Kentucky Foreclosures Laws
The Kentucky foreclosures are usually handled by court and the typical timeline for a foreclosure to finalize is approximately six months. All the Kentucky foreclosures properties occur under court order and the only exception is with abandon properties where the lender may take possession once the borrower fails to deliver the payments. The pre foreclosure period implies that a complaint and notice of pending action also know as Lis Pendes, is filled to start the foreclosure process. The notice of pending action is delivered by the sheriff to the borrower who has only 20 days to respond to it. The Kentucky foreclosureslaws say that if the borrower fails to respond the lender will then ask the court to make a ruling.
The court has an important role in Kentucky foreclosures because if it rules against the borrower then a foreclosure date is set. Also the Kentucky foreclosures property must be appraised prior to the sale. The actual sale or auction of the property usually occurs at least one month after the court rules against the borrower. The lender's job is to deliver a notice of sale that must contain the date, location and terms of sale and it must be published for three weeks in a newspaper. Any postponements of sale must have the court's permission.
The sale of the Kentucky foreclosures is conducted by an official court known as a master commissioner in the courthouse and the highest bidder usually gets the property. The winner of the auction must pay in cash or post bond to pay in installments. After the property is sold a motion to confirm the sale is released and then it is prepared and presented to the clerk.