Know Your Rights (and options) in a Foreclosure
Redemption Rights
Going through a foreclosure is a difficult time and it might seem like the bank is taking advantage of you throughout the process. As a homeowner in Kansas, you usually have the right to buy your house back (plus interest, costs, and taxes) after the Sheriff’s Sale. Depending on the situation, you may be able to sell that right. An attorney can determine who holds those rights after a divorce, death, separation, a new spouse, in-laws, liens, bankruptcy, and more. Just because your name is (or is not) on the mortgage does not mean you own the redemption rights.
If you do nothing, your house will be sold at the Sheriff’s Sale, and you may walk away with little or nothing. If you sell your redemption rights, the money goes to you, not the lender.
Kansas Foreclosures
Going through a foreclosure or bankruptcy can be complicated. In Kansas, you can generally stay in your home during the foreclosure process and during the redemption period after the sale. If you are unsure of your rights, contact an attorney.
Know Your Options
You have rights and you have options during a foreclosure. The internet is full of foreclosure information that may not apply to you, your situation, or your state. Do not let false information keep you from making the right choice for you. United Equity, LLC can help you get money for your house. It is paid to you, not the bank. We help homeowners all over Kansas. See your options at each stage of a Kansas foreclosure.
Know Before You Sign
If you are considering selling your redemption rights, first determine WHO owns those rights. Our legal team will review your title (free of charge) to ensure a safe and legal transaction. You should also review Kansas statute 58-2342. Any rights agreement in the state of Kansas should include this disclosure and more. Make sure you understand what you are signing. These are legally binding documents with personal information. Keep your information safe by working only with buyers who close through a title company and pay you at closing.
Your Rights Expire
The redemption period in Kansas is usually 12 months after the Sheriff’s Sale. It can be 3 months if less than one-third of the original loan was paid, and courts can shorten or end it if a house is abandoned. If your property has already been scheduled for (or recently sold at) a Sheriff’s Sale, contact us immediately.
Before you walk away from your house with nothing, call or text 785-371-2304.
Beware of Scams
Your situation is not private. Foreclosure lawsuits are published in the paper and are public records. They can be viewed by anyone. During this very visible process, you could (and will) be contacted by a number of people for various reasons. Beware of scams and protect yourself. You may want to consider posting a ‘no soliciting’ sign on your door. Report anyone trespassing on your property without your permission to the authorities.
From Homeowner to Tenant
In some cases, you may be able to rent the house while you decide your next move, even after you sell your right to buy the house back.
If you are currently working out a loan modification with the bank, we wish you the best. Just keep this option in mind if you are unable to reach an agreement. This information is general information, not legal advice. For your specific situation, talk with a Kansas attorney.
