How does a Master Commissioner sale work?
When property owners default on their mortgage, the mortgage company files a foreclosure action against them in Circuit Court. The Court will order that the case be referred to the Master Commissioner for sale of the property at the courthouse door. The Master Commissioner sets a sale date and advertises the sale once a week for three consecutive Saturdays in the local newspaper, The Kentucky New Era. The sale is held on the Monday following the last newspaper advertisement. All sales are conducted as public auctions and anyone may attend. The mortgage company will normally open the bidding at or above two-thirds of the property’s appraisal and competitive bidding will proceed like any other auction until the property is sold. The Master Commissioner files a report of the sale with the Court, setting forth the name or the purchaser, the price, etc. If there are no objections by interested parties, the Court will confirm the sale within 10 days and order the Commisioner to deliver a dee
