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<h3>Foreclosure Process Overview</h3>
<p>Kentucky foreclosures are handled through the courts. The typical timeline for a Kentucky foreclosure is approximately six months.</p>
<table id="state_overview" width="100%" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td style="text-align: center;"><strong>Judicial</strong></td>
<td style="text-align: center;"><strong>Non Judicial</strong></td>
<td style="text-align: center;"><strong>Comment</strong></td>
<td style="text-align: center;"><strong>Process Period</strong></td>
<td style="text-align: center;"><strong>Publish Sale</strong></td>
<td style="text-align: center;"><strong>Redemption Period</strong></td>
<td style="text-align: center;"><strong>Sale/NTS</strong></td>
</tr>
<tr>
<td style="text-align: center;">•</td>
<td style="text-align: center;"></td>
<td style="text-align: center;">Judicial only</td>
<td style="text-align: center;">147 days</td>
<td style="text-align: center;">N/A</td>
<td style="text-align: center;">365 days</td>
<td>Court</td>
</tr>
</tbody>
</table>
<h3>Pre-foreclosure Period</h3>
<p>A complaint and notice of pending action (Lis Pendens) are filed to start the foreclosure process. The sheriff typically delivers a notice of the pending action to the borrower, who has 20 days to respond. If the borrower fails to respond, the lender asks the court to make a ruling. If the court rules against the borrower, a foreclosure sale date is set. The property must be appraised prior to the sale.</p>
<h3>Notice of Sale / Auction</h3>
<p>The sale usually occurs at least one month after the court rules against the borrower. The notice of sale must contain the date, location, and terms of the sale, and it should be published for three weeks in a newspaper. Any postponement of the sale must occur through a court order. The sale, conducted by a court official called a master commissioner, usually occurs at the courthouse, and the highest bidder purchases the property. The purchaser may pay in cash or post bond to pay in installments. After the sale, a motion to confirm is heard, and the deed is prepared and presented to the clerk.</p>
<p>If the sale price is less than two-thirds of the appraised value, the borrower has the right to redeem the property from the buyer by paying the sale price plus interest. This redemption period lasts for one year from the foreclosure sale date.</p>
<blockquote>
<h4>More Resources</h4>
<p><a title="Learn how to prevent a home foreclosure" href="/real-estate-guides/foreclosure-prevention/">Learn how to prevent a home foreclosure</a><br />
<a title="Get help stopping a home foreclosure" href="/real-estate-guides/foreclosure-prevention/stop-foreclosure/">Get help stopping a home foreclosure</a><br />
<a title="Search foreclosures in Kentucky" href="http://www.realtytrac.com/mapsearch/kentucky-foreclosures.html">Search foreclosures in Kentucky</a><br />
<a title="Learn how to buy foreclosures" href="/real-estate-guides/how-to-buy-foreclosures/">Learn how to buy foreclosures</a></p>
</blockquote>
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Kentucky Foreclosure Laws

Kentucky Foreclosure Laws - RealtyTrac

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<h3>Foreclosure Process Overview</h3>
<p>South Dakota foreclosures are accomplished most commonly through the court system. Certain mortgages may be foreclosed either in court or via advertisement, though foreclosure by advertisement is uncommon.</p>
<table id="state_overview" width="100%" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td style="text-align: center;"><strong>Judicial</strong></td>
<td style="text-align: center;"><strong>Non Judicial</strong></td>
<td style="text-align: center;"><strong>Comment</strong></td>
<td style="text-align: center;"><strong>Process Period</strong></td>
<td style="text-align: center;"><strong>Publish Sale</strong></td>
<td style="text-align: center;"><strong>Redemption Period</strong></td>
<td style="text-align: center;"><strong>Sale/NTS</strong></td>
</tr>
<tr>
<td style="text-align: center;">•</td>
<td style="text-align: center;">•</td>
<td style="text-align: center;">Judicial mostly</td>
<td style="text-align: center;">150 days</td>
<td style="text-align: center;">23 days</td>
<td style="text-align: center;">30-365 days</td>
<td>Sheriff</td>
</tr>
</tbody>
</table>
<h3>Pre-foreclosure Period</h3>
<p>In South Dakota, the foreclosure process is initiated by the lender submitting a complaint in court of the borrower’s default. For most foreclosures, the borrower has 30 days to answer court filing before the foreclosure process continues.</p>
<p>South Dakota does not require lenders to mail a default notice to the borrower before initiating the foreclosure process; however, many mortgages require this.</p>
<h3>Notice of Sale / Auction</h3>
<p>Once the court has ruled that the foreclosure can continue, the lender publishes a notice of foreclosure sale in a local newspaper. In addition, at least 21 days before the sale, the lender must deliver a written copy of sale notice to the borrower and any lien holders.</p>
<p>Once publication requirements are met, the county sheriff conducts a sale between the hours of 9 a.m. and 5 p.m. Anyone, including the lender may bid at the sale. After sale, the winning bidder is provided with a sale certificate and is entitled to a deed transferring ownership once the redemption period expires.</p>
<p>The borrower and any lien holders have the right to redeem the property and void the sale by repaying the total amount of the amount owed. Redemption also requires written notice to the purchaser and the person making the sale. The redemption period is six months unless the property is vacant, in which case the redemption period is two months.</p>


South Dakota Foreclosure Laws

South Dakota Foreclosure Laws - RealtyTrac

<h3>Foreclosure Process Overview</h3>
<p>Virginia law permits both in-court and out-of-court foreclosures, which are more often used. The typical out-of-court foreclosure in Virginia takes less than two months.</p>
<table id="state_overview" width="100%" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td style="text-align: center;"><strong>Judicial</strong></td>
<td style="text-align: center;"><strong>Non Judicial</strong></td>
<td style="text-align: center;"><strong>Comment</strong></td>
<td style="text-align: center;"><strong>Process Period</strong></td>
<td style="text-align: center;"><strong>Publish Sale</strong></td>
<td style="text-align: center;"><strong>Redemption Period</strong></td>
<td style="text-align: center;"><strong>Sale/NTS</strong></td>
</tr>
<tr>
<td style="text-align: center;">•</td>
<td style="text-align: center;">•</td>
<td style="text-align: center;">Trustee Sale mostly</td>
<td style="text-align: center;">45 days</td>
<td style="text-align: center;">14-28 days</td>
<td style="text-align: center;">None</td>
<td>Trustee</td>
</tr>
</tbody>
</table>
<h3>Pre-foreclosure Period</h3>
<p>The in-court foreclosure process, although rarely used, begins when the lender files a court document starting the foreclosure process. A court order can be issued which specifies the terms and conditions of the sale. After the court declares a foreclosure, the property will be auctioned, according to the terms set by the court.</p>
<p>The more common foreclosure process is used when the mortgage or deed of trust allows the lender to sell the property without going through the courts. The lender initiates this type of foreclosure by scheduling a foreclosure sale. Before doing this, the lender sends a notice of default to the borrower, giving them 30 days to pay off the default and prevent foreclosure.</p>
<h3>Notice of Sale / Auction</h3>
<p>Once the lender schedules the foreclosure sale, they must properly advertise the sale and notify the parties involved. In Virginia, the Notice of Sale publication dates vary based on the requirements of the deed of trust or state statute.</p>
<p>The newspaper where the notice of sale is published must be approved by court order certifying it has sufficient circulation within the county or city. The notice must include a legal description of the property, the terms of the sale, and the location, date, and time of the sale. Borrowers must receive at least 14 days notice before the foreclosure sale.</p>
<p>The trustee typically conducts the sale at the local courthouse between 9 a.m. and 5 p.m. The trustee announces the opening bid at the sale and may accept higher bids, with the property selling to the highest bidder. If no one bids, the foreclosing lender will win the bidding with the opening bid. The trustee completes the necessary documents to transfer ownership of the property to the highest bidder. The sale can’t be postponed, but it may be canceled, in which case the trustee would need to start the foreclosure process at the beginning to schedule a new sale.</p>
<p>In general, once the sale is final the borrower cannot redeem the property, but the lender may cancel the sale if the borrower is able to pay off what is owed.</p>
<p>A lender may pursue a borrower for a deficiency judgment if the highest bid does not pay off the total amount due plus applicable expenses.</p>
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Wooden gavel that is used for real estate auction

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Virginia Foreclosure Laws

Virginia Foreclosure Laws - RealtyTrac

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<p>VA repossessions occur when homes that used to have loans guaranteed by the U.S. Department of Veterans Affairs are foreclosed. </p>



<p>Real estate investors will find all kinds of homes to choose from – <a href="https://www.realtytrac.com/for-sale/single_type/">from single family houses</a> to duplexes, triplexes, not to mention condominiums and townhouses. And best of all, y<strong>ou don’t have to be a veteran to buy VA foreclosures or assume a VA home loan</strong>.</p>



<p>Created in 1944, the Department Veterans Administration – which was succeeded in 1989 by the Department of Veterans Affairs – was established for the purpose of helping men and women who have served in the armed force with various benefits. The VA provides a wide range of federal benefits to veterans and their dependents, including health care, financial assistance, burial assistance and home loan assistance.</p>



<h3 class="wp-block-heading" id="h-va-home-loan-program">VA Home Loan Program</h3>



<p>Under the VA home loan program, veteran borrowers can purchase a home with no money down. VA home loan requirements are fairly liberal when compared with other loan programs. For example, under many conventional loan programs, personal bankruptcies within five years of applying for a loan would disqualify the applicant. Under the VA program, however, veterans with bad credit or bankruptcies could get a VA home loan.</p>



<h4 class="wp-block-heading" id="h-other-benefits-offered-to-veterans-under-the-va-program-include">Other benefits offered to veterans under the VA program include:</h4>



<ul class="wp-block-list">
<li>No down payment required.</li>



<li>VA closing costs and other fees can be financed.</li>



<li>VA loans can be assumed.</li>



<li>No mortgage insurance premiums.</li>



<li>No mortgage prepayment penalties.</li>
</ul>



<p>Lenders like to work with the VA because they provide lending institutions with a guarantee that loans made to veterans will be repaid in full in the event of default by a veteran borrower.</p>



<p>Currently, the VA has awarded a contract to Ocwen Financial Corporation to manage all VA foreclosures. Ocwen offers VA properties for sale through a national network of participating real estate offices. Investors can find VA foreclosures anywhere in the country by <a href="https://www.realtytrac.com/for-sale/">browsing homes</a> here on realtytrac.com. </p>



<p>Our website allows investors to search by state, county, city or zip code for government-owned <a href="https://www.realtytrac.com/foreclosure/">foreclosure opportunities</a>. Property details are listed on the website, including sales price, property address, square footage, photographs, a mapping tool and contact information for the listing agent.</p>



<p>Here is an example of the results you would see when searching for <a href="https://www.realtytrac.com/ca/foreclosure/">foreclosure homes in California</a>:</p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="466" src="https://nationsinfocor.wpengine.com/wp-content/uploads/2024/03/CA-homes-for-sale-1024x466.png" alt="" class="wp-image-26244" srcset="https://nationsinfocor.wpengine.com/wp-content/uploads/2024/03/CA-homes-for-sale-1024x466.png 1024w, https://nationsinfocor.wpengine.com/wp-content/uploads/2024/03/CA-homes-for-sale-300x136.png 300w, https://nationsinfocor.wpengine.com/wp-content/uploads/2024/03/CA-homes-for-sale-768x349.png 768w, https://nationsinfocor.wpengine.com/wp-content/uploads/2024/03/CA-homes-for-sale-1536x699.png 1536w, https://nationsinfocor.wpengine.com/wp-content/uploads/2024/03/CA-homes-for-sale.png 1877w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>Because many of these houses are highly leveraged, the VA can have a hard time selling VA foreclosed homes – unless they offer them at a discount. For investors, if you happen to live in or near a large military base, the opportunities to invest in VA foreclosures are likely to be greater due to the higher concentration of veterans who live in the area.</p>



<h3 class="wp-block-heading" id="h-special-va-home-loan-financing">Special VA Home Loan Financing</h3>



<p>In addition to controlling the listing contract for VA foreclosed homes, Ocwen Federal Bank offers financing programs for both veterans and non-veteran investors alike.</p>



<p>The program is known as the VA Vendee Financing Program and the benefits include:</p>



<ul class="wp-block-list">
<li>No down payment for owner occupants.</li>



<li>Low down payments of only 5 percent for non-owner occupants (investors).</li>



<li>No appraisal fees.</li>



<li>Competitive fixed rate mortgages.</li>
</ul>



<h3 class="wp-block-heading" id="h-investing-in-va-foreclosures">Investing in VA Foreclosures</h3>



<p>Buying and selling VA foreclosures represents a viable <a href="https://www.realtytrac.com/resources/how-to-use-market-reports/">investment opportunity</a> for real estate investors. Frequently, VA foreclosures are listed below market value. But with VA properties, investors need to understand that all sales are “as is.” That means investors must inspect a property as thoroughly as possible before placing a written offer. </p>



<p>Many VA repos sit vacant for months or more. The VA does not guarantee foreclosed homes in any way, shape or form. Once you buy a VA foreclosure, it’s yours for better or for worse. So a thorough inspection by a professional licensed home inspector is a must.</p>



<p>After your <a href="https://www.realtytrac.com/resources/how-to-decide-how-much-to-spend-on-your-first-home/">inspection</a>, you’ll need to have your realtor or the listing broker prepare the offer and complete all the necessary documentation. The bid must be submitted on a special VA contract form, and your broker must be registered with the VA to submit offers. Then, the listing broker will present the offer to Ocwen for approval. It typically takes two weeks or more to hear from the VA – and only the winning buyer will be notified by mail.</p>


iStock-1165258864-2

Veteran Affairs Foreclosure: What They Are And How To Invest In Them

Buying an REO house is a great way to get a bargain on a new home or rental property.

Veteran Affairs Foreclosure: What They Are And How To Invest In Them - RealtyTrac

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Judicial	Non Judicial	Comment	Process Period	Publish Sale	Redemption Period	Sale/NTS
•		Judicial only	147 days	N/A	365 days	Court