Any Idea Of Cost To Foreclose In Kansas?
We have a note for a first mortgage on a house in Kansas that is in default and we want to foreclose.
Anyone have an idea of what it takes to do that? How about if we got the owners to sign over title to us?
Fee's are based upon the case type and will normally run from $1,800 to $2,900 if no complications.
Southlaw and associates are a good group of attorneys that can handle your case.
The Petition (first legal) In the event of default by the mortgagor in the performance of any obligation provided in the note and mortgage, the mortgagee may bring suit for judgment on the note and foreclose the mortgage. Generally an action concerning real property must be brought in the county in which the real property is located. All parties who appear to have any interest in the property, or with respect to whom a determination of interest is needed to provide marketable title, are joined as defendants.
Service of Process As is true in all other civil litigation, in order to have a money judgment against a defendant, personal jurisdiction must be obtained. Personal service can be obtained by service by the Sheriff or service by mail. Service by publication notice is also acceptable in the event that personal service is unobtainable.
The Judgment The judgment of foreclosure determines the rights of the parties and disposes of the entire matter in the litigation. The sale and confirmation proceedings constitute an execution on the judgment, subject only to any period of redemption set forth by the court.
The Sale Presuming that the Lender obtains a judgment and the borrower has not been able to pay the money judgment within 10 days, the Lender is entitled to have the property sold through a Sheriff's Sale in order to recover all or a portion of its money judgment. Usually the Plaintiff is the first lien holder and will place a bid for the costs of the sale, court costs, any real estate taxes owed, plus all or a portion of its judgment. The successful bidder is awarded the Certificate of Purchase. Generally, delinquent real estate taxes must be paid at the time of sale. Many counties, however, require that the entire year of real estate taxes be paid at the time of sale, regardless of whether or not they are past due.
Redemption Kansas law provides for a redemption period of 3 to 12 months from the date of sale, depending on how much money has been applied to the original principal loan balance. The rule is that if more than 1/3 of the original principal loan balance has been paid, the redemption period will be 12 months. However, most loans in default rarely have been paid down more than 1/3 since origination and therefore the exception to the rule becomes the rule itself. The majority of the loans in default will carry a 3 month redemption period. It should be noted that the redemption period will be at least 120 days if the United States of America, Internal Revenue Service, is a party to the action. A word of caution: If redemption occurs, the amount required to redeem is the bid price plus statutory interest, plus any advances made for taxes and insurance since the date of sale. Once the redemption period has expired, the holder of the Certificate of Purchase can tender it in exchange for a Sheriff's Deed. Once the deed is recorded, fee title ownership transfers to the purchaser.
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