Overland Park, Kansas Foreclosure Laws - How to Stop a Overland Park, KS. Foreclosure - What is a Short Sale?
Kansas is a judicial foreclosure mortgage state with no non-judicial foreclosures available. All foreclosures in Overland Park, KS. are processed through the courts. The foreclosure sale for Overland Park properties held at the Johnson County courthouse steps around 130 days into the proceedings. A Overland Park homeowner has typically 90 days from the sale date to redeem the sale at the sheriffs office.
The best way to prevent a Overland Park, KS. from foreclosure is to short sale it prior to the sale date.
A short sale is when the mortgage lender allows a property to be sold for less than the amount owed on a mortgage and takes a loss. A short sale is important because in Kansas a deficiency judgment is allowed. When the bank accepts a short sale, they are agreeing to release the foreclosure and possible future judgements. If a mortgage lender forecloses on a property, they can attach a deficiency judgment. The Kansas City Real Estate Network can assist Overland Park homeowners with a short sale.
If you have questions about a foreclosure, we recommend consulting an attorney.
How to stop a real estate foreclosure in Overland Park, Kansas ---> Stop Foreclosure Now!
Some common questions:
Q) When does the sheriff come to the door and evict the Overland Park homeowner?
A) The sheriff will be sent to the home after foreclosure date and the redemption period are completed. This period is typically 90 days to 1 year after the sale date.
Q) Can a Overland Park homeowner sell a home after foreclosure?
A) A Overland Park homeowner can sell the property during the redemption period. Any amount over the redemptive quote can be kept by the homeowner.
Q) I have heard horror stories about delays in processing short sales in Overland Park. Are they true?
A) Some of the horror stories are true. We have done so many short sales that we made a science of completing them. Most delays due to not completing the required paperwork in a timely matter. One lender told us that it takes the typical homeowner 60 days to complete and send in the proper paperwork. That is to long when the typical buyer wants to close within 45 days.
Kansas is a judicial foreclosure mortgage state with no non-judicial foreclosures available. All foreclosures in Overland Park, KS. are processed through the courts. The foreclosure sale for Overland Park properties held at the Johnson County courthouse steps around 130 days into the proceedings. A Overland Park homeowner has typically 90 days from the sale date to redeem the sale at the sheriffs office.
The best way to prevent a Overland Park, KS. from foreclosure is to short sale it prior to the sale date.
A short sale is when the mortgage lender allows a property to be sold for less than the amount owed on a mortgage and takes a loss. A short sale is important because in Kansas a deficiency judgment is allowed. When the bank accepts a short sale, they are agreeing to release the foreclosure and possible future judgements. If a mortgage lender forecloses on a property, they can attach a deficiency judgment. The Kansas City Real Estate Network can assist Overland Park homeowners with a short sale.
If you have questions about a foreclosure, we recommend consulting an attorney.
How to stop a real estate foreclosure in Overland Park, Kansas ---> Stop Foreclosure Now!
Some common questions:
Q) When does the sheriff come to the door and evict the Overland Park homeowner?
A) The sheriff will be sent to the home after foreclosure date and the redemption period are completed. This period is typically 90 days to 1 year after the sale date.
Q) Can a Overland Park homeowner sell a home after foreclosure?
A) A Overland Park homeowner can sell the property during the redemption period. Any amount over the redemptive quote can be kept by the homeowner.
Q) I have heard horror stories about delays in processing short sales in Overland Park. Are they true?
A) Some of the horror stories are true. We have done so many short sales that we made a science of completing them. Most delays due to not completing the required paperwork in a timely matter. One lender told us that it takes the typical homeowner 60 days to complete and send in the proper paperwork. That is to long when the typical buyer wants to close within 45 days.
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Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty
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