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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 the property at the sale for less than the full amount he owes including trustee fees and the cost of the sale. This bill is very harmful to the consumer. Please contact your State Representative and State Senator. You can call the Legislative Message Center at 1-800-372-7181 to express your opinion to your legislator.