Whether you live in a ten-bedroom mansion or a very small house, your home is your castle. Home ownership is the American dream. State and federal law protects you in your home, and prohibits your mortgage company or landlord from engaging in wrongful foreclosure or abusive housing practices.
Before a foreclosure can happen, your mortgage company must engage in certain conduct. It must consider modifying your loan to make it more affordable. It must give you fair notice of your rights, and it must prove that it is entitled to foreclose. Federal law protects consumers in the mortgage market from unfair, abusive, or deceptive lending and servicing practices.
Foreclosures have increased in recent years in Kentucky, and the 2008 foreclosure crisis was especially hard on Kentucky. Since the fourth quarter of 2008, nearly one percent of Kentucky homes were in some stage of foreclosure and nearly eight percent of loans were past due on at least one mortgage payment. In Louisville, more than 4,000 foreclosure sales were scheduled in 2012, and more than 4,400 in 2013.
If you are experiencing such a hardship, or if you are having difficulty working with your mortgage company, call us. We can explain your rights, and we can help put you on path to saving your home.