COMMUNITY NEWS: Kentuckys Right to Redeem Home from Foreclosure Reduced from 1-year to 6-months. Property rights is an essential freedom we enjoy as citizens of these great United States. Kentucky, like most all states, has honored the value of property rights through the right of redemption. Under Kentucky law, an owner whose property has been foreclosed upon has the right to purchase back his/her property. This past July, the Kentucky Senate decided to revised KRS 426.530(1) to reduce that statutory period from 1-year to 6-months for a property owner to exercise his/her right of redemption. Now struggling and poor Kentucky families have only 6-months to raise funds to save their home from foreclosure and tax sales. This revision by the General Assembly was not in favor of Kentucky families and its working class. One of the leading detriments to economic and family stability is home ownership. One of the leading causes of community vacancy and blight is predatory investments and foreclosures. To reduce that statutory period to exercise the right of redemption only increase these problems. Senator Gerald Neal, Rep. Darryl Owens, and Rep. Reginald Meeks this revision particularly hurts families in your districts struggling to keep their homes. There should have been more awareness and discussion with the community on this law change.
Posted on: Fri, 14 Nov 2014 20:00:55 +0000
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