Facing foreclosure in Kansas? Here’s what you need to know:
Foreclosure is when your mortgage lender tries to reclaim your property because you’ve stopped making payments. But don’t panic—it’s not the end of the world.
Understanding the foreclosure process in Kansas is crucial for navigating it successfully. Let’s break it down:
There are generally two ways foreclosures happen: judicial sale or power of sale.
In a judicial foreclosure:
- Your lender takes you to court.
- You get a letter demanding payment.
- You typically have 30 days to pay up.
- If you don’t, the court can auction your property.
In a power of sale foreclosure:
- Your lender demands payment without involving the court.
- After a waiting period, your property is transferred to a trustee.
- The trustee can then auction your property.
After the auction, the proceeds pay off your loan. But if there’s still money owed, you might face a deficiency judgment—where the bank comes after you for the remaining funds.
Avoiding foreclosure is best. Negotiate with your bank or reach out to us at Harmony Home Buyer. We can help you negotiate discounts or even prevent foreclosure altogether.
If you need to sell your Wichita property fast due to foreclosure, reach out to us. We buy houses in Kansas like yours.
Call us at (316) 217-9675 or fill out the form to get started today!