Kentucky

For homeowners facing foreclosure in Kentucky, the following is a summary of the state’s foreclosure laws:

Judicial Foreclosure

Kentucky only allows judicial foreclosures, meaning a bank must file a lawsuit in order to foreclose on a home.

Nonjudicial Foreclosure

Kentucky does not allow nonjudicial foreclosures.

Foreclosure Notification

Kentucky law requires the following notices:

In Kentucky, the bank starts the foreclosure by filing a lawsuit in court. The bank will send the homeowner notice of the lawsuit by serving a summons and petition for foreclosure. If bank serves the petition personally, the homeowner has 20 days to respond.  If the bank wins the lawsuit, the home is sold and the proceeds are put towards paying off the mortgage debt. Before the sale, a notice of sale must be posted on the courthouse door, three public places and in a local newspaper.

Kentucky Foreclosure Protections

Kentucky law provides protections in accordance with the federal Service Members Civil Relief Act.

Kentucky law also provides protections to members of the state national guard ordered active duty for 30 days or more.

Before it can foreclose on a high-cost home loan, the bank must provide a notice of default to the homeowner that gives 30 days to cure the default and reinstate the mortgage.

Reinstatement and Redemption

Under Kentucky law, the homeowner is not allowed to reinstate before the sale unless the loan is a high-cost home loan. However, the terms of the mortgage contract itself may allow the homeowner to reinstate or the bank may accept a reinstatement.

If the home sells for less than two-thirds of its appraised value at the foreclosure sale, the homeowner has six months to redeem the home.

Deficiency Law

Kentucky law allows the bank to request a deficiency judgment. A personal judgment is not allowed against a homeowner who is constructively summoned, and who has not appeared in the action.

Eviction Notice

In Kentucky, the buyer from the foreclosure sale may take possession of the property after giving the former owners ten days notice. Afterwards, the buyer can get a writ of possession from the court. For information regarding how to avoid foreclosure in Kentucky, visit HUD.gov.

Kentucky

For homeowners facing foreclosure in Kentucky, the following is a summary of the state’s foreclosure laws:

Judicial Foreclosure

Kentucky only allows judicial foreclosures, meaning a bank must file a lawsuit in order to foreclose on a home.

Nonjudicial Foreclosure

Kentucky does not allow nonjudicial foreclosures.

Foreclosure Notification

Kentucky law requires the following notices:

In Kentucky, the bank starts the foreclosure by filing a lawsuit in court. The bank will send the homeowner notice of the lawsuit by serving a summons and petition for foreclosure. If bank serves the petition personally, the homeowner has 20 days to respond.  If the bank wins the lawsuit, the home is sold and the proceeds are put towards paying off the mortgage debt. Before the sale, a notice of sale must be posted on the courthouse door, three public places and in a local newspaper.

Kentucky Foreclosure Protections

Kentucky law provides protections in accordance with the federal Service Members Civil Relief Act.

Kentucky law also provides protections to members of the state national guard ordered active duty for 30 days or more.

Before it can foreclose on a high-cost home loan, the bank must provide a notice of default to the homeowner that gives 30 days to cure the default and reinstate the mortgage.

Reinstatement and Redemption

Under Kentucky law, the homeowner is not allowed to reinstate before the sale unless the loan is a high-cost home loan. However, the terms of the mortgage contract itself may allow the homeowner to reinstate or the bank may accept a reinstatement.

If the home sells for less than two-thirds of its appraised value at the foreclosure sale, the homeowner has six months to redeem the home.

Deficiency Law

Kentucky law allows the bank to request a deficiency judgment. A personal judgment is not allowed against a homeowner who is constructively summoned, and who has not appeared in the action.

Eviction Notice

In Kentucky, the buyer from the foreclosure sale may take possession of the property after giving the former owners ten days notice. Afterwards, the buyer can get a writ of possession from the court. For information regarding how to avoid foreclosure in Kentucky, visit HUD.gov.

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