Missouri Sample Letter regarding Information for Foreclosures and Bankruptcies
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How to fill out Sample Letter Regarding Information For Foreclosures And Bankruptcies?
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FAQ
If you're facing a foreclosure, filing for bankruptcy might help. In fact, if a foreclosure sale is scheduled to occur in the next day or so, the best way to stop the sale immediately is by filing for bankruptcy. Once you file for bankruptcy, something called an "automatic stay" goes into effect.
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.
In Missouri, redemption can take place for up to one year after the sale of the property if it was bought at auction by the lender. However, if the property is bought by a third party, there is no redemption phase.
In Missouri, redemption can take place for up to one year after the sale of the property if it was bought at auction by the lender. However, if the property is bought by a third party, there is no redemption phase.
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.
Following a first-mortgage foreclosure, all junior liens (including a second mortgage and any junior judgment liens) are extinguished, and the liens are removed from the property's title. But the second-mortgage debt and creditor's judgment remain, even though they're no longer attached to the foreclosed property.
