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A Deed in Lieu of Foreclosure Lawyer in Wichita

Deed in Lieu of Foreclosure in Kansas

When a homeowner has gone into default on their home and is unable to remedy the default then the lender will normally proceed with a foreclosure proceeding. Kansas is one of the few states requiring that a bank go through the courts or a judicial process in order to foreclose on a home. In other words a bank must get permission from a court to foreclose on your home. The entire process can take roughly five months. Towards the end the home is put up for auction and sold to the highest bidder. At that time the homeowner has 10 days to vacate the property. The law also allows for a "redemption period" of up to 12 months during which a homeowner can redeem the home. The above is a very brief look at the process and should only be used for an initial understanding. If your home is in default, or about to be, you should speak with a Kansas bankruptcy attorney rapidly to better understand your options.

Often a homeowner might seek to avoid the foreclosure process. It can be tremendously stressful, emotionally draining and humiliating. One alternative, if losing your home is a certainty, is to undertake what is called a "Deed in Lieu of Foreclosure". The "deed" is a paper representing a right to the home and the word "lieu" means place in Latin. This is a process by which the borrower can sign a deed that then gives over their interest (ownership) in the property over to the bank. By this method the borrower releases his interest and the bank accepts the property back as full satisfaction for the loan in default.

We at the firm have seen that a deed in lieu of foreclosure can provide advantages to both parties, such as:

  • It can immediately release the borrower from the obligation
  • It saves months of emotional turmoil and also the negativity of an eviction or public auction
  • Often this is action is much less harsh on one's credit than a foreclosure reporting
  • For the bank, there is a reduction in time to repossess and less risk of property damage

This can be a very effective means of dealing with a foreclosure or notice of default. Like many major decisions affecting finance and property a lawyer skilled in the area should be consulted.

Please Contact a Kansas Foreclosure Attorney for advice and guidance on the possible benefits of a deed in lieu of foreclosure.