Kentucky Foreclosure Laws

Due to the entire process of the Kentucky foreclosure laws, it is possible to fulfill the foreclosure process at a very short period of time. This is quite contradictory to the fact that Kentucky is a lien theory state, and the Kentucky foreclosure laws follow the judicial foreclosure method.

For instance, as the laws for Kentucky foreclosed homes dictate, a foreclosure can take effect starting with the filing of the complaint (which is required since the procedure is done through the court). As with most state laws, Kentucky foreclosure laws require the lender to send a copy of the complaint-the lens pendens, the notice that the property in discussion is being foreclosed-to the borrower. Of course, most of the time, borrowers will respond to this, as required by the law. But some do not. According to the Kentucky foreclosure laws, when the borrower does not respond within 20 days, the court will consider the loan defaulted and the property legal to foreclose. Another instance when the lender can easily claim the property in question is if the property is abandoned. In this case, Kentucky foreclosure laws allow the lender to foreclose the property.

Of course, the Kentucky foreclosure laws still include due process for the complaint. The lender, for instance, is required to advertise the sale three weeks before the event. Considering the other laws, this is rather lenient, although in some cases the duration and the number of times for publication may vary due to factors decided by the court.

Another blow to the borrower is the Kentucky foreclosure law's right of redemption clause, which will require the said borrower to pay an added 10 percent interest of the total unpaid debt defaulted in the past plus the costs sent due to the default. Deficiency judgments are only obtainable if the complaint was served to the borrower, regarding if the borrower responds or not.