Foreclosure Help in Missouri
The beautiful state of Missouri, known as the Show-Me State is a unique state that offers two processes regarding foreclosures. They are both a Judicial and Non- Judicial state which can be a benefit to everyone involved in the process. In the first process, banks or other lenders wishing to foreclose on a home must go to court and get the okay to foreclosing, prior to ding so. This process is generally used when there is no power of sale on the deed or mortgage.
If there is a clause on the deed or in the mortgage known as a no power of sale, then a non-judicial process must be taken. Let’s investigate owning a home in this great state before jumping into the legal pool.
Consumer outlook
With homeownership in the state of Missouri ranking higher than the national average at just over 66% it is easy to see that people love to live and buy homes in this great state. Consumers generally have a good outlook for the future of their communities with regards to buying a home.
With so many people seeking to purchase a home in this state the process can easily turn into what might be called a bidding war between multiple consumers for the properties of choice. This may not seem so great but from a homeowner’s standpoint, potentially facing foreclosure, or selling the home with the hopes of redeeming a lagging credit score and report and ensuring a better future, it’s an asset.
Have a specific question about Avoiding Foreclosure in Missouri? Check out our Foreclosure FAQ’s section.
With a median property valued at just over $150,000.00 and the median household income being a tiny bit over the $50,000.00 mark it is a great state to live in. Ranking 14th in poverty asserts that a good portion of the state owns a home or rents. Ladue and Clarkson Valley rank highest for earned income amongst this state’s cities. This a huge asset in selling your home as well, should you need to do this to save your future financially.
Resources
• A counsel over the phone service is offered in Missouri as well as nationally, it offers advice for free on the foreclosure process and can be reached at (888) 995-HOPE.
• Before you begin, contacting the states attorney general’s office at https://ago.mo.gov will help you better understand what your rights are as the consumer and provide further resources for legal help and the foreclosure process.
• www.hud.gov is a priceless website offering insight into where to get help and how to go about it.
• Contacting a local attorney or seeking legal help online can be costly but sometimes more effective than going through this process alone and uncertain of the steps that can be taken to avoid an outcome that you don’t wish.
Missouri is a state that offers a variety of ways to handle this type of situation, but it is still a good idea to begin the process with seeking knowledge and as much help as possible at the onset. The sooner it is addressed the sooner it is resolved.