Stop Foreclosure Kentucky

Did you know there are several programs that can help save your Kentucky home and stop the impending foreclosure? Loss Mitigation Agencies, such as ours, are experts in these programs and have assisted thousands of homeowners by providing straight answers and viable solutions.

Sometimes things beyond your control can put you into a financial bind that makes it hard to keep up with your mortgage payments. Don't let a missed mortgage payments in Kentucky KY turn into default, mortgage foreclosure or eviction.

You and your family can rely upon us to provide guidance, comfort and assurance through this current situation. Let us reduce your stress and put you at ease.

Complete the quick form on the right side of this page and our professional loss mitigation legal expert will contact you!

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Kentucky KY Foreclosure Laws

Lenders in the state of Kentucky may foreclose on a mortgage in default using the judicial foreclosure process. Kentucky is strict about not allowing out-of-court foreclosures unless they are voluntary sales by the borrower. A deed of trust sale, sale by a trustee or a power of sale clause in a mortgage doesn’t work in this State.

The only exception is if the borrower abandons the property. If that happens, the lender may obtain possession of the property once the borrower goes into default.

Judicial Foreclosure

A judicial process of foreclosure requires that the lender file a lawsuit and attain a court order to foreclose on a particular property.

Judicial Foreclosure Procedure

An appraisal of the property is ordered prior to the scheduled date of the foreclosure sale. The borrower has a one year (12 month) redemption period from the date of the sale, if the foreclosure sale price was less than two-thirds of the appraised value. In order to redeem, the borrower must pay the amount for which the property sold plus interest.

If the borrower was personally served with the lawsuit or failed to answer the notice, the lender can 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.

Legal Information Is Not The Same as Legal Advice This site provides information about Kentucky state foreclosure law designed to help users safely cope with their own legal needs and possible find alternatives. Everyone's legal status is different. The laws of every state are in constant change and we recommend you consult a lawyer.