Missouri Foreclosures and Foreclosed Homes for Sale

The majority of foreclosures in Missouri are handled out of court, also called a non-judicial foreclosure. This is the most time-effective way of processing a foreclosure, with typical out of court foreclosures taking around two months. In contrast, judicial foreclosures in Missouri are time consuming. However, they are rarely used, and typically only occur when there are problems with the title or there is no clause in the mortgage allowing the lender to use a non-judicial process.

In out of court cases, the lender can start the foreclosure process as soon as a borrower defaults on a mortgage. The exact procedure used will vary, depending on the terms of the mortgage, but most Missouri mortgages require the lender to give the borrower a definite warning prior to beginning foreclosure. Once this has occurred, the lender is free to schedule an auction date.

After the auction date has been confirmed, the lender must publish a notice of sale in a local newspaper. The length of time and frequency of the publishing will depend on where the property is located. In large cities, the notice may need to be printed every day for the 20 days prior to the auction. In small towns, however, once a week for a period of four weeks may suffice.

The location and time of the auction will be outlined by the deed of trust. Property rights go to the highest bidder. Missouri allows the right of redemption, but only if the auction winner is the lender. If a member of the general public is the highest bidder, the previous owner has no redemption rights.

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