Kentucky foreclosure process

Foreclosures in Kentucky State are handled through the judiciary. The normal period for processing the foreclosure sale is around six months.

Period of Pre-foreclosure

According to the foreclosure law in Kentucky there is an exception on abandoned properties according to which the lender can take possession of the property if a borrower defaults on his/her loan.

The normal way of a foreclosure procedure in the state of Kentucky involves the filing of a complaint and the serving of a notice of pending action also called the Lis Pendens before the foreclosure process can be initiated.

It is the duty of the County sheriff to deliver the notice of the pending action or Lis Pendens to the borrower and the borrower will have only 20 days to reply. If the borrower is unable to respond or fails to reply back then the lender has the right to ask the judiciary to give a ruling. If the court ruling is for the lender then the property will go into foreclosure and will be put up for sale. It is important to appraise the property before initiating the sale.

Auction Notice

Once the court rules against the borrower, the sale can happen within one month of the ruling.

According to the foreclosure law in Kentucky a sales notice has to be served to the borrower. This notice for sale or auction should include vital information like the venue of the sale, the date of the sale and the terms and conditions for the sale.

The notice will also be published for three consecutive weeks in any of the local newspapers. If the sale has to be postponed due to any reason then it can be done by issuing a court order.

The foreclosures sale in the state of Kentucky will be presided over and conducted by an official from the court also known as the master commissioner. The sale normally takes place in the courthouse, and the property is always sold to the highest bidder.

The bidder has the option of paying cash or post bonds. Once the sale is over, a motion to confirm will be heard, and then the deed can be prepared to be presented to the county clerk.

If the foreclosure sale price is lower than at least 2/3rd of the appraised value of the property then the borrower will get the right to redeem it from the winning bidder or buyer. The borrower will have to pay the foreclosure sale price as well as interest. The redemption period normally lasts for about a year from the date of the foreclosure sale.

How Foreclosure Homes Investing Can Make You Richer

One of the safest and most profitable options for investment is bound to be real estate. After all, stock markets are too perilous and other investment options a little more complicated than good ‘ol real estate property market. Not one to mince words, I’d say foreclosure homes investing can not only make richer but also happier!

You may question, “Why should I consider investing in home foreclosures when I have the choice of beautiful villas with their own swimming pools and other state-of-the-art residential properties?” You have asked a good question and my reply is also quite simple. Let’s consider that you have found this beautiful waterfront villa where you can watch the sun paint the sky in a million hues of red, yellow and orange over a Chivas Regal on the rocks and where the gentle lapping of waves sound better than Beethoven’s Moonlight Sonata then you’re bound to buy it. But, if this property was featured on foreclosure listings, wouldn’t you consider it a great foreclosures homes investment opportunity?

After all, the current property market conditions indicate that this is the perfect time for you – and other small investors like you – to make foreclosures investment in one or more than one foreclosed homes either for personal use, or for rent or resale. In an increasing difficult economy, an increasing number of swanky residences are getting foreclosed. This negates the popular opinion that foreclosure homes are available only in crime-infested neighborhoods.

In fact, foreclosure homes investing will get you your dream home for a jaw dropping price! I mean, you’ll get the swanky waterfront villa for a price much lower than its market price when you make this foreclosure homes investment. Don’t believe me? Here are some facts. If you check the Internet foreclosure listings on a reputable website, you’ll find many beachfront homes and houses in plush suburbs featured on these lists on a regular basis. Usually these foreclosure homes are yours for foreclosure investing from $20,000 to $50,000. Moreover, the growing inventory of these desirable properties along with lower interest rates has fuelled a rush in individual investors and buyers to apply for mortgages.

Did you know that all foreclosure homes are actually sold at a discounted price? This discount and range from 10-15% or sometimes even more. Now, isn’t that a great reason for investing in foreclosure homes?

Conclusion: After all, a smart foreclosure investment is a deal where not only can you save money but also become richer by either renting or reselling it. You may even consider flipping, if you are ambitious.

The Do’s And Don’t Of Foreclosure Homes Investing

Foreclosure homes investing has seen stupendous growth in the last couple of months as more and more individuals and corporations are looking at foreclosed homes and commercial properties to invest in. There was a time when only hard-core real estate investors were the key players in the foreclosure investing market but today it has opened its doors to everyone including first time home buyers. According to many experts there are two reasons for this: one is that foreclosures investment is lucrative and the second reason is that foreclosure homes investment brings in high returns in the long-run. As a result, you will find a new breed of investors taking on the home foreclosures market.

Like any other investment, investing in foreclosure homes may look easy from the outside but once you enter the market, you will find there are lots of complexities and key factors that can turn a situation around completely against your favor. There are some do’s and don’t’s of Foreclosure homes investing and they are:

DO

Always get hold of a foreclosure listing as it will provide you with all the important information that will help you to make an informed choice where foreclosure homes are concerned. Most of the listings will offer you latest, updated information on the different types of homes available for foreclosures investment. It will also provide you with facts on each home like the list price, the number of bedrooms/bathrooms, kitchen, total space, locality etc.

Find a mortgage lender who can finance your foreclosed homes investing. This is important because once you win the bidding in an auction, you will be required to pay anywhere from 5% to 50% of the total amount. The rest will have to be paid within a short period of time.

DON’T

Foreclosures investment may look lucrative from the outside but it is like a river. You don’t know how deep you can wade in the waters. When you do this for the first time, try to control your emotions and follow your budget. In fact the best way to start with your first deal is to bid high on low budget foreclosure homes.

If you follow the do’s and don’t’s then you will be set to go ahead and take on any challenge that foreclosure homes investing may pose. Always remember, you need to have foreclosed homes investing strategy in place even before you enter the market and an exit strategy too.

Foreclosure Measures for Atlanta

Time frame extensions, financial support and counseling for high risk homeowners faced with foreclosure crisis are motioned and approved for implementation in Atlanta.

US Treasury Has Decided to Prioritize Borrowers and Consumer

Treasury has decided not to use their funds to help in foreclosures but will now focus instead on consumers.

Tempting Offers in Bank Foreclosures Investing

Bank foreclosure investing is considered as one of the best options in real estate investing as you can’t get a better deal than this. The main advantage of investing bank foreclosures is the price discount that you will get, which can vary anywhere from 10% to 20%. Many homeowners have lost their homes to foreclosure due to the increasingly high interest rates on mortgages and this was coupled with a slow growth in the home value appreciation has been disastrous for the homeowner. The outcome of all this is a high rate of bank foreclosures.

When people started to miss their monthly payments then banks had little option except to put their homes up for sale through public auctions. This situation might revoke sympathy for the homebuyer but at the same time, it is seen as a blessing in disguise for first time homebuyers who are on a lookout for bank foreclosure home investing. Most of the real estate experts feel that there will be an increase in the number of foreclosure homes in the near future, which translates into opportunity for investing in bank foreclosures. For professionals, bank foreclosure investing is like a gold mine that will reap benefits in the long run.

In an ailing real estate market, bank foreclosed homes investment is good news but you have to be careful too. There are certain important things and finer details that you need to focus on to make your bank foreclosure investing a success. The first thing is that you need to define your budget. In foreclosures investing, not having a pre-determined budget is a high risk. The second important aspect is that you should not bid on a home for a price that is not within your budget. There are many investors who have learnt this lesson the hard way.

Finding a bank home foreclosures listing is important and finding the right one is critical. You can get the listings from different sources but try to get one that is updated and has some of the finer details like photo of the property, list price, city/county, beds/baths, size, land/building, property type, residential/commercial and seller information. All this information will help you to find the type of home you are looking for and is extremely critical for enabling an informed decision in bank foreclosure home investing. If you are looking for a new home then the best option is investing in bank foreclosures.

County Sheriff’s Efforts Spark Additional Hope against Foreclosures

A Cook County sheriff going the extra mile in helping renters from unfair eviction due to Illinois foreclosures have attracted focus from Capitol Hill.