Judicial Foreclosure Available: Yes
Non-judicial Foreclosure Available: No
Advertising Notice of the time and place of sale must be advertised once a week for three consecutive weeks, with the last publication no more than 14 and no less than 7 days before the foreclosure day.
Notice must be sent to the defaulting borrower within five days of the first ad.
Place
The sale must be at the courthouse, although the district judge may order the sale on the premises or at another location.
The sale is by public auction to the highest bidder. The sheriff will at once give the buyer at the foreclosure sale a certificate of purchase. The certificate of purchase is all the buyer gets until the borrower's redemption rights expire.
The foreclosure sale must be confirmed by the court after the sale. The court has discretion to refuse to honor the sale and require a minimum bid or force the crediting of the market value against what was owed on the loan. Once confirmed, a sheriff's deed can be issued and it will vest good and perfect title in the foreclosure buyer. However, the court may specify as a condition of confirmation that the redemption period may run first, which is 12 months unless reduced.
A judgment can stay un-enforced up to five years, at which point it becomes dormant, but is subject to revival for another two years. Afterward the judgment is barred from enforcement and the court records must reflect that fact.
A deficiency judgment may be obtained for the difference between the foreclosure sale price and the amount due on the loan. Deficiencies are common. However, the court may refuse to confirm a sale where the price is not equal to the judgment, which helps prevent abusive deficiency judgments.
The borrower can redeem any real property sold at foreclosure at any time up to 12 months from the date of sale by paying the holder of the certificate of purchase the purchase price plus costs and interest. If the judge finds the property is abandoned or not occupied in good faith, then the redemption period is six months. Lien creditors must undertake redemption within three months. The former borrower's redemption period may be reduced if the lien is only one-third of the original indebtedness. The on year goes down to six months. However, the court may conduct a hearing on market value, and if the debt is one third of the court-perceived market value, then 12 month for redemption may be allowed before the court will confirm the sale.
Judicial Foreclosure Available: Yes
Non-judicial Foreclosure Available: Effectively, no
Kentucky has a rigid rule on foreclosures: no out-of-court foreclosures are valid other than voluntary sales by the borrower. A deed of trust sale, a power of sale clause in a mortgage or sale by a trustee will not work in Kentucky . The only forced foreclosure sale that is permitted is one pursuant to a court order. Also, common law or strict foreclosure is forbidden in Kentucky . The lender must be prepared to engage in litigation to foreclose in the state of Kentucky . Often the lender can win by default or summary judgment but, if not, the case is tried to a jury.
On the other hand, if the borrower abandons the home, the lender may obtain possession of the property once the borrower goes into default. The lender may operate the property for the benefit of the borrower. Any income produced goes to the lender, not the borrower, but will be credited toward paying off what the borrower owes. If the borrower does not abandon the home, the lender may not take possession until the court confirms the foreclosure sale.
Prior to a foreclosure sale, the property must be appraised. If the actual foreclosure sale price is less than two-thirds of the appraised value, then for one year after the sale the borrower has the right to redeem the property from the buyer for the buyer's purchase price plus ten per cent interest. Interestingly, the borrower's right to redeem may also be sold.
In Kentucky, it is possible to obtain a deficiency judgment against the borrower for the difference between the amount the borrower owed on the old loan and the foreclosure sale price, but only if the borrower was personally served with the lawsuit, or failed to answer.
We use the list as a start-up for us and the information is not dated and not picked over like some of the other Detroit area lists. Some companies will make you wait for their leads while they work the leads all week themselves. All we get are their leftovers! Default Research gives the leads out earlier than any other company and we can get the mail pieces or calls out the same day — that equals success and success equals money.
Plus, Default Research gives the leads out early enough and people can get those mail pieces out the same day! Some companies will give the leads out on Saturday, but the mail does not move on that day — Default Research does not do that. The fresh and fast leads mean we are the first to approach the homeowners and therefore the first to try and make a deal.
I feel like if we get 500 people off the list we are able to help about 25-30 a month stay in their houses. We are able to do a good deed and also make several thousand dollars per deal. That is good business!
I did tons of free trials on foreclosure web sites trying to find the company with the best foreclosure information. Not until I came across Default Research did I find the sophisticated data sorting criteria and ability to save information in different formats. Finally I had found the most accurate and quick information! I can even check out the foreclosure trends going one year back. Now, I am looking forward to years of working with Default Research!
I have heard from other foreclosure lead companies that their leads are the freshest, however the lists from Default Research are really the absolute freshest. Most other company's lists are 25-30 days old when they are e-mailed to you. By that time the homeowner has been contacted 20 times by competitors. Getting to a homeowner that late in the game there is no way you can make money!
I knew I wanted to go with Default Research because I wanted to be the first approach homeowners in distress. I wanted to get to them early and within one week of signing up with Default Research, I got my first sale from the list and started making money. I have found in a short time that persistency and consistency of using Default Research will determine your success in the pre-foreclosure market.
Here is some advice: for those individuals who mail out one letter to each potential client and give up and say it doesn't work, they are RIGHT. It won't work unless you work the program — remember persistency and consistency and — profits and cash.
I'm just getting started and want to learn "everything" — there is so much! I do like the idea of helping people which was a nice thing about your list — there was that possibility.
The earlier I was able to get the leads was well worth the money because it meant more money for me in the long run. Some of the records I got from Default Research did not hit other sites for a week or week and a half. I was able to get to them earlier so the chance to work with them and help them was a lot greater.
I was actually able to talk directly to the people with the leads that Default Research provided. Great to hear that your company is growing and providing investors with research that can truly save a homeowners property or help them find a way to get out.
I have tried several different foreclosure lists and Default Research is by far the freshest and most accurate. I switched over to Default Research two months now and I've been able to close two lucrative short sale deals netting me over $50,000. Before Default Research it would take me months to turn that much profit, now I expect it at least once a month.
I can't tell you how many times I used to call numbers of homes in foreclosure only to find out that the number was turned off. I can tell you how many times that has happened since I started using Default Research. The answer is none! Those homeowner phone numbers pay for the lists on their own. As a mortgage broker these leads are excellent and much better than those provided for free.
After being in the foreclosure business for over a decade now, I have seen almost every lead company. Every company claims to provide the freshest lists — Default Research does! Not only fresh, but accurate! The homeowner mailing lists allow me to find homeowners that have moved out of their houses. And, over 20 percent of my marketing mail came back to me as undeliverable. So far less than 1 percent of our mail has come back when using the Default Research information.
Talk about being the first to approach a homeowner in distress. How about actually notifying a homeowner over the phone that they were in foreclosure! It happened with the Default Research homeowner phone numbers. The phone numbers are crucial in getting to the homeowner quickly. Keep up the great work!