Loan Default Cure Period

Summary

In Kentucky, borrowers generally have 20 days to cure a loan default after receiving a notice, but this period can vary depending on the loan agreement. Federal laws like the Truth in Lending Act may still apply to non-federally backed loans. If facing a loan default, review your loan agreement and consider consulting a local attorney for guidance.

Full Conversation

Are loans not federally backed governed by federal law?
Hey ****! Loans that are not federally backed are generally governed by state laws rather than federal law. However, certain federal regulations, like the Truth in Lending Act, may still apply. Are you dealing with a specific issue related to a loan?
The right to cure the loan in the event of default?
Hey ****! In Kentucky, the right to cure a loan default is governed by state law. Here are some key points:
- Kentucky law allows borrowers to cure a default by paying the overdue amount plus any fees before the foreclosure sale.
- The lender must send a notice of default, giving the borrower 20 days to cure.
Are you currently facing a loan default situation?
Is it 20 days or 33 days?
Case Rating: *
In Kentucky, the lender must send a notice of default, and typically, the borrower has 20 days to cure the default. However, this period might differ depending on the specific loan agreement.
Are you currently facing a loan default situation?
Good deal...
Case Rating: *
It sounds like you're gathering information about your rights in the event of a loan default. If you have any specific concerns or need further assistance, feel free to ask!