KY LEGISLATIVE ALERT !!: House Bill 470 – Non Judicial Foreclosure

Posted on December 30, 2015. Filed under: Uncategorized |

Will we see this legislation again in the upcoming 2016 Kentucky Legislative Session ? Stay tuned, consumer advocates !

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House Bill 470 in the Kentucky House of Representatives provides for non judicial foreclosure. Kentucky homeowners need your help.

The bill provides for deeds of trust. The beneficiary (bank) may sell the property without filing a lawsuit. The trustee can be a licensed attorney or a financial institution. The trustee can be replaced by the unilateral decision of the beneficiary (bank). The bill provides for the trustee writing three letters to the homeowner and three attempts to contact the homeowner by phone.

No appraisal of the property is required. There is no right of redemption. The sale can be a public sale or private sale. If the sale is a public sale no advertisement of the sale or notice to the general public is required. If the homeowner feels he is aggrieved, it is up to him to file a lawsuit to stop the foreclosure.

The homeowner can not purchase…

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