Judicial Foreclosure - In a judicial foreclosure, a lender files a complaint and records a notice of Lis Pendens with the County Recorder.  A Lis Pendens is essentially a notice that a suit has been filed concerning real property, and the filing with the County puts the owner of the property, as well as any potential buyers or acquirers of the property, on notice that there is a legal question concerning the ownership of the property. 
The owner of the property will be served with papers by the court, and if the court decides that the debt is valid, it will authorize a sale of the property on the court house steps.  The property is sold, (often to the lender holding the mortgage or deed of trust), and the proceeds are used to pay the costs of the proceedings.  The left-over amount is used to pay-down the owners debt on the property.  Kansas only allows Judicial Foreclosure.

Non-Judicial Foreclosure - In a non-judicial foreclosure, the lender will send the property owner a notice of default, and that notice may be recorded at the same time.  If the owner does not pay off the debt or renegotiate terms with the lender, then a notice of sale will be sent to the property owner and published locally.  After the statutorily required passage of time, an auction will be held.  Missouri allows Non-Judicial Foreclosure.

Many states, including Kansas, allow for a Redemption Period following the foreclosure sale of a property.  During that period the foreclosed owner can redeem the property, (buy it back), for the price paid by the auction winner, plus statutory interest.

If you are late in your payments, or fear that you will become late in your payments due to an increased payment associated with an adjustable rate mortgage, call us for a free consultation to discuss your options, and how we may be able to help.

Negotiation - Our attorneys are experienced in negotiating reasonable terms on mortgages, as well as other secured and unsecured debts.  We can help you stay in your home, exploring all options available to you through your lender's programs, as well as various government programs, to create a workable arrangement allowing you to keep your home.

Bankruptcy - In Missouri and Kansas, many people can keep their homes in a bankruptcy due to the state exemptions.  A Chapter 7 Bankruptcy discharges most debts and liquidates most assets.  However, the home exemption often allows individuals to keep their homes, and their current home loans.  A Chapter 13 bankruptcy is a reorganization, which can suspend new interest and penalty charges from accruing, and prevent creditors and collectors from harassing you, while you pay reduced monthly bills under a repayment plan supervised by the Bankruptcy Trustee's office.  Both can be effective tools for lowering your monthly bills, while keeping your home.