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Foreclosure Survival Guide
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Foreclosure Survival Guide (1st Edition)
| Topic | State Rule |
|---|---|
| Common type of foreclosure process | Judicial |
| Time to respond | Homeowner has 20 days to respond after being served with the complaint. If court issues a foreclosure judgment, foreclosing party must post notice on courthouse door or publish notice once a week for three weeks at least 15 days before the sale. |
| Reinstatement of loan before sale | If loan is a high-interest loan (under Ky. Rev. Stat. Ann. § 360.100), foreclosing party must serve notice of right to reinstatement at least 30 days before filing the foreclosure complaint. |
| Redemption after sale | Allowed within one year of sale, if sale amount is less than two-thirds of property’s appraised value. Homeowner must pay full amount of the price paid for property at foreclosure sale, plus 10%. |
| Special protections for foreclosures involving high-cost mortgages | Protection against and remedies for a laundry list of abusive lending practices and loan conditions. Ky. Rev. Stat. Ann. § 360.100 |
| Special state protections for service members | Ky. Rev. Stat. Ann. § 38.510 |
| Deficiency judgments | Allowed if homeowner is personally served with the complaint or fails to answer the complaint |
| Cash exempted in bankruptcy | $1,000 for one person, $2,000 for a married couple |
| Notice to leave after house is sold | Former owner may be required to move immediately after court-ordered sale under an immediate writ of possession issued by the court. Check with the sheriff to see how much time you have to move out, if any. |
| Foreclosure statutes | Ky. Rev. Stat. Ann. §§ 426.525 to 426.720 |