How much time does it usually take in Missouri for foreclosure?

Question:

We are filing for bankruptcy in order to relocate for my husband's job. It's going to take at least another month for us to find a place to live and have the money for deposits, etc. The mortgage co. called today and said they are referring it to their foreclosure dept. as of tomorrow. We still have to come up with the filing fee for the bankruptcy as well. We cannot sell the house outright because we are upside down in it. Does anyone have experience with this and can give me an idea of a timeline? If we have to leave before we are able to get the money, we will be living on a campground and I really would not like to do that with three kids.

Answer:
Generally speaking a foreclosure takes about 6 months, but there is no hard time line you can count on. If the mortgage company is "saying" they are referring to the foreclosure department and you haven't received any threatening letters from lawyers, you should have more than enough time to make the big move. Still, you should be wary that landlords of the place you are moving to aren't going to welcome you with open arms with a foreclosure and a fresh bankruptcy on your credit report. Make sure you pack the tents when you move just in case. Good luck

Here's some information on how the foreclosure process works in Missouri. Hopefully it's a good starting point for your own research into how foreclosure works and what you can do to stop foreclosure on your home.

In Missouri , the lender may pursue either a Judicial or Non-Judicial Foreclosure process. The Judicial Foreclosure process is used when the loan documents do not contain a “power of sale” clause. The lender must sue the borrower in court to obtain an order to foreclose.

If the loan documents contain a “power of sale” clause, the lender can use the Non-Judicial Foreclosure process. This clause authorizes the lender to sell the property in the event the borrower defaults. If the clause specifies the time, place, and terms of the sale, then those procedures must be adhered to.

The sales process in Missouri requires the lender to mail to the last known address of the borrower a copy of the notice of sale at least twenty (20) days before the scheduled sale date. The notice must also be published in a local newspaper of general circulation for four (4) consecutive weeks. It must be once a week on the same day per week as the last publication.

The lender's trustee or representative conducts the sale as a public auction. Anyone may bid on the property, including the lender.

If the lender is the high bidder at auction, the borrower has a one year right to redeem the property. If anyone else is the high bidder, the borrower has no redemption period in Missouri .

The lender does not have the right to sue the borrower for a deficiency judgment.

Good luck, hopefuly everything works out with the home.

ForeclosureFish
http://www.foreclosurefish.com/...

In most states in the USA, a mortgage company can begin foreclosure with one missed mortgage payment..

How much time does it usually take in Missouri for foreclosure?

Hot Topic