In Kentucky, the judicial foreclosure process requires that the sale of the property in suit be posted in three public locations within the county. The property must also be posted in newsprint twice within the county the property reside with the first posting at least four weeks prior to the sale and the second sometime prior to the date of sale. If the borrower is still occupying the residence, they must be informed of the date of sale at least 20 days prior to date of sale.

The date and time of the sale must be clearly visible in all postings and the sale must be held between the hours of 9 am and 4 pm. If for any reason the sale of the property is postponed for more then three days the public notification procedures must start anew.

The difference between Kentucky and some other states is that an appraisal of the property must be done at some point prior to the scheduled date of foreclosure. If the appraisal reveals that the property foreclosure sale price is less than two-thirds of the appraised value, the borrower has one year from date of the sale to redeem the property by paying the foreclosed price, plus interest.

Lenders can obtain a deficiency judgment against the borrower only if the borrower was legally served with the lawsuit or failed to respond to the lawsuit.

If you live in Kentucky and are facing foreclosure, 1st Foreclosure Prevention can help you work with you lender to stop the foreclosure process and help you to save your home.