Going through a foreclosure is incredibly stressful and can be a time filled with uncertainties. For many Kentucky residents, the prospect of losing their home can be overwhelming, leaving them unsure where to turn for resources and assistance. Working with skilled Kentucky foreclosure attorneys can help homeowners navigate the foreclosure process and reach outcomes in line with their personal needs and goals.
What is a foreclosure?
Foreclosure is a legal process that allows a lender to collect on a home loan, or mortgage. The process through which this collection occurs is by taking back the property and selling it to another party in order to recover the amount owed.
A foreclosure can begin once a borrower (homeowner) defaults on the loan. Default takes place after a certain number of mortgage payments are missed. While default is the most common reason for foreclosure, homeowners can also lose their homes if certain other mortgage terms are not met.
How do I know if I need a foreclosure attorney?
Not everyone going through foreclosure needs to hire a foreclosure attorney. If the following conditions apply to your circumstances, you may not need to work with a legal professional during the foreclosure process:
- You cannot afford to remain in your home and don’t want to keep the home
- You simply want to remain living in the home during the foreclosure but have no intent to keep the home
- You have no defense to the foreclosure and feel the lender treated you fairly
Once you’ve decided that you do not want to keep your home, allowing the foreclosure process to play out without any form of legal assistance might be the best approach.
What if I want to fight the foreclosure?
If you feel that you have a defense, or a legal argument, against foreclosure and want to keep your home, working with an experienced foreclosure attorney can help you achieve those goals. Some examples of scenarios in which an attorney can help include:
- Your loan servicer failed to meet existing foreclosure rules or standards
- A serious error was made in your account
- The party pursuing the foreclosure cannot prove they own your loan or have the proper standing to foreclose
- Your loan servicer moves forward with foreclosure while you are actively pursuing loss mitigation options (dual tracking)
- You are in the military and believe your lender is in violation of the Servicemembers Civil Relief Act
All of these circumstances could be a defense against foreclosure, and a skilled foreclosure attorney can help you structure a solid case.
What services do foreclosure attorneys provide?
No two foreclosure procedures are exactly alike, and the difference between keeping or losing your home could lie in the details of your loan and financial circumstances. Your attorney works on your behalf to create a strong legal defense against the foreclosure, and to present that defense in court.
Attorneys ease the legal process by drafting the necessary paperwork to process your case. They also file those documents in accordance with local rules.
Your attorney has the experience to know how foreclosures are handled in your area, and which approach is most likely to yield a favorable outcome. Their knowledge and experience with the rules of evidence and rules of the court is extremely valuable.
When should I contact a foreclosure attorney?
It’s important to reach out to the right Kentucky foreclosure attorneys as early in the foreclosure process as possible. Waiting until your home has been sold makes it nearly impossible to get the property back, and waiting until the final stages of the foreclosure leaves little time to work out potential solutions. Getting an early start gives you time to formulate a plan without the stress of time constraints.
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