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Kentucky Foreclosure Laws
Before you act, please consult with one of our Loan Modification specialists. Complete the Loan Modification form and we will provide you with a free Loan Modification Evaluation. We may be able to help you stop foreclosure.
| 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.
United States Foreclosure Law
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It is a remarkable situation that we as a country find ourselves in today when family homes are being foreclosed on with a scope and scale never before seen. Clearly the current U.S. recession and worldwide economic crisis is much to blame for this scenario. One might think that there might be no glimmer of hope in sight, and that banks might act too quickly nowadays to foreclose on homes if the borrower begins to fall behind on their monthly mortgage payments. But such is not the case.
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