{"id":1347,"date":"2020-10-03T00:00:00","date_gmt":"2020-10-03T05:00:00","guid":{"rendered":"https:\/\/chrisbuyshomesstlseller7.carrot.com\/?p=1347"},"modified":"2025-02-15T15:27:25","modified_gmt":"2025-02-15T15:27:25","slug":"understanding-the-foreclosure-process-in-customer-market_state","status":"publish","type":"post","link":"https:\/\/www.chrisbuyshomeskc.com\/blog\/understanding-the-foreclosure-process-in-customer-market_state\/","title":{"rendered":"Understanding the Foreclosure Process in MO"},"content":{"rendered":"<strong>Understanding the foreclosure process in MO<\/strong> is an important part of navigating your own home foreclosure.\n\nBefore we dive in&#8230;\n<h2>Understanding the Foreclosure Process in MO<\/h2>\n<h3>What is foreclosure anyway?<\/h3>\n<span style=\"text-decoration: underline\">Foreclosure<\/span> is the legal process that lenders use to take back property securing a&nbsp;loan, generally after the borrower stops making payments.\n\nForeclosure is no fun. &nbsp;But just know that it&#8217;s not the end of the world.\n\nWhen you know how foreclosure in MO 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.\n<h3>The Basic Stages of A Foreclosure<\/h3>\nThere are a few stages that are important to any foreclosure process.\n\nForeclosure works differently in different states around the country.\n\nThe two ways different states use to foreclose upon a&nbsp;property are: <strong>judicial sale<\/strong> or <strong>power of sale.<\/strong>\n\n<strong>Connect with us by calling (816) 720-7760<\/strong> or through our <a href=\"\/contact-us\/\" target=\"_blank\" rel=\"noopener noreferrer\">contact page<\/a> to have us walk you through the specific foreclosure process here locally in [market_city MO.\n\nIn either scenario, foreclosure typically doesn\u2019t go to court until 3-6 months of&nbsp;missed payments have elapsed. Usually (but not always), a lender will send out&nbsp;many notices that you are in arrears \u2013 overdue or behind in your payment.\n<h3><strong>Under Judicial Foreclosure:<\/strong><\/h3>\n<ul>\n \t<li>Your mortgage lender must file suit in the court system.<\/li>\n \t<li>You\u2019ll get a letter from the court demanding payment.<\/li>\n \t<li>Assuming the loan is valid, you\u2019ll have 30 days to bring payment to court to&nbsp;avoid foreclosure (and sometimes that can be extended).<\/li>\n \t<li>If you don\u2019t pay during the payment period, a judgment will be entered and&nbsp;the lender can request the sale of your property \u2013 usually through an auction.<\/li>\n \t<li>Once the property is sold, the sheriff serves an eviction notice and forces you&nbsp;to immediately vacate the property.<\/li>\n<\/ul>\n<h3><strong>Under Power of Sale (or Non-Judicial Foreclosure):<\/strong><\/h3>\n<ul>\n \t<li>The mortgage lender serves you with papers demanding payment, and the&nbsp;courts are not required \u2013 although the process may be subject to judicial&nbsp;review.<\/li>\n \t<li>After the established waiting period has elapsed, a deed of trust is drawn up&nbsp;and control of your property is transferred to a trustee.<\/li>\n \t<li>The trustee can then sell your property to the lender at a public auction&nbsp;(notice must be given).<\/li>\n<\/ul>\nAnyone who has an interest in the property must be notified during either type of&nbsp;foreclosure.\n\nFor example, any contractors or banks with liens against a foreclosed&nbsp;property are entitled to collect from the proceedings of an auction.\n<h3>What Happens After A&nbsp;Foreclosure Auction?<\/h3>\nAfter a foreclosure is complete, the loan amount is paid off with the sale proceeds.\n\nSometimes, if the sale of the property at auction isn\u2019t enough to pay off the loan,&nbsp;a <strong><em>deficiency judgment<\/em> <\/strong>can be issued against the borrower.\n\nA 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.\n\nSome states limit the&nbsp;amount owed in a deficiency judgment to the fair value of the property at the time&nbsp;of sale, while other states will allow the full loan amount to be assessed against the&nbsp;borrower.\n\nHere&#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.\n\nGenerally, 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 Kansas City to help you negotiate&nbsp;discounts off the amount owed to avoid having to carry out a foreclosure.\n\nExperienced investors can help you by negotiating directly with banks to lower the&nbsp;amount you owe in a sale \u2013 or even eliminate it, even if your home is worth less than&nbsp;you owe.\n\nIf you need to sell a property near Kansas City, we can help you.\n\n<a href=\"\/\" target=\"_blank\" rel=\"noopener noreferrer\">We buy houses in Kansas City<\/a> MO&nbsp;like yours from people who need to sell fast.\n<h3 style=\"text-align: center\"><strong>Give us a call anytime (816) 720-7760 or\n<a href=\"\/\" target=\"_blank\" rel=\"noopener noreferrer\">fill out the form&nbsp;on this website today! &gt;&gt;<\/a><\/strong><\/h3>\n&nbsp;\n\n<strong>Another Foreclosure Resource For Kansas City MO HomeOwners:<\/strong>\n<ul>\n \t<li><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>","protected":false},"excerpt":{"rendered":"<p>Understanding the foreclosure process in MO is an important part of navigating your own home foreclosure. Before we dive in&#8230; Understanding the Foreclosure Process in MO What is foreclosure anyway? Foreclosure is the legal process that lenders use to take back property securing a&nbsp;loan, generally after the borrower stops making payments. Foreclosure is no fun. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1434,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[148],"tags":[28,50,56,80],"class_list":["post-1347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-reason-to-sell","tag-avoid-foreclosure","tag-foreclosure","tag-foreclosure-process","tag-local-foreclosure-process"],"_links":{"self":[{"href":"https:\/\/www.chrisbuyshomeskc.com\/wp-json\/wp\/v2\/posts\/1347","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.chrisbuyshomeskc.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chrisbuyshomeskc.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chrisbuyshomeskc.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chrisbuyshomeskc.com\/wp-json\/wp\/v2\/comments?post=1347"}],"version-history":[{"count":1,"href":"https:\/\/www.chrisbuyshomeskc.com\/wp-json\/wp\/v2\/posts\/1347\/revisions"}],"predecessor-version":[{"id":18972,"href":"https:\/\/www.chrisbuyshomeskc.com\/wp-json\/wp\/v2\/posts\/1347\/revisions\/18972"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.chrisbuyshomeskc.com\/wp-json\/wp\/v2\/media\/1434"}],"wp:attachment":[{"href":"https:\/\/www.chrisbuyshomeskc.com\/wp-json\/wp\/v2\/media?parent=1347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chrisbuyshomeskc.com\/wp-json\/wp\/v2\/categories?post=1347"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chrisbuyshomeskc.com\/wp-json\/wp\/v2\/tags?post=1347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}