After a sheriff's sale of a foreclosed property in Overland Park, Kansas, the original borrower, Sandra, wants to know how long she has to redeem her property by paying off the debt. The property is occupied and has not been declared abandoned. What is the maximum statutory redemption period Sandra may have under Kansas law?
Correct Answer
D) 12 months
Under K.S.A. 60-2410 et seq., Kansas provides a statutory right of redemption after a sheriff's sale of up to 12 months for occupied, non-abandoned properties. During this period, the borrower can reclaim the property by paying the full amount of the debt, interest, and costs. This is one of the longest redemption periods in the nation and is a key Kansas-specific rule.
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Related Topics & Key Terms
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Related Concepts
Closing costs are the fees and expenses paid by the buyer and seller at the closing of a real estate transaction, beyond the purchase price. They typically range from 2-5% of the purchase price.
A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as the FHA, VA, or USDA. It is originated and funded by private lenders and may be conforming or non-conforming.
The debt-to-income ratio (DTI) compares a borrower's monthly debt obligations to their gross monthly income. It is used by lenders to determine how much mortgage a borrower can afford.
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