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Summary:
| Judicial Foreclosure |
Yes |
| Non-Judicial Foreclosure |
No |
| Security Instruments |
Mortgage |
| Right of Redemption |
Yes |
| Deficiency Judgments |
Yes |
| Time Frame |
Usually 120 days |
The lender must sue (Judicial Foreclosure) to obtain a court order to foreclose. Non-Judicial foreclosure is rarely used in Kansas.
- Once the order to foreclose is issued, a Notice of Sale must be published for three consecutive weeks with the last publication no more than 14 days and no less than 7 days prior to the scheduled sale date.
- A copy of the Notice of Sale must also be sent to the borrower no more than five days after the first publication.
- Unless otherwise ordered by the court, the sale will take place at the courthouse of the county in which the property is located. The sale will be a public auction held by the sheriff and/or an officer of the court. The successful bidder will receive a certificate of purchase.
- Following confirmation of the sale by the court, a sheriff’s deed. That deed will vest good and perfect title to the property to the successful bidder upon expiration of the borrower’s right of redemption.
- Depending upon the size of the mortgage, the borrower has either six or twelve months to redeem the property.
- The lender is entitled to sue to receive a deficiency judgment for any difference between the sale price and the amount owed.
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