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Stop Foreclosure - Kentucky |
Kentucky Foreclosure Law Summary
Most Common Method of Foreclosure: Judicial.
Foreclosure by Power of Sale Permitted?: No.
Judicial Foreclosure Procedure: Complaint filed in Circuit Court. Defendants have twenty days to respond from date of service.
Preforeclosure Notice:
Number of Notices: One.
Amount of Notice Required: If by advertisement, once per week for three consecutive weeks. If by posting, fifteen days preceding the sale.
Content of Notice: Time, place, and terms of sale, and description of the property.
Method of Service: By posting on the courthouse door and three other places.
Redemption: Within one year, if the sale does not bring at least two-thirds of the property's appraised value. To redeem, must pay original purchase money and ten percent interest.
Post-Sale Provisions Regarding Proceeds: Surplus goes to the defendant.
Deficiency: A deficiency judgment is obtainable if the borrower is served in-hand or fails to answer.
High-Cost Home Loans: Lenders must provide notice of default and right to cure thirty days prior to initiation of foreclosure for loans covered. The notice should contain the amount needed to cure the default, the date payment is due and, if amount needed to cure will change, information sufficient to enable borrower to calculate daily change.
Miscellaneous: The commissioner or officer who makes the sale must report the sale price to the court and the sale must be confirmed by the court. Land must be appraised before the sale.
Stop Foreclosure Kentucky
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