Kentucky Forclosure Laws
Can any one tell me where I can find a good explaination of the Kentucky foreclosure laws. I know it's jurdicial and the borrower has up to one year redeem the property if the sale price is less than 2/3 of the appraised value. Also a deficiency judgmeny can be made against the borrower for the difference between the amount owed and the forclosure sale price only if the borrower was served with a law suit or failed to answer. Yet I need to know other answers such as if a purchased money mortage was used would the borrower be subject to pay that back . Another question would be or does the lender or lenders attorney have to attend the foreclosure sale ? I appreciate any info any one can provide. [ Edited by aron01 on Date 03/24/2004 ]
Re: your post.
You need to check with your state real estate board, a good attorney knowledgeable in foreclosures, maybe some agents could steer you right.
Good luck...
THANKYOU OZZIE FOR YOUR GOOD REPLY AND QUICK RESPONSE. i WAS WAITING TO SEE IF OTHERS WOULD RESPOND. I'M RESEARCHING ALL AREAS OF REALESTATE TO FIND OUT WHAT i MAY BE ABLE TO DO WITH VERY LIMITED TIME ,SKILL AND MONEY. MAYBE I CAN BUY A FORCLOSURE AND LEASE OPTION IT OR RENT IT OUT . SOMETIMES I THINK i'M BETTER TO JUST BE A LIMITED PARTNER AND LEARN FROM THE PRO'S (IF i CAN FIND ONE LOCALLY. ) ANYHOW I HAVE A LOT TO LEARN,ALOT TO READ AND A LOT OF PEOPLE I NEED TO MEET IN ORDER TO GET THIS BUSINESS OFF THE GROUND.