Know Your Redemption Rights in Johnson County, KS

Redemption Rights in Kansas City

In the most common scenario, a mortgage company or bank will file a lawsuit to foreclose on a home that is sure to default in payment on the mortgage note.  The lawsuit’s end-result is a mortgage foreclosure, and then the local sheriff puts the property up for auction.  Starting with the date of the sheriff sale in Kansas City, the homeowner has 90 days to pay the amount bid at the sheriff’s sale to “redeem” the property.

This process, called “redemption rights,” grants the property back to the homeowner, and he or she is clear of the mortgage that was initially foreclosed upon.  During this time, the property owner is not obligated to pay the mortgage note and has the option to list their home for sale or can sell the redemption rights to another person or entity.  The process is referred to legally as the “equitable” right of redemption (equitable meaning “fair”).

The equitable right of redemption allows the homeowner to sell his/her property or the property’s redemption rights and capture some, if not all, of the property’s equity.  A combination of two items creates the property’s equity: increased value over time and reduced debt as the mortgage has been paid.

What are Redemption Rights? 

For homeowners to redeem a foreclosed property, he or she would need to obtain redemption rights. These rights essentially pay for the foreclosed property, including interest and fees.  Homeowners can sell their redemption rights but should do plenty of background work to ensure they get a fair deal.  Scams and unethical business tactics are common when it comes to redemption rights.  When facing a foreclosure sale in Kansas City, reach out to our team of experts who can advise you through this challenging process.

Our Expertise 

A homeowner facing foreclosure could potentially be approached several times with offers to purchase their redemption rights in Kansas City.  A wise homeowner should put lots of thought and consideration into offers like foreclosure assistance and do all the necessary research before signing any legal documents.

Consulting with an attorney familiar with redemption laws is highly recommended.  There are many people and entities like Cherry Park Properties; however, they sometimes lack the experience needed to get the best results.

Our local, friendly real estate investment team focuses on helping you and your family keep your home. Primarily we specialize in lease option foreclosure, first and second mortgage acquisition, and redemption rights in Kansas City.  We want to provide you with a pleasant, hassle-free experience, regardless of what service we implement.

Cherry Park Properties can present real opportunities to help you get out from under the burden of a Kansas City foreclosureContact us today at 913-839-2345 to discuss your choices regarding your redemption rights in Kansas City.

Foreclosure in Johnson County, KS