Missouri Mortgage

All about Missouri Mortgages

St. Louis: A Developing Metropolis

There are a number of things to consider when looking into purchasing a home. One of the central concerns is location. The development of St. Louis as an exciting and kid-friendly city has been a relatively quiet event, although city amenities such as the world-famous St. Louis Zoo, and the new Busch stadium (played in by the St. Louis cardinals for the first time in the 2005 season) as solidifying St. Louis’ place as an important area of growth in the Midwest. Combined with standard attractions, such as Six Flags and the iconic arch, property values in St. Louis will soon reflect the cultural value of the surrounding urban area.

St. Louis and its surrounds represent the major metropolitan region in Missouri. There are many other smaller communities in the state that appeal to those looking for the peace and quiet of rural living.

What kinds of laws affect a foreclosure in Missouri?

Laws about foreclosure vary from state to state. In Missouri, in the case of impending foreclosure, borrowers who have defaulted on a loan have the right to pay off their debt before a home is resold; furthermore a lender must give proper notice that foreclosure proceedings are about to take place.

An out-of-court foreclosure may take anywhere from 60 days or more. The lendee must send a notice to the borrower no fewer then 20 days before the home is to go up for auction. The sale publication must be listed for 10 days, and in a paper that covers the area where the home in question is located. Unless the population of the city is over 50,000; in which case, the listing must stay for 20 days.

The buyer has a redemptive period of 365 days in Missouri, which is complicated enough where many buyers forgo the process altogether. In the case of an attempted redemption, not only all fees owed to the lender must be recouped, but fees related to the trouble the lender has had to go to, as well as interest on top of this amount is expected to be provided. A buyer must give ten days advance notice of their intent, and must post a bond within 20 days after a sale. The bond must amount to the total of the mortgage interest, the secondary loan interest, any legal fees or damages or foreclosure expenditures, plus 6 percent interest, at which point a buyer can recover a foreclosed property.