Stop Foreclosure in Missouri


How to Stop Foreclosure in Missouri

Almost a half million homeowners in Missouri are near foreclosure or have been put on notice by their lenders, which are proceeding to sell their homes at auction.

When it comes to foreclosure in Missouri, there are some procedures you might want to take note of. Foreclosure happens pretty easily. It usually takes place after being behind your dates of payment for three months or so without contacting your lender or bank and informing the reasons why you are not able to pay up your dues. Know that the process of foreclosure is governed by some laws of state you have to know that this procedure is legal and will reflect negatively on your records.

When you have been issued a foreclosure notice, the best thing you have to know is to buy time. By this we mean that you need to be able to think of ways on how you can prolong the situation thus giving you more options and opportunities to pay your dues and still live in your home. This action can be tricky because if you are wise enough to think this way, the borrower is most likely wiser enough to think of something better.

Other than this, when you are issued a notice of default for foreclosure you have to remember to reply to the letter immediately with some of the information that would be required from you. Your inability to do so with entail you more problems in the end and would make it even more impossible for you to revoke this type of notice.

The thing with foreclosure is that even though usually impossible, it can still be revoked through good and consistent conversations with your lender. This is a good way to ensure that you are not running away from your responsibility but is just seriously cramped with so much debt and lesser income. But know too, that higher interest rates will be in your hands.

Synopsis of Missouri Foreclosure Laws

Judicial Foreclosure Available: Yes

Non-Judicial Foreclosure Available: Yes

Primary Security Instruments: Deed of Trust, Mortgage

Timeline: Typically 60 days

Right of Redemption: Yes

Deficiency Judgments Allowed: No

In Missouri, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure

The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A “power of sale” clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the “Power of Sale Foreclosure Guidelines”.

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the foreclosure may proceed as follows:

  1. A notice of sale must be mailed the borrower, at his last known address, at least twenty (20) days prior to the scheduled day of sale. The notice of sale must also be published in a newspaper within the county.
  2. The sale is conducted by the trustee at public auction for cash to the highest bidder. Anyone may bid, including the lender. If the lender is the winning bidder, the borrower has one year (12 months) to redeem the property.

Where to go to for Foreclosure Help

Kansas City Regional Office

400 State Avenue
Room 200
Kansas City, KS 66101-2406

Phone: (913) 551-5644
Fax: (913) 551-5469
TTY: (913) 551-6972

Jurisdiction: State of Kansas and Western half of Missouri

Office Hours: 8:00 a.m. to 5:00 p.m.
Monday through Friday

St. Louis Field Office

1222 Spruce Street
Suite 3.203
St. Louis, MO 63103-2836

Phone: (314) 539-6583
Fax: (314) 539-6384
TTY: (314) 539-6331

Jurisdiction: Eastern half of Missouri

James Heard
Field Office Director

Office Hours: 8:00 a.m. to 5:00 p.m.
Monday through Friday

Stop Foreclosure Early

The Traci Kane Team – USA Mortgage
210 Triad West
OFallon, MO

Gateway Mortgage Group
100 S Main Suite A
Clinton, MO

The Traci Kane Team – USA Mortgage
210 Triad West
OFallon, MO

Gateway Mortgage Group
120 w Broadway
Peculiar, MO

US Bank – Fox Grape Plaza Office
(417) 883-9030
3230 E Battlefield St
Springfield, MO

First American Lending
2388 Schuetz Rd
St Louis, MO

Joyce Hunter, Mortgage Consultant
8125 Delmar Blvd.
St. Louis, MO

Mid-West Mobile Notary, LLC
191 Green Acres Dr
Old Monroe, MO

816 461-9900
13910 e noland ct
independence, MO

816 461-9900
13910 e noland ct
independence, MO