Missouri Foreclosure Law

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Missouri Foreclosure Laws

Typical Missouri Foreclosure Time Frame – Typical Missouri foreclosure times are approximately 60 days.

Judicial Foreclosure – Yes

Non-Judicial Foreclosure – Yes

Types of Security Instruments – Mortgage and Deed of Trust

Right of Redemption Period – Yes, if lender is highest bidder.

Missouri foreclosure laws provide lenders with the option to choose either judicial or non-judicial foreclosure methods.  In order to use the judicial foreclosure process however a Power of Sale stipulation or clause must be absent from the mortgage contract or the deed of trust.  With the judicial method, the lender is required to petition the court by suing the borrower in order to obtain an Order to Foreclose from the courts.

In Missouri, a non-judicial foreclosure is used when the lender has a Power of Sale clause in the mortgage contract or deed of trust.  This clause gives lenders the pre-authorization to foreclose on the property should it go into default.  If the power of sale clause sets forth the terms of the sale including the time, and place and exact terms of the sale then it must be followed exactly. 

However, in the event that the power of sale clause does not set forth the sale terms the Missouri foreclosure laws must be followed: First a Notice of Sale must be published in the public news paper at least once a week, in addition to being published once a week it must be published on the same day each week for a period no less than four consecutive weeks.  In addition, a copy of the notice must be mailed to the borrower at the last known address and must be mailed no later than 20 days before the date of the sale.

The sale itself is required to be conducted in a public setting by either a representative of the lender or a trustee.  The public, including the lender, is allowed to bid on the property.  If the lender is the successful bidder at the auction the borrower is allowed a period of one year in which to redeem the property, however if someone else is successful there is no right of redemption. 

Lenders are not allowed to seek deficiency judgments under Missouri foreclosure laws.

For more information on Missouri foreclosure laws click here.

 

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The information found on this site is not intended to be legal advice. The foreclosure process is highly case specific and laws vary throughout the United States. Please seek professional legal counsel before entering into any contract regarding any real property or stopping the foreclosure on any real property. By using this site you consent to the terms posted here.