Kentucky

Quick Facts

–  Judicial Foreclosure Available: Yes

–  Non-Judicial Foreclosure Available: No

–  Primary Security Instruments: Mortgage

–  Timeline: Varies

–  Right of Redemption: Yes

–  Deficiency Judgments Allowed: Yes, but with restrictions

In 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.

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More information  on Kentucky foreclosure laws.

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