Kentucky Judgment Foreclosing Mortgage and Ordering Sale
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FAQ
A foreclosure means that the lender takes control of a property after the borrower misses multiple mortgage payments. This is also referred to as defaulting on the loan. In doing so, the borrower is breaking the mortgage contract they signed with their lender.
Key Takeaways. In general, a lender won't begin foreclosure until you've missed four consecutive mortgage payments. Timing can vary from lender to lender as well as on the state of the housing market at the time. Lenders generally prefer to avoid foreclosure because it is costly and time-consuming.
California changed its law at the beginning of the 2023 to require that certain sellers of foreclosed properties containing one to four residential units only accept offers from eligible bidders during the first 30 days after a property is listed.
Some of the consequences include housing and employment issues. Your credit will affect what housing you can qualify for and the interest rates you receive on any future mortgages. That's if you can manage to get approved. Lenders may not lend to you if they know that you previously voluntarily foreclosed.
Kentucky law has what is known as the redemption period. A redemption period allows foreclosed borrowers a certain amount of time after the foreclosure sale during which they can buy their home back. Kentucky allows a redemption period of six months if the property sells for under two-thirds of its appraised value.
Redemption Period After a Foreclosure Sale in Kentucky In Kentucky, if the home sells for less than two-thirds of its appraised value at the foreclosure sale, you get six months to redeem the property. (Ky. Rev. Stat.
Kentucky does not allow non-judicial foreclosures. That means that the final foreclosure judgment has to be issued by the court. In order to begin the foreclosure process, the lender files a complaint with the circuit court in the county where the property is located.
Once you've missed three payments. Your lender will likely send another, more serious notice, known as a ?Demand Letter? or ?Notice to Accelerate.? It's essentially a notice to bring your mortgage current or face foreclosure proceedings. The process and timeline for foreclosure varies from state to state.