A borrower in Manhattan, Kansas defaults on her mortgage. After judicial foreclosure proceedings, the sheriff's sale occurs in January. The property is occupied by the borrower's tenant, and the court has not declared the property abandoned. The purchaser at the sheriff's sale wants to take immediate possession. Under Kansas law, which of the following is most accurate?
Correct Answer
B) The original borrower retains the right to redeem the property for up to 12 months, during which the purchaser cannot take full possession.
Under K.S.A. 60-2410 et seq., after a Kansas sheriff's sale, the borrower retains a statutory right of redemption for up to 12 months when the property is occupied and has not been declared abandoned. During this redemption period, the borrower (or a successor) may pay off the debt and reclaim the property. The purchaser at the sheriff's sale cannot take full, unencumbered possession until the redemption period expires without redemption.
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Related Topics & Key Terms
Key Terms:
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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