From beginning to end the typical foreclosure in Kansas runs 147 days. Kansas is one of the few states that only allows for judicial or in court foreclosure. This means that the bank must seek the court's permission to pursue the sale of the home.

The first step that the bank will take is to file a petition for mortgage foreclosure with the court. This petition is then served upon the home owner and any other named upon the home owner and any other named defendants. If any defendant cannot be located, then the notification of the petition can be done through an ad in the paper, once the banks attorney has been successful in getting this petition with the court. Should the homeowner/defendant not file an answer, the court will enter a journal entry of judgment. If the homeowner does not file an answer contesting the foreclosure, the bank and the borrower can mitigate the process and it can even go to trial.

When the judgment is entered in favor of the bank, the homeowner is given only ten days to pay the amount due. After this time, if the money is not paid, then the foreclosure sale can be scheduled.

The next step is the Sheriff's sale. A notice announcing the sheriff's sale will be advertised in local newspaper with circulation in the county where the home is located. This ad must be run once a week for three weeks. Within seven to fourteen days following the last day the ad is run in the paper, the sheriff's sale will be held.

The sale begins with the opening bid being made by the bank. That price will always be the amount owed on the first mortgage. The highest bid offered at the sale is the winning bid and the new owner of the home. I've done a lot of research. I've attended many sales. The amount of money owed on most homes going to auction is higher that market value and certainly more than leaves any room for an investor to make money on a purchase. Ninety percent of homes going to auction these days are going back to the bank. They are not being bid on. This is due to the current swing in the economy. A couple years ago, auctions were a good place to find value in purchasing a home.

The high bid at the auction is given a certificate of purchase.

In Kansas the redemption period for the former home owner begins the day of the sale. The redemption period is the time allotted to the borrower/homeowner to regain ownership of the home if they wish to do so. There are two lengths of redemption periods. The time period is tied to the percent of the principle balance that has been paid off before the foreclosure begins. If more than one third of the principle balance of the loan has been paid off, then the former home owner is given twelve months to regain ownership of the home. If less than one third of the principle of the loan has been paid off, then the former home owner is given only three months to regain ownership of the home. To exercise this right of redemption, the home owner must pay the amount of the highest bid plus other interest and fees that apply. This would make buying back the house pretty expensive in most cases, so it doesn't happen very often.

Once the right of redemption period has passed and the home has not been redeemed, then the sheriff's deed will be recorded and the final transfer of ownership will be complete.