Timeline:
around 120 days
Redemption:
Yes
Deficiency
Judgments: Yes
Judicial
Foreclosure: Yes
Non-Judicial
Foreclosure: No
Security
Instruments: Mortgage
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The
Non-Judicial Foreclosure process is very rarely used in Kansas
. The more common procedure is for the lender to use the Judicial
Foreclosure process and sue the borrower to obtain a court order
to foreclose.
Once
the order to foreclose is issued, a notice of sale must be published
for three (3) consecutive weeks. The final publication of the
notice can not be less than seven (7) days and more than fourteen
(14) days prior to the sale date. A copy of the notice of sale
must be sent to the borrower no more than five (5) days after
the first day it is published.
The
sale of the property will take place at the county courthouse
in which the property is located, unless the court orders otherwise.
Either the county sheriff or an officer of the court conducts
the public auction of the property. |
The
high bidder at the auction receives a certificate of purchase
for the property. A sheriff's deed to the property will not
be conveyed until the confirmation of the sale. The sheriff's
deed vests good and perfect title to the purchaser upon the
expiration of the borrower's redemption period.
The
borrower is entitled to a six (6) or twelve (12) month redemption
period, depending on the size of the property. If the property's
auction price does not cover the balance due on the loan plus
costs, the lender has the right to sue the borrower for a deficiency
judgment.
Kansas Foreclosure Law