Kentucky Foreclosure
Typical of Kentucky the foreclosure procedures differ in certain ways from other states. It does not make available non judicial foreclosure to the lenders while deficiency judgments are allowed with restrictions. It has variable timeline and recognizes right of redemption. The security instrument is mortgage. The court allows the borrower a short term chance to pay off his debt before initiating foreclosure procedure. The court clerk advertises the sale and gets an appraisal done of the property. If it sells for less than 2/3rd of the appraisal, borrower can take a chance at redeeming his property in 12 months in such a case he will have to pay the difference amount plus interest. Lender is entitled to sue borrower for deficiency under clauses of servicing of notice.
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