Forbes Magazine reports more and more Kentuckians are opting to rent rather than to own, according to figures collected during the 2010 Census.
It’s another sign of the toll the foreclosure crisis has taken. Our foreclosure defense attorneys in Louisville
continue to help struggling homeowners. Whether it’s a short sale, a negotiated settlement, a strategic default or a foreclosure, consulting with an experienced law firm is critical when dealing with a bank or mortgage company. The unethical practices of banks have reached epic proportions at this point. False or forged paperwork submitted to the court and robo-signed documents and forged notaries are just the tip of the iceberg. In other cases, banks have agreed to terms with a homeowner on a modification and then later rejected those same terms and used the resulting arrears to foreclose. And they have agreed to a short sale and then pursued a deficiency judgement against the homeowner for the balance.
We have long passed the point where you could call up your bank, come to terms, and count on what the person on the other end of the phone tells you. In some cases, banks have agreed to terms and then sold the loan to another bank that dishonored the agreement!
NBC6 News in Graves County reports one of every 1,879 Kentucky houses are in foreclosure.
Filing for Chapter 7 bankruptcy in Louisville offers a fresh start. In many cases, it can put you back on track for owning your next home in as little as two years. If you do nothing and permit bad debt to linger on your credit report, it may be years before a bank will take a serious look at approving a loan.
Forbes Magazine reports nearly 11 percent of Kentucky’s 1.9 million homes were vacant. Renters occupied nearly one-third of homes. Homeowners in 25 percent of homes had paid off their mortgages — down from 35 percent a decade ago. A total of 207,199 housing units were reported empty — up nearly 10 percent from a decade ago.
Issues impacting the housing market include the glut of foreclosed homes, prospective homeowners who are waiting for a better economy before taking the plunge, the high unemployment rate, and former homeowners who have gone through the foreclosure process and joined the ranks of the renters.
“People are trying to maintain a little more flexibility,” said Brenda Weaver, of the Kentucky Housing Corp. “So if there is a change in their job situation, it’s easier to get out of a lease on an apartment and pack up and move than it is to try to sell a house.”
If you need to speak to a Kentucky bankruptcy attorney or Louisville foreclosure defense firm, contact the Schwartz Bankruptcy Law Center at 866-270-4495 for a free and confidential consultation to discuss your rights.