Kansas Foreclosures and Foreclosed Homes for Sale

Kansas allows only judicial foreclosures, which means all lenders must go through the courts to successfully foreclose on a home. A lawsuit may be filed as soon as a borrower defaults on a mortgage, which allows the borrower 20 days to respond. If the borrower fails to respond during this time, the court will generally rule in favor of the lender and declare the borrower in default.

The borrower will have 10 days to pay the full amount in default before the auction will be allowed to be scheduled. Once the date has been determined, the sheriff will publish a notice of sale in the local newspaper once a week for three weeks. The notice will provide information pertinent to the sale, including the time, place, and date.

Usually, there will be a minimum bid, set by the lender. Bids are accepted by the general public, with the property going to the highest bidder. After the auction, the winner will be issued a certificate of purchase, which must be confirmed.

Kansas allows the right to redemption, although the amount of time this lasts will vary. Generally, if more than one-third of the principal has been paid, the redemption period is one year. Usually, loans in Kansas default prior to this, with the average redemption time around three months. In order to redeem, the borrower must pay the amount of the bid in addition to interest and miscellaneous fees. Because redemption can have important implications, it is important to understand the terms of the redemption prior to bidding on a property.

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