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Kentucky Foreclosure Law
Kentucky foreclosures are handled through the courts. The
typical timeline for a Kentucky foreclosure is approximately six
months.
Pre-foreclosure Period
Kentucky foreclosures occur under court order. The only
exception is with abandoned properties, where a lender may take
possession once a borrower defaults. A complaint and notice of
pending action (Lis Pendens) are filed to start the foreclosure
process. The sheriff typically delivers a notice of the pending
action to the borrower, who has 20 days to respond. If the
borrower fails to respond, the lender asks the court to make a
ruling. If the court rules against the borrower, a foreclosure
sale date is set. The property must be appraised prior to the
sale.
Notice of Sale / Auction
The sale usually occurs at least one month after the court
rules against the borrower. The notice of sale must contain the
date, location, and terms of the sale, and it should be
published for three weeks in a newspaper. Any postponement of
the sale must occur through a court order. The sale, conducted
by a court official called a master commissioner, usually occurs
at the courthouse, and the highest bidder purchases the
property. The purchaser may pay in cash or post bond to pay in
installments. After the sale, a motion to confirm is heard, and
the deed is prepared and presented to the clerk. If the sale
price is less than two-thirds of the appraised value, the
borrower has the right to redeem the property from the buyer by
paying the sale price plus interest. This redemption period
lasts for one year from the foreclosure sale date.
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