Get a Fast and FREE Consultation!
Fill out the form NOW!
"The median monthly payment reduction for borrowers enrolled in
the (HAMP) program is $522" - DSnews.com
Kansas Foreclosure Law
Kansas foreclosure laws allow for only a judicial foreclosure process. This applies to mortgages as the primary security instrument. The average time a foreclosure takes in Kansas is around 120 days.
Judicial Foreclosure
The Judicial Foreclosure process is used when the mortgage or deed of trust does not include a Power of Sale clause. In a judicial foreclosure, the lender files a lawsuit and obtains a court order allowing them to foreclose on the property. The court must reside in the same county as the property that is being foreclosed upon. Once the foreclosure is granted an auction will be announced and the home will be sold to the highest bidder.
Right of Redemption and Deficiency Claims
Kansas foreclosure laws allow for only a judicial foreclosure process. This applies to mortgages as the primary security instrument. The average time a foreclosure takes in Kansas is around 120 days.
Judicial Foreclosure
The Judicial Foreclosure process is used when the mortgage or deed of trust does not include a Power of Sale clause. In a judicial foreclosure, the lender files a lawsuit and obtains a court order allowing them to foreclose on the property. The court must reside in the same county as the property that is being foreclosed upon. Once the foreclosure is granted an auction will be announced and the home will be sold to the highest bidder.
Right of Redemption and Deficiency Claims
The Right of Redemption is a time frame, typically 12 months, after the foreclosure sale during which the borrower can buy back the home. This usually means paying the final sale price, plus interest and attorney's fees.
The lender can also file a deficiency suit, a personal claim against the borrower for the balance not covered by the foreclosure sale. However, they can only sue for the exact difference between the sale price and the balance on the original mortgage.