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Foreclosure Evaluation & Ebook

  • Evaluate Your Situation (Form Below)

    Not many people know how to find the right solutions for their problem. This process will save time and answer many of your questions.

  • Explore All Possible Options

    After the evaluation, you will understand every possible option available for your exact situation. No more searching or worrying about finding a solution.

  • Avoid Further Loss or Judgments

    Regardless of what option you choose, our process takes every possible precaution to help you avoid further losses or deficiency judgments.

  • Recovery From Foreclosure

    Regardless of whether you keep your home, or walk away, we will take steps to help your credit and start the financial recovery.

  • Full Support & Accountability

    We take the problems of our visitors very seriously. We know your financial future is at risk and we pledge our full support to help you through these tough times.

Kentucky Foreclosure Laws

Expected Timeline: Five to six months
Security Instrument: Mortgage
Type of Process: Judicial
Protections for Servicemembers: Ky. Rev. Stat. Ann. § 38-510
Time to Respond: Twenty days to respond after being served with foreclosure complaint. Notice of sale must be posted on courthouse door or published for three weeks at least fifteen days before scheduled auction.
Reinstatement Period: Notice of right to reinstatement must be served at least 30 days before filing lawsuit, if the loan is a high-interest loan. See Ky. Rev. Stat. Ann. § 360.100
Protections for High-Cost Mortgages: Ky. Rev. Stat. Ann. § 360-100
Redemption Period: If property sells for less than two-thirds of appraised value, redemption is one year after sale.
Eviction Process: Immediate writ of possession may be granted by court.
Deficiency Judgments: Allowed if homeowner is personally served with complaint or fails to respond to complaint.
Limits on Deficiency Judgments: Deficiency allowed if homeowners fail to answer foreclosure lawsuit or if they are served with the paperwork in-hand.
Cash Exempted in Bankruptcy: $1,000 for single person, $2,000 for married couple.
State Statutes: Ky. Rev. Stat. Ann. § 426.525 to 426.720

The Non-Judicial Foreclosure process is not used in Kentucky , and no power of sale clause is present in the original loan documents. The lender must follow a Judicial Foreclosure process and sue the borrower in the circuit court in which the property is located. The lender sues the defaulted borrower for a judgment of foreclosure.

The borrower has twenty-one (21) days to respond to the complaint, once it is served upon him. If the borrower does not respond to the complaint, a default judgment is entered by the court. If the borrower does respond to the complaint but is found in default, a summary judgment is entered by the court. A notice of sale is then issued, and the property will be advertised for sale.

The notice of sale must include the balance due on the mortgage, and it must be published for three (3) consecutive weeks before the scheduled sale date. The property must be appraised before the sale. If the sale price is less than two thirds of the appraised value of the property, the borrower can redeem the property for up to one year after the sale. The redemption amount is the price the property sold for at auction, plus interest.

The lender has the right to sue the borrower, but only if the borrower was personally served with the complaint and did not respond to the complaint.

State Website: www.lrc.state.ky.us