.

If you miss just one mortgage payment, you are considered to be in default on your loan. The time for a foreclosure in Kentucky varies from county to county, but loan servicers usually wait 120 days after the homeowner fails to make mortgage payments before starting foreclosure proceedings. If you’re too behind on mortgage payments and don’t believe you can catch up, you can pursue a short sale. If you pursue this option, you will need to prove financial hardship which will show that you aren’t able to make any past payments. Unfortunately, with this option, you will lose your home, but the money made from the short sale will go toward the unpaid mortgage. Lenders must approve a short sale and will sometimes forgive any remaining amount left unpaid.

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You could, for example, try a “short sale,” which allows you to sell your house for whatever amount you can get, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank will get the proceeds of the sale, and the rest of the debt will be forgiven. This allows you to have some portion of the debt forgiven, while refinancing the rest. Foreclosure is the legal process by which the lender in a mortgage arrangement takes possession of the property (typically a house) that secured the loan.