Judicial/ Non-Judicial Foreclosure: Only Judicial foreclosure
Right of Redemption / Deficiency Judgment: Yes / Yes
Timeline: 120 Days, Can vary depending on individual cases
Deed of Trust / Mortgage as Security Instruments: Mortgage
Judicial Foreclosure Process:
In Judicial foreclosure process, a power of sale is not involved and hence the lender needs to file a lawsuit in the court requesting permission to foreclose the mortgage property. If the court finds that the borrower has defaulted on the payment, it will issue an order approving the foreclosure sale authorizing the property to be auctioned to the highest bidder.
Once the court order is obtained, the lender needs to advertise the notice for sale in a newspaper available in the county on at least on one day for three consecutive weeks. The last such ad should be carried between 7-14 days prior to the actual sale date. The above mentioned notice of sale should also be sent by registered post / hand-delivered to the borrower within five days of the first newspaper advertisement.
The foreclosure sale can be held at the courthouse of the county where the property is located, but the Judge may also require the sale to be conducted elsewhere. On the date of the foreclosure sale, a public auction is held and the property is sold off to the highest bidder. The highest bidder receives a certificate of purchase but the good and the perfect title transfer happens only after twelve months from the date of the sale if the borrower has not used their right of redemption by then.
In Kansas, lenders can file for deficiency judgments. That means, in case the amount offered by the highest bidder is less than the actual amount owed by the borrower, the lender can pursue legal action against the borrower for the remaining amount.