The Kansas Foreclosure Process
Foreclosure is a scary word for many people that are struggling to make ends meet. For many people when they are facing the Kansas Foreclosure Process, they are scared and really don’t know what to do. Unfortunately many of these homeowners sit by and just wait to see what will happen, and in the end they end up losing their homes.
What is Foreclosure?
Likely if you are reading this article you or someone you know is facing foreclosure. Foreclosure is simply the legal process that a lender goes through to repossess a property that has fallen behind on payments. The Kansas foreclosure process and the Missouri foreclosure process are a little different in the way that the law works, but the ultimate outcome is the same, the lender takes possession of the home and the home owner is forced to move.
How does the Kansas foreclosure process work?
- Lender must file suit in the local court system.
- You will be served papers from the court demanding that you make your payments.
- You will typically have 30 days to bring your payment current.
- If payment is not brought current the lender then has the right to request the sale of your property. If sale is granted then the house will be auctioned off on the court house steps of the county that the property resides in.
- After the sale you will have a redemption period. This means that you will have between 3-12 months to exercise your right of redemption, which means you can repurchase the property from the lender or the person who purchased your property.
If at all possible it is in your best interest to do everything you can to avoid foreclosure. One thing to keep in mind is that the bank doesn’t want your home. The bank wants you to make your monthly payment so that they can collect the interest fees that are paid each month. Banks often times lose money when one of their customers is facing the Kansas foreclosure process. Reaching out to your lender is the first thing you should always do. Many lenders will work with their customers to help them with their situation.
If reaching out to your lender doesn’t work, then your next step should be to speak to a real estate professional. Depending on your situation when facing the Kansas foreclosure process, listing your home with a real estate agent might be your best bet. You may also want to consider selling your home to a real estate investor. Investors can typically close quickly and can keep you from going into foreclosure. Regardless, it’s important that you don’t just sit and wait.