Missouri Foreclosure Laws

The Show Me State of Missouri allows the lender to obtain either a judicial or non-judicial foreclosure depending on the circumstances of the security document and the default. This can be either from a deed of trust or a conventional mortgage document. The entire process takes approximately two months from start through completion and the lender has no right to file for a deficiency judgment against the borrower but the borrower does have the right of redemption here.

When it comes to foreclosure, the judicial foreclosure process must be employed if there is no power of sale clause included within the loan document its self. In this case the lender has no option but instead they must sue the defaulted borrower to obtain a court order to foreclose on the property.

If the non-judicial foreclosure is to be used and there are specifics in the document with regards to how and when the sale is to occur then those instructions are to be followed. If there is no clause then a notice of sale must be published in a newspaper of general circulation once a week on the same day each week for four consecutive weeks, and the notice also has to mailed to the borrowers at their last known address at least 20 days prior to the scheduled sale date.

The actual sale will be done via public auction conducted by the lender’s representative or trustee. Anyone, including the lender may bid. Only if the lender is the winning bidder, shall the borrower have one year in which to redeem the property.

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