Kansas based foreclosure expert Travis Jones, Rush Properties’ former president, has been assisting homeowners with their foreclosure needs for more than 15 years. According to Travis Jones of Rush Properties, current homeowners should be prepared to learn everything possible about foreclosure. “Property redemption,” for example, is something everyone who carries a mortgage needs to understand, says Travis Jones of Rush Properties.
In Kansas, due to redemption rights, a Sheriff’s Deed cannot be issued until after the redemption period. Which is three months after the sale. Unless 1/3 of the debt has been paid then it is twelve months. After the sheriff’s sale, the homeowner has the right to remain in the home during the redemption period. During this time, the homeowner has the right to keep the house by paying the full amount of the successful bid at the sale in cash. If the property is not redeemed by the 90th day from the sheriff sale, the successful bidder can request a sheriff deed, then file for an eviction to require the homeowner to vacate the home, says Travis Jones of Rush Properties.
In Kansas, the length of the redemption period varies. If the borrower pays more than one-third of the loan’s principal balance, he or she has 12 months to redeem the home. If the homeowner pays less, he or she has only three months to redeem the property. To redeem the property, the homeowner has to pay the amount of the highest bid plus the state judgment rate of interest and any cost associated with prevent waste. According to Travis Jones and Rush Properties, a Sheriff’s Deed will only be issued once the borrower’s right of redemption expires and the property has not been redeemed. Now the property transfers ownership, says Travis Jones, Rush Properties’ former president. It’s imperative for borrowers to find an experienced company that can guide them through this process.
Travis Jones Rush Properties 