Kansas Foreclosure Laws

Questions

Answers

How are mortgage liens treated in Kansas?

Kansas is known as a lien theory state where the property acts as security for the underlying loan. The document that places the lien on the property is called a mortgage.

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How are Kansas mortgages foreclosed?

In Kansas, the lenders go to court in what is known as a judicial foreclosure proceeding where the court must issue a final judgment of foreclosure. The property is then sold as part of a publicly noticed sale. A complaint is filed in court along with what is known a lis pendens. A lis pendens is a recorded document that provides public notice that the property is being foreclosed upon.

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What are the legal instruments that establish a Kansas mortgage?

The documents are known as the mortgage, note, and in a commercial transaction, a security agreement. Sometimes the mortgage document is combined with the security agreement. A mortgage is filed to evidence the underlying debt and terms of repayment, which is set forth in the note.

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How long does it take to foreclose a property in Kansas?

Depending on the court schedule, it usually takes approximately 120-140 days to effectuate an uncontested foreclosure. This process may be delayed if the borrower contests the action, seeks delays and adjournments of hearings, or files for bankruptcy. A foreclosure sale in Kansas requires certain notices and the foreclosure sale must be advertised at least once a week for three (3) consecutive weeks. The last advertisement cannot be more than fourteen (14) or less than seven (7) days before the sale. Notice of the foreclosure sale must be sent to the borrower at least five (5) days of the first advertisement. The sheriff issues a deed after a sale is confirmed.

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Is there a right of redemption in Kansas?

Kansas has a statutory right of redemption, which allows a party whose property has been foreclosed to reclaim that property by making payment in full of the sum of the unpaid loan plus costs. There is a time limit of one (1) year to effectuate the redemption. If the court finds at a hearing upon 21 days notice to all interested parties that the property has been abandoned, or is not occupied in good faith, the redemption period may be shortened or eliminated. Except with regard to single-family (or two-family) residential property or agricultural property, the redemption period may be waived in the loan documents by the mortgagor. (K.S.A. 60-2414).

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Are deficiency judgments permitted in Kansas?

Yes, a deficiency judgment may be obtained when a property in foreclosure is sold at a public sale for less than the loan amount that the underlying mortgage secures. This means that the borrower still owes the lender for the difference between what the property sold for at auction and the amount of the original loan.

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What statutes govern Kansas foreclosures?

The laws that govern foreclosures are contained in Kansas Statutes Annotated (K.S.A.), Chapter 60, Article 24 (2410) (Executions and Orders of Sale).


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