Kentucky Foreclosure Process

The Kentucky foreclosure process has three parts to it. These three parts include a notice of default, intent to sell, and the sale. This process can take up to a year but is closer to 9 months.

When someone misses their payments on a home mortgage obligation a lender will initiate the Kentucky foreclosure process by filing with the county courthouse a notice of default. This is a public announcement stating that the borrower on the stated property has failed to meet the obligations of their loan. This is standard practice and the first step of a foreclosure. At this time, if you want to keep your home it is important to stay in touch with the lender and explain to them your financial situation and why you have missed payments. The lender will work with you to become current if you express to them that you want to.

If you are unable to bring your mortgage payments current or work out a plan with the lender they will file for an intent to sell the home at an auction with the county courthouse. This is also a notice in the local newspaper. Prior to this public auction, you have the right to try to sell your home on your own and the lender will help you do so by offering short sale options and other things.

The final step to the Kentucky foreclosure process is for the home to be sold at a public auction. When a home is sold at a public auction anyone can come and bid on the property and buy it as long as they have a down payment. When the home sells the borrower that failed to make the payments will have to move out of the property or be removed by the sheriff’s office.

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