If you are a homeowner in Kansas worried about foreclosure, you should know that you’re not alone. Whether you are at risk of losing your home or are already facing foreclosure in Kansas, it can be overwhelming to know where to turn.
In this blog post, we will explain the Kansas foreclosure process and your options if you find yourself facing foreclosure. Additionally, we’ll share foreclosure prevention tips.
To learn more about the foreclosure process, whether you’re facing foreclosure for the first time or curious about what it looks like, keep reading.
What is a Foreclosure, and How Does it Work in Kansas?
The foreclosure process refers to the legal process by which lenders seek to recuperate unpaid loans from defaulting borrowers. In Kansas, properties that are past due 120 days can be foreclosed.
Ways to Avoid Foreclosure
If you are experiencing financial difficulties, you may still be able to avoid foreclosure.
Make a Deal With Your Lender
Negotiate a payment plan with your lender. A longer repayment period may be required for smaller payments.
Ask for a Loan Modification
A mortgage payment modification may be available if you are struggling to make your current payments. A loan’s terms, such as interest rate and repayment period, may be modified.
Sell Your Home
When you experience financial difficulties, selling your home might make sense. Although this decision might not be easy, it may be one of the most efficient ways to avoid foreclosure.
Ways to Stop or Delay Foreclosure
If you’re already in foreclosure, there are three ways you can slow down or halt the process.
Reinstate the Loan
Although Kansas law does not give homeowners the right to reinstate their loans, mortgage contracts often do. Check your mortgage to see if you are entitled to complete reinstatement and when you need to do so. You might also be able to bring the account current if the lender allows it.
Redeem the Property
Redeeming a property is another way to stop foreclosure. Redemption requires the full repayment of the loan before the foreclosure sale. In Kansas, redemptions are allowed for 12 months from the date of sale. A borrower who defaulted on their mortgage before paying one-third of the initial debt has three months to redeem. Should the homeowner lose their job after the sale and during the initial three-month redemption period, the court may extend the redemption period by another three months.
File for Bankruptcy
Bankruptcy may not be the ideal solution, but it can prevent foreclosure. It is possible to delay the foreclosure process by several months by filing for Chapter 7 bankruptcy. Alternatively, you might be able to save your home by filing for Chapter 13 bankruptcy. Consult a local bankruptcy attorney to learn about your options.
What to Do if Foreclosure is Imminent
Foreclosures should be dealt with by a qualified professional who can provide legal advice. In order to achieve the best possible outcome for you and your family, it is important to fully understand your rights and options.
The Process of Foreclosure in Kansas
As a homeowner facing foreclosure, it’s important to understand the process. In Kansas, the foreclosure process can take up to 4-5 months to complete. If you default on your mortgage payments for your home in Kansas, the foreclosure process will be judicial.
Lenders initiate judicial foreclosures by filing lawsuits asking the court to allow them to sell their properties. A summons and complaint are served on you by the lender. If you’re personally served with the complaint, you have 21 days to file an answer; if the lender publishes a newspaper notice to serve you, you’ll have around 41 days to respond.
In the event you do not respond, the lender will seek and probably receive a default judgment, which will allow the sale to go forward. In contrast, if you choose to defend the foreclosure suit, the case will be litigated.
Lenders may then request summary judgment from the court. During a summary judgment motion, the lender asks the court to grant judgment in their favor since no dispute exists about the case’s critical elements. Your home will be auctioned if the court grants summary judgment for the lender or if you lose at trial.
A notice of sale about the foreclosure sale is then published at least three times, with the final publishing occurring between seven and 14 days before the sale.
The Repercussions of Foreclosure
Foreclosure can have severe repercussions for homeowners and their communities. In the foreclosure process, homeowners can lose their homes and damage their credit scores. This can make it difficult to get a new home or apply for credit. Additionally, foreclosure can be emotionally draining and time-consuming.
There can also be negative effects on communities caused by foreclosures. Foreclosed homes can decrease property values, leading to a tax revenue decline and an increase in crime.
Assistance for Homeowners Facing Foreclosure in Kansas
Several resources are available to you if you are facing foreclosure in Kansas. The U.S. Department of Housing and Urban Development assists and counsels homeowners in preventing foreclosures.
A private foreclosure assistance program might also help you keep your home or find a new one. However, it’s important to do your research before considering these programs to be aware of any fees associated.
Avoid Foreclosure in Kansas by Selling Your House for Cash to Favor Home Solutions
If you’re facing foreclosure or are having trouble keeping up with your mortgage payments, selling your home might be the solution you’ve been waiting for. At Favor Home Solutions, we understand how difficult this time can be. For this reason, we are committed to helping you get the best price for your home and guiding you through the entire process.
To accomplish this, our team will:
- Evaluate your situation and make you a fair, all-cash offer
- Close on the date of your choice
- Take care of all the paperwork
- Pay all the closing costs
- Handle cleaning and repairs
- And much more!
If you’re interested in learning more about getting a free, no-obligation offer for your home, contact us today!