Quick Facts
– Judicial Foreclosure Available: Yes
– Non-Judicial Foreclosure Available: No
– Primary Security Instruments: Mortgage
– Timeline: Typically 120 days
– Right of Redemption: Yes
– Deficiency Judgments Allowed: Yes
In Kansas, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.
Judicial Foreclosure
The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder.
Notice And Publication
The notice of the time and sale must be advertised once a week for three (3) consecutive weeks, with the last publication being no more than fourteen (14) and no less than seven (7) days before the scheduled date of sale. Notice of the sale must also be sent to the borrower within five (5) days of the first advertisement.
Auction Held In County Of Property
Unless otherwise ordered by the court, the sale is typically held at the county’s courthouse in which the property resides. The sale is by public auction to the highest bidder, who will receive a certificate of purchase. After the sale is confirmed, the winning bidder will be entitled to receive a sheriff’s deed, which will vest a good and perfect title to the foreclosure bidder once the borrower’s right of redemption has expired.
BorrowerPower To Cure Default
The borrower typically has twelve (12) months from the foreclosure sale date to redeem the property.
Lender Can Sue For Deficiency Judgment
Lenders may sue to obtain a deficiency judgment for the difference between the foreclosure sale price and the amount due on the original mortgage.
