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.
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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.
How can I learn more about Foreclosures?
The best way to learn more is to click on the links below to view the page on our website dedicated to the type of foreclosure action you are wanting to learn about. The various types of foreclosures we perform are:
Additionally, we assist people or companies who purchase foreclosure properties at auction to extinguish redemption rights and to obtain funds paid to the court to redeem the property. You can also learn more about foreclosures and the legal process by visiting the resources page on our website.