These Louisville homes are scheduled for a foreclosure sale within the next couple of weeks. Some lenders will promise there is still a chance the home will get a modification or a short sale in time, and the sale will be canceled. However, after giving such promises the homes are often sold anyway. If the Commissioner is under a court order to sell the home it will be sold, unless bankruptcy is filed, the lender orders it set aside, or a state court order sets aside the sale.
Louisville Jefferson County Kentucky Commissioner Foreclosure Sales
It is normally too late to get a court order from the state court if the sale is only a week away. It is very unlikely you can reverse the court order for the sale by filing a new motion. Normally unless bankruptcy is filed the sale will occur. Filing the bankruptcy will give you time to do a short sale, find a new home, or obtain a modification. A judgment in these cases has already been granted. If the status of a property sale is listed as withdrawn it is normally because bankruptcy was filed days prior to the sale. If you have filed bankruptcy before but you are thinking about filing again here are the time limitations and the counseling services.
Last-minute Bankruptcy filings to Save the Home
After the Jefferson County Commissioner has held the foreclosure auction for these properties the homeowner loses the home. There is no right to cure by filing bankruptcy if you file bankruptcy after the sale date. The Debtor still has a right of redemption if the property for too low a price. Also, you have a right to recover the funds if money remains.
By filing bankruptcy you will:
- Avoid the deficiency judgment
- Avoid the 1099 tax problem
- Obtain time to find other housing
- Obtain time to sell the home, obtain a mortgage modification or other solution.
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Resources for Bankruptcy
Louisville Kentucky Bankruptcy Forms
Other Related Information
Credit Counseling to Meet Bankruptcy Requirements
Chapter 11 Business Bankruptcy Information
Short Sale Checklist in Louisville Kentucky
If you are thinking about filing bankruptcy, don’t delay because timing is crucial. I am here to help you. So, contact my office right away to start the conversation. Nick C. Thompson, Bankruptcy Lawyer: 502-625-0905.
