In a Kentucky judicial foreclosure, the borrower has a right of redemption for:
Correct Answer
B) Up to one year after the foreclosure sale if the property sold for less than two-thirds of appraised value
Under KRS 426.530, if the foreclosure sale price is less than two-thirds of the appraised value, the borrower has a one-year statutory right of redemption. If it sells for two-thirds or more, there is no redemption period.
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Related Concepts
In the context of foreclosure, a deed transfers ownership of the foreclosed property to the new owner, typically the buyer at a foreclosure sale.
Discount points are upfront fees paid to a lender at closing to reduce (buy down) the interest rate on a mortgage loan. One point equals 1% of the loan amount and typically reduces the rate by approximately 0.25%.
An FHA loan is a mortgage insured by the Federal Housing Administration that allows lower down payments and credit scores than conventional loans. It is designed to help first-time homebuyers and borrowers with limited resources.
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