Legal Question in Credit and Debt Law in Kentucky

Re: foreclosure but not behind

It is not possible to give you a clear legal answer to your inquiry without a more detailed evaluation of the facts of your case. Several questions are presented:

1. What were the specific terms of your written agreement with the lender?

2. Did your agreement have what is known as an "accelleration clause?"

3. Is your loan secured (as a mortgage) or unsecured (as credit cards)?

It is virtually impossible for an attorney to advise you of your rights and obligations under the terms of a written contract, without having an opportunity to review that contract.

IMPORTANT: Time is of the essence when you have been served with a summons. Ordinarily, you have only 20 days to file a written answer to the complaint attached to the summons; with copies to the court and the lender's attorney. Failure to respond in time can result in a default judgment being entered against you, for the amount of the debt, interest, court costs, and attorney fees.

YOU NEED TO DISCUSS THIS MATTER WITH AN ATTORNEY AS SOON AS POSSIBLE.

You are best advised to seek the services of a competent Kentucky attorney. You can telephone your local bar association for a referral, or can find a good lawyer on-line at the Kentucky Bar Association's Lawyer Referral Service:

http://www.kybar.org/Default.aspx?tabid=291

Good luck!

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