How long does a Kansas Mortgage Foreclosure take?
Unlike in Missouri, a lender in Kansas must file an eviction action and seek permission from the court to sell a property. An uncontested Kansas mortgage foreclosure can take between six and eighteen months from the date the action is filed until the date the borrower is removed from the property. A contested foreclosure can take add a few months or a few years to the process depending on what claims are being made by the borrower.
What is the foreclosure process in Kansas?
The basic steps in a Kansas mortgage foreclosure are as follows:
- a notice of default is mailed to the borrower;
- a title search is conducted to determine who may have a claim to ownership of the property;
- a foreclosure action is filed with the court;
- a notice is published in the newspaper regarding the foreclosure;
- the court enters judgment in favor of the lender;
- a sale is conducted; and
- the borrower is allowed to remain in the property through the end of the redemption period.
For more details about the process and timeline, please visit our blog post on the topic.
What is a redemption period?
The redemption period is a period of time that a borrower can remain in a home following the completion of a Kansas mortgage foreclosure. This period can range from three to twelve months and is generally dependent on the amount of the original mortgage that has been paid by the borrower. If the borrower leaves the home before the end of the redemption period, the redemption rights can be extinguished. Moreover, the borrower can sell the redemption rights to a third party and/or can rent the property during the redemption period and keep any rent received from the tenant.