By: Rick Davis
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Mortgage, Deed of Trust and Contract for Deed Foreclosure
A foreclosure is a legal action filed by a lender to take over ownership of a property after the borrower fails to make payments under his or her mortgage. In Kansas, a lender is required to file legal action to take ownership of a home in this fashion; however, in Missouri legal action is not required. This is because in Missouri, borrowers provide a “deed of trust” instead of a mortgage. The deed of trust provides the lender the power to simply sell the property without going through the legal process.
How long does a foreclosure take?
In Missouri, the trustee’s sale can be scheduled within a month and the procedure for redeeming the property (taking back ownership after the sale) is very limited. In Kansas, the foreclosure process can be completed in 6-7 months or can take years if the borrower attempts to delay the proceedings. Additionally, in Kansas, the borrower has a long redemption period (either 3 or 12 months) and during this period can remain in the home, rent the home to other parties or sell his or her redemption rights to another party.
Do we represent lenders or borrowers?
Our firm usually only represents lenders and generally would be prevented from accepting a borrower’s case due to the conflict of interest rules that govern attorneys. If you are a borrower looking for assistance, please visit our attorney referrals page for assistance finding an attorney.
How much does it cost and how do I get started?
Our firm utilizes a unique subscription model for pricing so that our clients can have predictable monthly bills that encourage collaboration between the client and our law firm. For more information on our pricing structure, please visit rickdavislegal.com/company-pages/pricing-model/.
If you are ready to get started with the firm, the first step is to schedule an initial consultation by giving us call at (913) 283-8300 or by clicking here to schedule your consultation online.
Our consultations seek to provide prospective clients with substantive advise and options on how to proceed with their legal matter. More information on what to expect during the initial consultation is available at http://rickdavislegal.com/the-initial-consultation/.