In today’s world with its uncertain economic climate, you as a homeowner need to know there is somebody in your corner. Many people are living paycheck to paycheck these days. We spend a good amount of that paycheck on housing costs. Families are more at risk than ever. When a medical emergency or other financial crisis occurs, we are often taken by surprise and are unable to make ends meet.
If you get behind on your house payments, you need a top team on your side. Don’t even wait for the foreclosure notice to come in the mail, if you are two or more payments behind on your mortgage payments and you live in Missouri. Contact Us and learn your rights as a borrower. We’ll help you keep your property, or find the fastest way to get your property back.
You can protect yourself from the foreclosure sale of your house in most any circumstance, if you understand the laws in Missouri. Keep in mind the bank does not want to be in the real estate business: lenders really don’t want to sell your property. But it is best to act even before your lender begins foreclosure proceedings. Since most foreclosures in Missouri are handled out of court, time is of the essence. The process takes only about two months, BUT, you do have the right to stop the foreclosure process if you can pay off the outstanding portion of the debt before the sale.
In Missouri, when a lender plans to foreclose, he must provide you with warning that he is about to begin the foreclosure process. But once he has done that, the property can be scheduled for public auction.
The lender or his trustee is required to publish a notice of sale in the area’s local newspaper, prior to the sale or auction. If the county’s population is over 50,000, the notice is published 20 days before the sale and every day thereafter, right up until the date of the sale. In a county with a population of less than 50,000, the notice must be published every week for a four-week period, until one week prior to the sale. The trustee who is placed in charge of the public auction also sends a notice to you the borrower, and other affected parties, at least 20 days prior to the sale. The notice will inform you of the date, time, place and terms of the sale. After 20 days, the trustee can proceed with the sale.
The deed of trust advises who conducts the foreclosure sale, and the date and place it is scheduled to be held. Usually, it is held at the county courthouse. When a sale is postponed longer than one week, the notice must be resent and republished by the trustee.
Sometimes a court foreclosure can occur, and this process takes more time. If the deed of trust or mortgage has no clause giving the lender rights to sell when a borrower defaults, a foreclosure might be handled in court. But a court foreclosure is difficult, involves more lengthy procedures, and so happens only rarely.
The redemption requirements in Missouri are complicated and can be expensive. If the winning bidder at the sale is the lender, the borrower has some redemption rights. He could redeem the property within a year if he can pay off the amount he owes, plus fees. He is required to give advance notice that he wants to redeem the property, either 10 days prior to the sale, or at the sale. He will need to show that he can pay the mortgage interest, secondary loan interest and future taxes for the upcoming year, as well as foreclosure expenses, legal fees, damages and any other interest. It can be very difficult and it is best to avoid the foreclosure process by getting in touch with us early.
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