Most properties that are foreclosed on in Missouri are NON-JUDICIAL FORECLOSURES. The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. This clause is the pre-authorization of the borrower to allow the mortgage holder to sell the property in the event of default. Almost all mortgages today contain such a clause. For more information on foreclosure laws visit http://www.moga.state.mo.us
To find out more about the Missuori Revised Foreclosure Satutes and procedures click the link below
Notice of Trustee's Sale
An Appointment of Successor Trustee is forwarded to the lender for execution if necessary these doucments musted be filed before the trustee if Different from the Deed of Trust can initiate the forecslosure process.
The Notice of Trustee’s Sale is published in a legal publication in the county in which the property is located. A copy of the notice is also sent to the original mortgagors, present owners (as of 21 days prior to the sale date) and all other lien holders whether or not they have filed Requests for Notice as disclosed by the title report. Notice is sent by certified, return-receipt requested mail, in accordance with statutory regulations. In the event that there are any federal tax liens of record, the Internal Revenue Service is sent notice at least 25 days prior to sale.
The requirements for publication are both statutory and contained in the Deed of Trust. Notice of Trustee’s Sale must be published daily, 20 times and on the actual day of the sale in a daily newspaper in counties serving cities of at least 50,000 inhabitants. If the property is located in a county with less than 50,000 inhabitants, notice is published once a week for four successive weeks. The notice must appear on the same day each week and the last insertion must not be more than one week prior to the day of sale.
The sale is conducted by the Trustee or successor trustee at the location in the county specified in the Deed of Trust. At all times during the sale the Trustee must act as a disinterested neutral party. The sale can only be postponed one time for seven (7) days. If another postponement is required, the Notice of Sale must be published again with a new sale date. At the sale the highest offer is accepted and the property is sold to the highest bidder.
For a mortgagor to redeem from sale, Notice of Intent to Redeem must be given at the trustee’s sale or up to ten days prior to such sale. The mortgagors may only redeem property if the purchaser at the trustee’s sale was the holder of the debt, or someone acting on the holder’s behalf. In order to redeem, the debtor must post a bond that must be approved by the Circuit Court within 20 days from the date of the sale. The bond must cover all arrearages, costs, fees and interest for a year and a deposit against possible waste. If the mortgagor follows the above procedure, there will be a one-year redemption period during which the mortgagor may pay all monies due and complete the redemption. Because of the complexity of this procedure, it is very rarely used. There is a legal action entitled “equitable redemption” for mortgagors to challenge a foreclosure that they feel was not properly conducted.
For more information regarding foreclosure procedures in other states click on the link below
United States Foreclosure Law