What are the foreclosure reinstatement laws in Missouri for after a sale?

Redemption rights are referenced in Missouri Revised Statutes, Chapter 443.420. While all states that offer the borrower rights of redemption have requirements, Missouri's are sometimes challenging for homeowner's.

Time frame for Missouri redemption

While the homeowner can exercise their rights of redemption for up to one year, there is a notification process.  The notification must be made within twenty days after the foreclosure sale takes place. It is important to note that this is not twenty business days, it is twenty calendar days.

Missouri redemption requirements

Unlike other states where redemption requirements allow the homeowner to contact the lender and make arrangements for the redemption, Missouri is slightly different. In addition to the requirement of notifying the parties involve in writing within twenty days, the homeowner must take added steps to exercise these reigths.

Homeowners who are interested in redeeming a foreclosed mortgage are required to post bond for their home. This bond must be inclusive of all fees, interest and payments that are in arrears. Missouri homeowners would have to contact the lender to find out what fees are required since there will likely be court fees, auction fees and other fees that they may not be aware of.

Missouri Foreclosure Attorney

Facing foreclosure at any time is difficult. Missouri homeowners are restricted by Missouri foreclosure statutes as to when they can redeem their property.  Unless Missouri homeowners are aware of the law that requires such early notification and the bonding amount, they may be unable to exercise their right to redeem.  Facing foreclosure in Missouri requires homeowners to contact a qualified attorney to help them understand their rights.