Below are the laws pertaining to home foreclosure in the state of Kentucky.
Quick Facts
- Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: No
- Primary Security Instrument: Mortgage
- Timeline: Varies
- Right of Redemption: Yes
- Deficiency Judgments Allowed: Yes, but with restrictions
In the state of Kentucky, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.
Judicial Foreclosure
Generally, in judicial foreclosure, a court decrees the amount of the borrowers debt and gives him or her a short time to pay. If the borrower fails to pay within that time, the clerk of the court
then advertises the property for sale. At some point prior to the scheduled date of foreclosure, an appraisal of the property must be made. If the foreclosure sale price is less than two-thirds of
the appraised value, the borrower has a period of one year (12 months) from the date of the sale to redeem the property by paying the amount for which the property was sold, plus interest.
It is possible to obtain a deficiency judgment against the borrower for the difference between the amount the borrower owed on the original loan and the foreclosure sale price, but only if the
borrower was personally served with the lawsuit, or failed to answer.
Foreclosure Summary copyright, © ForeclosureLaw.org
For more information on foreclosure laws in other states, please read Stopping A Foreclosure On A
Home
Check with your state for the most current information on home foreclosure laws.
Learn how to Repair Credit After A Foreclosure