Kansas City Foreclosure Lawyer
A Kansas City Foreclosure lawyer can help you learn more about foreclosure. Contact me, Jennifer Dodson, a professional experienced in state laws so we can discuss how to avoid losing your home and safeguards against foreclosure.
Understanding Kansas City Foreclosure
When you apply for a loan, the lender may obtain a security of interest. For example, lenders may take out a mortgage against an asset like a home or property to protect its interests if you are unable to repay the debt. If repayments cease, the lender may attempt to recover the balance of the loan by liquidating these assets.
This process starts when the lender pursues a termination of the borrower’s equitable right of redemption. But, don’t worry! If you default on a loan, you still have options. You can obtain an equitable right of redemption allowing you to keep the property if the debt can be repaid. However, the lender may seek a foreclosure and assume the legal and equitable title of the property.
Foreclosure is a complex matter, and individuals who stand to lose their most important assets must partner with the right foreclosure attorney in Kansas City to ensure a positive outcome. Successfully navigating foreclosure involves an understanding of:
- Title and lien theory states. In Kansas, the property acts as collateral for the underlying loan. This is true for all lien theory states. In Missouri, the property remains in trust until the underlying loan is paid in full. Since Kansas City is on the state line, it is important to work with a foreclosure attorney who understands this distinction.
- Mortgages. Depending on the state, mortgages or deeds of trust are signed when a person takes out a loan to purchase a home. The document given to the lender creating a lien on the property is called a mortgage. During foreclosure, a mortgage company does not need a judge’s permission to take action in the state of Missouri.
- Deeds of trust. A deed of trust pledges physical property to secure a loan.
- Judicial vs. nonjudicial foreclosure. Judicial foreclosures start in local court. You will receive a summons and a document outlining the request of foreclosure and why it is being made. This is practiced in Kansas. Nonjudicial foreclosure is secured by a deed of trust. A court will not oversee the procedure. This is commonly practiced in Missouri.
How Are Properties Foreclosed? What Can I Do?
For Missouri residents, while foreclosure does not involve court action, it does require notice, which is strictly governed by local law. When you pledge a property to secure a loan, the deed of trust typically outlines a provision that allows the trustee to sell the property if the loan defaults. This is known as a power of sale clause. A trustee is then elected to represent the lender. He or she oversees the sale of the property – typically at auction.
To save your home from foreclosure, you can:
- Bring your account current.
- Short sale your property.
- Redeem the property.
- File a Chapter 13 Bankruptcy in Kansas City.
- Set aside the foreclosure for intrinsic fraud.
- Have an attorney conduct an audit of the Warranty Deed, Deed of Trust, and Promissory Note to assure that the mortgage company has a valid lien.
Keep in mind that home loan modification does not prevent foreclosure. Mortgage companies often work with debtors to restructure their home loans, but many will still pursue foreclosure. In other words, home loan modifications do not exempt you from foreclosure proceedings.
Let our Kansas City Foreclosure Lawyer advocate for you if you are faced with foreclosure. We guarantee the proceedings will be handled professionally and as quickly as possible. Contact us today at 816-977-2763 if you receive a “Notice of Sale Date” from your mortgage company. The Law Office of Jennifer Dodson is ready to represent you.