What is the process for home foreclosures in Kentucky?
In Kentucky, lenders attend a judicial foreclosure proceeding. The court must issue a final judgment of foreclosure. The property is then sold as part of a publicly noticed sale. A complaint is filed in court along with what is known “Alis pendens”. Alis pendens is a recorded document that provides public notice that the property is being foreclosed upon. Generally, a party has twenty (20) days to file an answer to the complaint, and if this is not completed, a default is entered. It is important to contact us immediately in order to stop these default actions. In many cases, we are able to eliminate your mortgage payments entirely, during this process. What are the legal instruments that establish a Kentucky mortgage? The documents are known as a “mortgage note”, and in a commercial transaction, a “security agreement”. A mortgage is filed to evidence the underlying debt and terms of repayment, which is set forth in the mortgage note. How long does it take to foreclose a property in Ke
