At the Piatchek Law Firm, our attorneys can help both lenders needing to foreclose and property owners needing to fight off or stop a foreclosure. If you are in need of either service, we are happy to assist you. Contact us today to schedule a consultation.
Foreclosure Law in Missouri
Foreclosure law is different in every state, and you cannot rely on television, the Internet, friends, or family to give you information relevant to Missouri. Our state has what is referred to as “statutory foreclosure,” which means that the foreclosure does not occur through the court system and instead follows the requirements set out by Missouri statutes. For practical purposes, this means that the foreclosure happens quickly without the intervention of the courts. Many times foreclosure happens while the homeowner is still living in their home, resulting in them living in a home now owned by the bank.
In states where the courts are involved, a homeowner has an easier chance to seek court review when a foreclosure is wrongful. In Missouri, to get a court involved, the homeowner has to file a lawsuit against the foreclosing party. If the homeowner does not move for court intervention prior to the foreclosure sale, they can risk permanently losing all rights to the property itself even if they are successful later in their claims against the lender. It is very important that homeowners seek legal advice weeks before the foreclosure sale. This will give them the time necessary to file a lawsuit against their lender.
For these same reasons, a bank or foreclosing party will also need a qualified and experienced attorney to assist them with all of the red tape, regulations, publications, and processes involved in a proper foreclosure.
Foreclosure by a Lender
If you are an individual or business who needs to foreclose because you are not receiving payments, there are many strict requirements and timelines of which you will need to be aware. In addition, you will need a skilled, experienced attorney to make sure the foreclosure is handled properly. If you are a homeowner who has missed payments, and you are in danger of being foreclosed on, it is crucial that you take action as soon as possible.
Stopping a Foreclosure by a Property Owner
Many people wait to take action until it is too late, because they misunderstand how foreclosure works. For example, many homeowners think that there will be a court hearing or the sheriff will remove them from the home before the foreclosure occurs. In fact, these events often happen well after the foreclosure process is complete and the home has already been transferred legally to the bank or loaning party. By that time, it may be too late to take action. Therefore, always contact an attorney at the first sign of trouble. Don’t wait until the last moment – or later!
Real Estate Tax Foreclosures in Missouri
If you do not pay your county real estate taxes that have been assessed, the Missouri county in which the real estate is located can foreclose against your home by forcing a tax foreclosure sale of your real estate. It is therefore imperative that you pay your real estate taxes. If you are in danger of being foreclosed on by the county or if you have received notice from the county collector’s office that your home is going to be foreclosed on, it is very important that you take action immediately.
If the county forecloses on your home through a Missouri tax foreclosure sale due to your failure to pay real estate taxes, the county may eventually sell your home at auction to the highest bidder, and this new owner will eventually have the right to remove you from the property. Even if your home is sold at auction, you do have a certain amount of time to “redeem” your property in a process called “redemption.” It will be necessary during this process to pay back real estate taxes that are currently overdue. If you pay back the taxes within a specified time period, you can regain ownership of your home.
The assistance of an attorney can greatly increase your chances of getting your home back. We would be happy to assist you with your questions regarding real estate tax foreclosures. To get started, call the Piatchek Law Firm today at 417-882-5858 to schedule a complimentary consultation.