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Summary:
| Judicial Foreclosure |
Yes |
| Non-Judicial Foreclosure |
No |
| Security Instruments |
Mortgage |
| Right of Redemption |
Yes |
| Deficiency Judgments |
Yes, with restrictions |
| Time Frame |
Varies |
Judicial foreclosure in Kentucky requires that a suit be filed by the lender, in the circuit court for the district in which the property is located, to obtain a judgment of foreclosure. A complaint must be served on the borrower who then has 21 days to respond. In the event there is no response, a default judgment is declared by the court, or if the borrower does appear and is found to be in default, a summary judgment and notice of sale are issued and the property advertised for sale.
The notice will include the balance due on the mortgage and be published weekly for three consecutive weeks. Prior to the sale date, the property must be appraised, and if the sale price is less than two thirds of the appraised value, the borrower has one year in which to redeem the property by paying the sale price plus interest.
Deficiency judgments are allowed, but only if the borrower was personally served with the complaint and failed to respond
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