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Former Assistant County Attorney and
Assistant Attorney General
Nick C.
Thompson
800 Stone Creek Parkway
Suite 6
Louisville KY 40223
1-502-625-0905
Want to Stop Your Home Foreclosure in
Kentucky? We are the Ky foreclosure place.
E-Mail us from anywhere
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Stop Foreclosures Kentucky Ky
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 |
In Kentucky, lenders and judicial liens
may foreclose on a home by using the judicial
foreclosure process. Other states use a deed of
trust to foreclose on a home. In Kentucky most
foreclosures take about 6 months if done by default.
If litigated foreclosures often take a year or more.
Judicial
Foreclosure
Judicial foreclosures require a court decree and an
advertised sale of the home. You do have the
right to redeem your home but the borrower is given only
a short time to pay the entire loan off. If the borrower
fails to pay within that time, the Commissioner then
advertises and holds a sale of the property.
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. However the bank almost
always bids over this amount at the foreclosure sale
preventing a redemption.
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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