Foreclosure in Johnson County is a hard life experience. Many things lead up to the occurrence of foreclosure, and it can be a challenging process to endure. For those who are looking at this process in their future, it is important to understand how it works. To keep it simple, here are three steps that stand out throughout this event. Those are the Notice of Default, the Notice of Sale, and the Trustee Sale, also known as a foreclosure sale in Johnson County. Join us in navigating these three steps and what they mean for your homeownership.
Notice of Default
After three to six months of missed payments, a mortgage lender can order a Notice of Default or NOD. This will put the borrower on notice that they are facing foreclosure in Johnson County. A reinstatement period then begins and will run until five days before the home is sent to a sheriff sale in Johnson County. After that, a Notice of Sale gets issued to the borrower.
Notice of Sale
If the defaulted loan is not corrected and brought current, a foreclosure sale date is created, and they will receive their Notice of Sale. This notice is recorded and posted on the property as well. In addition to this, the Notice of Sale gets published in the county newspapers over three weeks.
A foreclosure sale, also known as a trustee sale, happens on the steps of the courthouse in the county of which the property is located. All the details are clearly stated in the Notice of Sale. The property is auctioned in public to the highest bidder to pay in cash and will obtain the property.
When broken down the process is easily understood for the steps of foreclosure. It can be a scary and intimidating event that occurs however, our team at Cherry Park Properties would like to lend a hand. An owner can explore lease option foreclosure or sell their redemption rights. Our primary focus is on real estate foreclosures, redemption rights in Johnson County and acquisition of first and second mortgages. We want to provide a hassle-free and pleasant experience no matter what service we are providing. Contact us today at 913-839-2345 to discuss your options and see if our experts can be of assistance.