By: Rick Davis
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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). 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, both the Kansas and Missouri Bar Associations offer services for helping find a lawyer. The contact information for these services is provided below for your convenience.
Kansas Bar Lawyer Referral Service
Phone: 1 (800) 928-3111
How much does it cost and how do I get started?
We have provided information about the various services we offer related to foreclosures below. When you are ready to get started, please either click on the product link below to place your order or click here to schedule a free 15-minute case evaluation phone call.