Defending Homeowners Facing Foreclosure throughout Kentucky
The threat of losing one’s home due to overwhelming debt is a horrible feeling. If you are a Kentucky homeowner facing foreclosure, you may have feelings of helplessness, anxiety and even fear. Sadly, an increasing number of Kentuckians are finding themselves in this situation. There is help and we are here to help you find relief and guidance through a strong foreclosure defense.
At the Brian T. Canupp, PSC, we have helped many homeowners facing foreclosure. We provide you with the legal counsel to help you avoid foreclosure, or that offers you the best chance for a brighter financial future. When you work with an attorney at our firm, you have the backing of many years of experience and knowledge regarding Kentucky mortgage law and foreclosures.
Customized Foreclosure Defense in Kentucky
Brian T. Canupp, PSC relies upon a combination of legal tools, tactics and transactions to help resolve your financial crisis. Foreclosure defense may include asserting your rights under state law, federal law, the bankruptcy code, or even the tax code. This defense may include direct negotiations with your lender to seek a voluntary loan modification.
“Short sales” or a “deed in lieu of foreclosure” may also be utilized as a foreclosure alternative which can protect your credit rating; there is even the always the possibility of a new loan when negotiations are handled well. Your situation is unique and deserves individual consideration, so review the following to get an idea of what questions we address to develop your game plan:
Is there a legal basis for a lawsuit against your lender or mortgage broker that could affect the foreclosure sale or the amounts owed?
This is the first line of defense that a lawyer can use against a foreclosure sale. Have your original loan and settlement papers reviewed by our firm, or commission a full audit and review of loan documents and appraisals. The relationship of the parties involved in creating your loan (e.g., appraisers, title insurers) is sometimes below ethical standards and, if so, that gives you a valuable defense weapon.
If the loan were modified tomorrow, how much of a mortgage payment could you realistically afford to pay and still feed your family?
Be honest with yourself about how much you can afford. Current income and expenses are key factors in negotiating a voluntary loan modification. Lenders are up to four times more likely to modify a loan if there is the risk of a lawsuit or bankruptcy. It is a good idea to see our Loan Modification page and then have your budget analyzed by our firm.
Can bankruptcy be used to wipe out your mortgage debts or restructure the payments?
Second and third mortgage liens can be “avoided” and wiped out along with credit cards under the bankruptcy code. See the Bankruptcy section and contact our firm for details.
Can you obtain a new home loan now or sometime in the next year?
It’s rare; you need to have current equity and be willing to pay a very high interest rate. However, you can refinance your way out of Chapter 13 after one year and borrow up to 97% of the value of your home through an FHA program. See our Bankruptcy Loans page for more details.
After a foreclosure or short sale, will you still owe the lenders and the IRS?
Generally, yes; you are still personally liable for “junior liens” that are not paid off from the proceeds of a foreclosure sale. The tax implications for capital gains and income tax are very complex and the cancellation of debt still leads to income taxes for most people despite the new law. Review our Real Estate Transaction page for more information, and contact the firm for details.
The devil is in the details and every case is unique. If you have enough income to save your home, the firm designs a legal strategy to pursue that goal. If you are not sure, or if you just want out, the plan can include an “exit strategy” that minimizes your personal liability to your creditors, your income tax liability and damage to your credit rating. We work hard to protect your money and your credit.
Check out this video:
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