January 21, 2021
With COVID-19, redemption rights will be in high demand. Because of the unforeseen circumstances of the housing market and lost wages due to COVID-19, many homeowners are danger of losing their homes. But not all hope is lost. Juris KC attorneys want you to be educated about redemption rights and the importance of securing legal counsel, should your home fall into foreclosure. Understanding what these rights are and how they can put funds in your pocket to help with moving costs can make all the difference when you are already struggling financially!
When a homeowner fails to pay their mortgage, the lender will eventually file an action to foreclose on the mortgage. After there is a judgement, the Court will order the property sold to satisfy the judgement. Once that sale is held by the sheriff, the borrower has a set period of time to redeem (or buy back) the property. The length of time varies depending on the amount owed from the original mortgage at the time of foreclosure.
These rights may also be sold, and there is an entire industry dedicated to purchasing the redemption rights on distressed property from these homeowners. Juris KC attorneys are experienced in representing homeowners facing foreclosure and clients who buy these property redemption rights from homeowners. There are statutorily required documents that must be created and filed to secure these rights and we can help you navigate these murky legal waters to ensure you get the rights you paid for, or get the money for the rights you sold.
Statutory redemption laws give homeowners more time to obtain the funds necessary to reclaim the home, but these rights can be extinguished quickly if the property is vacant. In some states, the law allows the foreclosed owners the right to live in the home themselves or rent out the home to renters during the redemption period, while acquiring the necessary funds to buy back their home.
We know this year has been difficult for so many homeowners that could be facing foreclosure, and want to assure you, that you do have options with redemption rights. Often times, with an early enough call to our office, we may be able to help you avoid foreclosure entirely and match you with a buyer who can take the property off your hands without further harming your credit. With years of experience, the attorneys at Juris KC are dedicated to helping you realize your legal goals. If you are a Kansas homeowner inquiring about redemption rights, we can help you! Feel free to contact us today to request a consultation, or call us at (913) 764-8844 with any questions or concerns regarding your case. We are here to help.