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Kentucky Foreclosure Statute Laws

Judicial foreclosure is available in Kentucky; non-judicial foreclosure is not.  Primary service instrument is mortgage. The timeline for foreclosure in Kentucky varies by process. Right of Redemption is allowed, and deficiency judgments allowed, but have restrictions.
In Kentucky, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.

Judicial Foreclosure: 
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. 

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 foreclosure lawsuit, or failed to answer the complaint.



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