Attorney General’s Office
120 SW 10th Ave., 2nd Floor
Topeka, KS 66612-1597
Tel: (785)296-2215
Fax: (785)296-6296
http://ag.ky.gov/
Type of Document:Mortgage and Trust Deed
Types of Foreclosure:
Judicial: Through the courts is the only way a lender can force the
sale of the borrower’s property. If both parties agree, the borrower,
however, may voluntarily deed the property to the lender.
Deficiency:In some cases a deficiency is possible.
Redemption:If the property is sold for less than two-thirds the appraised value, the borrower has the right to redeem the property for up to one year.
Oddities of the state: If the property is sold for less than two-thirds
the appraised value, the borrower may sell their right of redemption
to another buyer! I like that.
If the property is abandoned by the borrower, the lender may take
possession of the property. If the lender rents the property out, all
the money collected in rents goes to the credit of the borrower.
