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Kentucky Foreclosure Law |
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Back to Foreclosure Information by State
- 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 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
Legal Information Is Not The Same as Legal Advice
This site provides information about foreclosure law designed to help users safely cope with their own legal needs. But legal information is not the same as legal advice. The application of law varies with an individual's specific circumstances. The laws of every state are in constant change, and Although we go to great lengths to make sure our information is accurate and useful, we recommend you consult a lawyer if you want professional assurance that our information, and your interpretation of it, is appropriate to your particular situation.
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