{"id":2472,"date":"2019-06-30T00:00:00","date_gmt":"2019-06-30T07:00:00","guid":{"rendered":"https:\/\/chrisbuyshomesstlseller.carrot.com\/?p=2472"},"modified":"2019-06-30T00:00:00","modified_gmt":"2019-06-30T07:00:00","slug":"understanding-the-foreclosure-process-in-missouri","status":"publish","type":"post","link":"https:\/\/www.chrisbuyshomesstl.com\/blog\/understanding-the-foreclosure-process-in-missouri\/","title":{"rendered":"20. Understanding The Foreclosure Process In Missouri"},"content":{"rendered":"<p><a href=\"https:\/\/www.chrisbuyshomesstl.com\/how-do-i-sell-my-house-in-st-louis\/\" target=\"_blank\" rel=\"noopener noreferrer\">We Buy Houses In Missouri<\/a> and provide residents with the ideal way to sell their homes quickly by offering cash for houses in Missouri. We know that understanding the foreclosure process in Missouri is an important part of navigating your own home foreclosure.<\/p>\n<p>As homebuyers in Missouri, we also know that many people going through the foreclosure process want to get out from under that burdensome property and wonder if they can sell their home in foreclosure.<\/p>\n<p>But before we dive in&#8230;<\/p>\n<h2 style=\"font-size: 250%;text-align: center\">What Is Foreclosure In Missouri Anyway?<\/h2>\n<p><span style=\"text-decoration: underline\">Foreclosure<\/span> is the legal process that lenders use to take back property securing a loan, generally, after the borrower stops making payments.<\/p>\n<p>Foreclosure is no fun. \u00a0But just know that it&#8217;s not the end of the world.<\/p>\n<p>When you know how foreclosure in Missouri works&#8230; it arms you with the knowledge to make sure you navigate it well and come out the other end as well as possible.<\/p>\n<h2 style=\"font-size: 250%;text-align: center\">The Basic Stages Of A Foreclosure In Missouri<\/h2>\n<p>There are a few stages that are important to any foreclosure process. Foreclosure works differently in different states around the country.<\/p>\n<p>The two ways different states use to foreclose upon a property are\u00a0<a href=\"https:\/\/www.investopedia.com\/terms\/j\/judicial_foreclosure.asp#:~:text=Judicial%20foreclosure%20refers%20to%20foreclosure%20cases%20that%20go%20through%20the,pay%20off%20an%20unpaid%20debt.&amp;text=If%20the%20court%20confirms%20that,funds%20to%20repay%20the%20lender.\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>judicial sale<\/strong><\/a> or <strong><a href=\"https:\/\/www.nolo.com\/legal-encyclopedia\/what-is-power-sale-foreclosure.html#:~:text=A%20power%20of%20sale%20provision%20is%20a%20clause%20in%20the,can%20foreclose%20without%20court%20oversight.\" target=\"_blank\" rel=\"noopener noreferrer\">power of sale<\/a>.<\/strong><\/p>\n<p>Connect with us by calling (314) 334-1481 or through our <a href=\"https:\/\/www.chrisbuyshomesstl.com\/contact-us\/\" target=\"_blank\" rel=\"noopener noreferrer\">contact page<\/a> to have us walk you through the specific foreclosure process here locally in Missouri.<\/p>\n<p>In either scenario, foreclosure typically doesn\u2019t go to court until <a href=\"https:\/\/www.chrisbuyshomesstl.com\/blog\/what-is-a-pre-foreclosure-in-ladue-mo\/\" target=\"_blank\" rel=\"noopener noreferrer\">3-6 months of\u00a0missed payments<\/a> have elapsed. Usually (but not always), a lender will <a href=\"https:\/\/www.chrisbuyshomesstl.com\/blog\/foreclosure-notice-of-default-in-missouri\/\" target=\"_blank\" rel=\"noopener noreferrer\">send out\u00a0many notices<\/a> that you are in arrears \u2013 overdue or behind in your payment.<\/p>\n<h2>Under Judicial Foreclosure:<\/h2>\n<ul>\n<li>Your mortgage lender must file suit in the court system.<\/li>\n<li>You\u2019ll get a letter from the court demanding payment.<\/li>\n<li>Assuming the loan is valid, you\u2019ll have 30 days to bring payment to court to\u00a0avoid foreclosure (and sometimes that can be extended).<\/li>\n<li>If you don\u2019t pay during the payment period, a judgment will be entered and\u00a0the lender can <a href=\"https:\/\/www.chrisbuyshomesstl.com\/blog\/foreclosure-effects-in-cottleville-mo\/\" target=\"_blank\" rel=\"noopener noreferrer\">request the sale of your property<\/a> \u2013 usually through an auction.<\/li>\n<li>Once the property is sold, the sheriff <a href=\"https:\/\/www.chrisbuyshomesstl.com\/blog\/the-devastating-consequences-of-foreclosure-in-affton-mo-for-house-sellers\/\" target=\"_blank\" rel=\"noopener noreferrer\">serves an eviction notice<\/a> and forces you\u00a0to immediately <a href=\"https:\/\/www.chrisbuyshomesstl.com\/blog\/giving-my-house-back-to-the-bank-in-jennings-mo\/\" target=\"_blank\" rel=\"noopener noreferrer\">vacate the property<\/a>.<\/li>\n<\/ul>\n<h2>Under Power of Sale (or Non-Judicial Foreclosure):<\/h2>\n<ul>\n<li>The mortgage lender serves you with papers demanding payment, and the\u00a0courts are not required \u2013 although the process may be subject to judicial\u00a0review.<\/li>\n<li>After the established waiting period has elapsed, a deed of trust is drawn up\u00a0and control of your property is transferred to a trustee.<\/li>\n<li>The trustee can then sell your property to the lender at a public auction\u00a0(notice must be given).<\/li>\n<\/ul>\n<p>Anyone who has an interest in the property must be notified during either type of foreclosure. For example, any contractors or banks with liens against a foreclosed\u00a0property are entitled to collect from the proceedings of an auction.<\/p>\n<h2 style=\"font-size: 250%;text-align: center\">What Happens After A Foreclosure Auction In Missouri?<\/h2>\n<p><a href=\"https:\/\/www.chrisbuyshomesstl.com\/blog\/can-you-get-your-house-in-st-charles-mo-back-after-foreclosure\/\" target=\"_blank\" rel=\"noopener noreferrer\">After a foreclosure<\/a> is complete, the loan amount is paid off with the sale proceeds. Sometimes, if the sale of the property at auction isn\u2019t enough to pay off the loan,\u00a0a <strong><em>deficiency judgment<\/em> <\/strong>can be issued against the borrower.<\/p>\n<p>A deficiency judgment is where the bank gets a judgment against you, the borrower, for the remaining funds owed to the bank on the loan amount after the foreclosure sale.<\/p>\n<p>Some states limit the\u00a0amount owed in a deficiency judgment to the fair value of the property at the time\u00a0of sale, while other states will allow the full loan amount to be assessed against the\u00a0borrower.<\/p>\n<p>Here&#8217;s a great resource that lists the <a href=\"http:\/\/www.nolo.com\/legal-encyclopedia\/after-the-foreclosure-deficiency-judgments-taxes\" target=\"_blank\" rel=\"noopener noreferrer\">state by state deficiency judgment laws,<\/a> since every state is different.<\/p>\n<h2 style=\"font-size: 250%;text-align: center\">Sell My House In Missouri<\/h2>\n<p>Generally, it\u2019s best to avoid a foreclosure auction. Instead, call up the bank, or work with a reputable real estate firm like us at Chris Buys Homes in St. Louis to help you negotiate discounts off the amount owed to avoid having to carry out a foreclosure and still <a href=\"https:\/\/www.chrisbuyshomesstl.com\/blog\/how-to-stay-in-my-home-after-foreclosure-in-wildwood-mo\/\" target=\"_blank\" rel=\"noopener noreferrer\">stay in the property<\/a>.<\/p>\n<p>Experienced Missouri home buyers and investors can help you by <a href=\"https:\/\/www.chrisbuyshomesstl.com\/blog\/can-i-give-my-house-back-to-the-bank-ofallon-mo-without-an-expensive-foreclosure\/\" target=\"_blank\" rel=\"noopener noreferrer\">negotiating directly with banks<\/a> to lower the amount you owe in a sale \u2013 or even eliminate it, even if your property is worth less than you owe.<\/p>\n<p>If you need to <a href=\"https:\/\/www.chrisbuyshomesstl.com\/sell-your-house-in-st-louis\/\" target=\"_blank\" rel=\"noopener noreferrer\">sell your house in St. Louise<\/a>\u00a0area, we can help you. We purchase houses in Missouri\u00a0like yours from people who <a href=\"https:\/\/www.chrisbuyshomesstl.com\/blog\/can-i-sell-my-house-in-foreclosure-in-overland-mo\/\" target=\"_blank\" rel=\"noopener noreferrer\">need to sell fast<\/a>.<\/p>\n<h3 style=\"text-align: center\"><strong>Give us a call anytime (314) 334-1481 or <a href=\"https:\/\/www.chrisbuyshomesstl.com\/get-a-cash-offer-in-7-minutes\/\" target=\"_blank\" rel=\"noopener noreferrer\">fill out the form\u00a0on this website today! &gt;&gt;<\/a><\/strong><\/h3>\n<p style=\"text-align: left\"><strong>Another Foreclosure Resource For Missouri HomeOwners:<\/strong><\/p>\n<ul>\n<li style=\"text-align: left\"><a href=\"http:\/\/portal.hud.gov\/hudportal\/HUD?src=\/topics\/avoiding_foreclosure\" target=\"_blank\" rel=\"noopener noreferrer\">Resources On Avoiding Foreclosure from the U.S. Government &gt;&gt;<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>We Buy Houses In Missouri and provide residents with the ideal way to sell their homes quickly by offering cash for houses in Missouri. We know that understanding the foreclosure process in Missouri is an important part of navigating your own home foreclosure. As homebuyers in Missouri, we also know that many people going through [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[22],"tags":[33,55,61,85],"class_list":["post-2472","post","type-post","status-publish","format-standard","hentry","category-sellers","tag-avoid-foreclosure","tag-foreclosure","tag-foreclosure-process","tag-local-foreclosure-process"],"_links":{"self":[{"href":"https:\/\/www.chrisbuyshomesstl.com\/wp-json\/wp\/v2\/posts\/2472","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.chrisbuyshomesstl.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chrisbuyshomesstl.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chrisbuyshomesstl.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chrisbuyshomesstl.com\/wp-json\/wp\/v2\/comments?post=2472"}],"version-history":[{"count":0,"href":"https:\/\/www.chrisbuyshomesstl.com\/wp-json\/wp\/v2\/posts\/2472\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.chrisbuyshomesstl.com\/wp-json\/wp\/v2\/media?parent=2472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chrisbuyshomesstl.com\/wp-json\/wp\/v2\/categories?post=2472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chrisbuyshomesstl.com\/wp-json\/wp\/v2\/tags?post=2472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}