58-2342.Home equity protection; terms, in writing;subject to recission, when; form; voidable, when.Any assignment or transfer of the rights of the defendantowner in relation to real property which is the subject of a pending actionto foreclose one or more mortgages and which is the residence of the owneris subject to the following requirements unless such transfer or assignmentis made to the mortgagee or its wholly owned subsidiary as a deed in lieuof foreclosure with all rights of deficiency waived, or to a party whothen resides in and uses the property as the party's residence:
(a) All such transfers or assignments shall be in writing. All terms,conditions and agreements in consideration for the transfer or assignmentshall be set out in detail in a written agreement, dated, and signed by allparties to the agreement. Copies of both the agreement and disclosurestatement shall be provided to the transferor or assignor by the transferee orassignee.
(b) All such transfers or assignments, as described in subsection (a),are subject to recission by the defendant owner within five business days,as defined by K.S.A. 45-217, and amendments thereto,of the date of the defendant owner's execution of the agreement. Suchrecission, if made, shall be in writing, signed by the defendantowner, or by any one of the defendant owners if there be more than one, andmailed to the buyer by certified mail. This right of recission may not bewaived, sold or abrogated in any way.
(c) All such agreements, as described in subsection (a), to beeffective, must contain a disclosure statement which shall be signed by allparties to the agreement and which shall be substantially inthe following form:
NOTICE. READ ALL OF THIS DISCLOSURE STATEMENT CAREFULLY BEFORE SIGNINGIT. YOU HAVE A RIGHT TO CONSULT WITH AN ATTORNEY OR ANOTHER PERSON BEFORESIGNING IT. YOU ARE SELLING OR GIVING UP IMPORTANT RIGHTS.
I, (owner's name), as the owner of (legal description of the propertybeing foreclosed) commonly known as (address of such property), have enteredintoan agreement with (buyer's name) for the sale of the above-mentioned propertywhich is myresidence. I realize I have the following rights:
(1) Should this property be in foreclosure on any mortgage, I amentitled to a period of redemption following the sale in foreclosureproceedings during which period I have the right to redeem the residence. Thisperiod could be from six months to 12 months, depending on the amount ofthe mortgage, the unpaid balance thereof and value of the residence.
(2) During the period of redemption I have the right to remain in myresidence or rent it to others.
(3) I have the right to sell my rights to my residence.
(4) If I have paid mortgage guaranty insurance premiums, I may haveother rights under the terms of the insurance agreement or under applicablestate or federal law.
(5) I ALSO HAVE THE RIGHT TO RESCIND ANY SALES AGREEMENT OR DEED WITH THEBUYERWITHIN FIVE BUSINESS DAYS, AS DEFINED BY K.S.A. 45-217, AND AMENDMENTSTHERETO, AFTER THE SIGNING OF THE AGREEMENT OR DEED. I CANNOT AGREE TO GIVEUP OR SELL THIS RIGHT IN ANY WAY.
(6) Everything that is being promised to me or given to me for thepurchase of my rights must be in the agreement signed by us. This includesthe amount being paid me and any agreement concerning what efforts will bemade by the buyer to bring the mortgage payments up to date and anypromises concerning what will be done with any proceeds from the renting orselling of the property. Anything not in the written agreement might not beenforceable.
(7) IF I SELL MY RIGHTS AND THE RESIDENCE IS FORECLOSED UPON, I MAY STILL BERESPONSIBLE FOR ANY AMOUNTS STILL OWED ON THE RESIDENCE IF ITS SALE DOES NOTRAISE ENOUGH TO COVER THE ENTIRE MORTGAGE AND THE FORECLOSURE COSTS. IF THERESIDENCE IS FORECLOSED UPON, IT IS LIKELY THAT THIS WILL BE REPORTED TO THOSEWHO KEEP CREDIT HISTORIES AND THIS MIGHT INJURE MY CREDIT RATING.
(8) I realize this is a serious matter and that I may wish to consult withanattorney to make sure my important rights in my residence are being protectedbefore signing any agreement.
(9) This provision is not intended to deprive the homeowner of any otherright under the law.
____________________________OWNER-SELLER
___________________________OWNER-SELLER
I ACKNOWLEDGE THAT THE OWNER-SELLER'S RECISSION OF THE AGREEMENT IF MADEPURSUANT TO PARAGRAPH (5) ABOVE, MAY BE MAILED WITHIN FIVE BUSINESS DAYS TOME BY CERTIFIED MAIL ATTHE FOLLOWING ADDRESS:
(BUYER'S ADDRESS)
___________________________BUYER
(d) Failure to comply with the pertinent provisions of this sectionshall render the transfer or assignment voidable at the election ofthe transferor.
58-2342.Home equity protection; terms, in writing;subject to recission, when; form; voidable, when.Any assignment or transfer of the rights of the defendantowner in relation to real property which is the subject of a pending actionto foreclose one or more mortgages and which is the residence of the owneris subject to the following requirements unless such transfer or assignmentis made to the mortgagee or its wholly owned subsidiary as a deed in lieuof foreclosure with all rights of deficiency waived, or to a party whothen resides in and uses the property as the party's residence:
(a) All such transfers or assignments shall be in writing. All terms,conditions and agreements in consideration for the transfer or assignmentshall be set out in detail in a written agreement, dated, and signed by allparties to the agreement. Copies of both the agreement and disclosurestatement shall be provided to the transferor or assignor by the transferee orassignee.
(b) All such transfers or assignments, as described in subsection (a),are subject to recission by the defendant owner within five business days,as defined by K.S.A. 45-217, and amendments thereto,of the date of the defendant owner's execution of the agreement. Suchrecission, if made, shall be in writing, signed by the defendantowner, or by any one of the defendant owners if there be more than one, andmailed to the buyer by certified mail. This right of recission may not bewaived, sold or abrogated in any way.
(c) All such agreements, as described in subsection (a), to beeffective, must contain a disclosure statement which shall be signed by allparties to the agreement and which shall be substantially inthe following form:
NOTICE. READ ALL OF THIS DISCLOSURE STATEMENT CAREFULLY BEFORE SIGNINGIT. YOU HAVE A RIGHT TO CONSULT WITH AN ATTORNEY OR ANOTHER PERSON BEFORESIGNING IT. YOU ARE SELLING OR GIVING UP IMPORTANT RIGHTS.
I, (owner's name), as the owner of (legal description of the propertybeing foreclosed) commonly known as (address of such property), have enteredintoan agreement with (buyer's name) for the sale of the above-mentioned propertywhich is myresidence. I realize I have the following rights:
(1) Should this property be in foreclosure on any mortgage, I amentitled to a period of redemption following the sale in foreclosureproceedings during which period I have the right to redeem the residence. Thisperiod could be from six months to 12 months, depending on the amount ofthe mortgage, the unpaid balance thereof and value of the residence.
(2) During the period of redemption I have the right to remain in myresidence or rent it to others.
(3) I have the right to sell my rights to my residence.
(4) If I have paid mortgage guaranty insurance premiums, I may haveother rights under the terms of the insurance agreement or under applicablestate or federal law.
(5) I ALSO HAVE THE RIGHT TO RESCIND ANY SALES AGREEMENT OR DEED WITH THEBUYERWITHIN FIVE BUSINESS DAYS, AS DEFINED BY K.S.A. 45-217, AND AMENDMENTSTHERETO, AFTER THE SIGNING OF THE AGREEMENT OR DEED. I CANNOT AGREE TO GIVEUP OR SELL THIS RIGHT IN ANY WAY.
(6) Everything that is being promised to me or given to me for thepurchase of my rights must be in the agreement signed by us. This includesthe amount being paid me and any agreement concerning what efforts will bemade by the buyer to bring the mortgage payments up to date and anypromises concerning what will be done with any proceeds from the renting orselling of the property. Anything not in the written agreement might not beenforceable.
(7) IF I SELL MY RIGHTS AND THE RESIDENCE IS FORECLOSED UPON, I MAY STILL BERESPONSIBLE FOR ANY AMOUNTS STILL OWED ON THE RESIDENCE IF ITS SALE DOES NOTRAISE ENOUGH TO COVER THE ENTIRE MORTGAGE AND THE FORECLOSURE COSTS. IF THERESIDENCE IS FORECLOSED UPON, IT IS LIKELY THAT THIS WILL BE REPORTED TO THOSEWHO KEEP CREDIT HISTORIES AND THIS MIGHT INJURE MY CREDIT RATING.
(8) I realize this is a serious matter and that I may wish to consult withanattorney to make sure my important rights in my residence are being protectedbefore signing any agreement.
(9) This provision is not intended to deprive the homeowner of any otherright under the law.
____________________________OWNER-SELLER
___________________________OWNER-SELLER
I ACKNOWLEDGE THAT THE OWNER-SELLER'S RECISSION OF THE AGREEMENT IF MADEPURSUANT TO PARAGRAPH (5) ABOVE, MAY BE MAILED WITHIN FIVE BUSINESS DAYS TOME BY CERTIFIED MAIL ATTHE FOLLOWING ADDRESS:
(BUYER'S ADDRESS)
___________________________BUYER
(d) Failure to comply with the pertinent provisions of this sectionshall render the transfer or assignment voidable at the election ofthe transferor.
58-2342.Home equity protection; terms, in writing;subject to recission, when; form; voidable, when.Any assignment or transfer of the rights of the defendantowner in relation to real property which is the subject of a pending actionto foreclose one or more mortgages and which is the residence of the owneris subject to the following requirements unless such transfer or assignmentis made to the mortgagee or its wholly owned subsidiary as a deed in lieuof foreclosure with all rights of deficiency waived, or to a party whothen resides in and uses the property as the party's residence:
(a) All such transfers or assignments shall be in writing. All terms,conditions and agreements in consideration for the transfer or assignmentshall be set out in detail in a written agreement, dated, and signed by allparties to the agreement. Copies of both the agreement and disclosurestatement shall be provided to the transferor or assignor by the transferee orassignee.
(b) All such transfers or assignments, as described in subsection (a),are subject to recission by the defendant owner within five business days,as defined by K.S.A. 45-217, and amendments thereto,of the date of the defendant owner's execution of the agreement. Suchrecission, if made, shall be in writing, signed by the defendantowner, or by any one of the defendant owners if there be more than one, andmailed to the buyer by certified mail. This right of recission may not bewaived, sold or abrogated in any way.
(c) All such agreements, as described in subsection (a), to beeffective, must contain a disclosure statement which shall be signed by allparties to the agreement and which shall be substantially inthe following form:
NOTICE. READ ALL OF THIS DISCLOSURE STATEMENT CAREFULLY BEFORE SIGNINGIT. YOU HAVE A RIGHT TO CONSULT WITH AN ATTORNEY OR ANOTHER PERSON BEFORESIGNING IT. YOU ARE SELLING OR GIVING UP IMPORTANT RIGHTS.
I, (owner's name), as the owner of (legal description of the propertybeing foreclosed) commonly known as (address of such property), have enteredintoan agreement with (buyer's name) for the sale of the above-mentioned propertywhich is myresidence. I realize I have the following rights:
(1) Should this property be in foreclosure on any mortgage, I amentitled to a period of redemption following the sale in foreclosureproceedings during which period I have the right to redeem the residence. Thisperiod could be from six months to 12 months, depending on the amount ofthe mortgage, the unpaid balance thereof and value of the residence.
(2) During the period of redemption I have the right to remain in myresidence or rent it to others.
(3) I have the right to sell my rights to my residence.
(4) If I have paid mortgage guaranty insurance premiums, I may haveother rights under the terms of the insurance agreement or under applicablestate or federal law.
(5) I ALSO HAVE THE RIGHT TO RESCIND ANY SALES AGREEMENT OR DEED WITH THEBUYERWITHIN FIVE BUSINESS DAYS, AS DEFINED BY K.S.A. 45-217, AND AMENDMENTSTHERETO, AFTER THE SIGNING OF THE AGREEMENT OR DEED. I CANNOT AGREE TO GIVEUP OR SELL THIS RIGHT IN ANY WAY.
(6) Everything that is being promised to me or given to me for thepurchase of my rights must be in the agreement signed by us. This includesthe amount being paid me and any agreement concerning what efforts will bemade by the buyer to bring the mortgage payments up to date and anypromises concerning what will be done with any proceeds from the renting orselling of the property. Anything not in the written agreement might not beenforceable.
(7) IF I SELL MY RIGHTS AND THE RESIDENCE IS FORECLOSED UPON, I MAY STILL BERESPONSIBLE FOR ANY AMOUNTS STILL OWED ON THE RESIDENCE IF ITS SALE DOES NOTRAISE ENOUGH TO COVER THE ENTIRE MORTGAGE AND THE FORECLOSURE COSTS. IF THERESIDENCE IS FORECLOSED UPON, IT IS LIKELY THAT THIS WILL BE REPORTED TO THOSEWHO KEEP CREDIT HISTORIES AND THIS MIGHT INJURE MY CREDIT RATING.
(8) I realize this is a serious matter and that I may wish to consult withanattorney to make sure my important rights in my residence are being protectedbefore signing any agreement.
(9) This provision is not intended to deprive the homeowner of any otherright under the law.
____________________________OWNER-SELLER
___________________________OWNER-SELLER
I ACKNOWLEDGE THAT THE OWNER-SELLER'S RECISSION OF THE AGREEMENT IF MADEPURSUANT TO PARAGRAPH (5) ABOVE, MAY BE MAILED WITHIN FIVE BUSINESS DAYS TOME BY CERTIFIED MAIL ATTHE FOLLOWING ADDRESS:
(BUYER'S ADDRESS)
___________________________BUYER
(d) Failure to comply with the pertinent provisions of this sectionshall render the transfer or assignment voidable at the election ofthe transferor.
