Mo Foreclosure Laws
Description
How to fill out Missouri Notice Of Rights - Individual Claimant - Mo.Rev.Stats. Sec. 429.016?
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FAQ
Borrowers must be delinquent for 120 days before a Notice of Sale can be issued, and the sale is to occur forty to fifty days after the notice. Lenders must give at least a twenty-day notice of the sale. They must publish the foreclosure in a newspaper in the county where the property is located.
You only have the following options to stop a foreclosure: 1) Sell the property, 2) Bring the account current, 3) Redeem the property under the guidelines of Missouri Law, or 4) File a Chapter 13 Bankruptcy which in turn will give you up to 60 months to bring the account current and regain financial control.
Missouri your mortgage company does not have to file a lawsuit in court to foreclose. It only has to send you one letter by certified mail notifying you of the date your home will be sold. Then it can foreclose, whether or not you receive the certified mail letter.
Under the PTFA, the lease survives foreclosure. You may stay in the property for the entire term of your lease or 90 days, whichever is longer. The only exception to this rule is if the new owner wants to live in your unit, in which case you are still entitled to 90 days before you can be forced to move.
An uncomplicated foreclosure on a Missouri property takes about 60 ? 90 days. If the borrower contests the foreclosure or files for bankruptcy then the time frame is likely to be greater than 90 days.