What are my legal rights in Missouri during foreclosure?

Homeowners defaulting on their mortgage may result with their lender filing a foreclosure proceeding against them, which will eventually lead to auctioning of the mortgaged property at a foreclosure sale. Missouri follows a non-judicial foreclosure; judicial foreclosures are done when power of sale clause is not included in the deed of trust.

Homeowners are still assured of their legal rights in foreclosure. Missouri law indicates that if a property to be auctioned is situated in a city with at least 50,000 residents, the notice of foreclosure sale must be published for at least twenty times throughout the auction date. If there are less than 50,000 inhabitants, the notice of foreclosure sale must be published for a minimum of four successive weeks, with the last publication date not more than a week from the date of auction. The trustee will mail the notice to the borrower and other interested parties, and the notice must include the auction date, the time and place, terms, and of course, the address of property.

If the auction of property foreclosed by judicial foreclosure pushed through, the homeowner has a one year right of redemption starting from the date of sale. The homeowner must submit their letter of intent to redeem within 20 days after the date of sale, and post bond for the fees and costs. Non-judicial foreclosed properties have an onerous statutory redemption which allows the borrower to pay for all sums, including fees and costs.

It is recommended that a homeowner consult a foreclosure lawyer to ensure their legal rights in foreclosure proceedings. A lawyer expert on foreclosures will give the best advice on other legal options to avoid foreclosure.