When foreclosure threatens your home, the questions come fast. Will my family recover? What are my real options? Understanding how foreclosure works is the first step toward answering those questions and taking back some control.
When you buy a home, you typically borrow from a bank through a mortgage. That agreement requires on-time monthly payments, usually over 30 years. Miss enough of them and the lender begins a process to reclaim the property.
Foreclosure is rarely a surprise event. It usually follows a job loss, a medical crisis, an economic downturn, or debt that piles up faster than income. Lenders in Missouri generally offer a 10 to 15 day grace period after a missed payment before charging late fees. If payments continue to go unpaid, the lender sends a Default Notice. Under Missouri Revised Statute 408.554 , you then have 30 days to resolve the default. If you do not, the lender issues a Notice of Sale, which must be published in a local newspaper.
Missouri uses a non-judicial foreclosure process in most cases. If your mortgage or deed of trust contains a right-to-sell clause, the lender can proceed without a court order. The property is auctioned at the courthouse on the date listed in the notice.
You have several ways to stop the process before that auction. You can sell the property, bring your account current, redeem the property under Missouri law, or file for Chapter 13 bankruptcy, which can give you up to 60 months to catch up on missed payments.
What Happens When Your House Goes Into Foreclosure
If no solution is reached, the lender issues a Notice of Trustee's Sale and schedules a public auction. If no bidder meets the minimum price, ownership reverts to the lender. Either way, you will need to find new housing. Eviction follows foreclosure. A foreclosure also stays on your credit report for approximately seven years , which affects your ability to borrow, rent, and in some cases find work.
If Your House Is Foreclosed, Do You Get Any Money?
Sometimes. When a foreclosed home sells at auction, the proceeds first cover fees, any liens, and the outstanding mortgage balance. If the sale price exceeds all of those debts, the surplus goes back to the original homeowner. Foreclosed homes often sell below market value, so a surplus is not guaranteed, but it does happen. If you believe a surplus exists after your foreclosure sale, contact the trustee or an attorney to find out how to claim it.
Can You Get Your House Back After Foreclosure?
Your best chance is during pre-foreclosure, before the auction happens. After the sale, getting your home back depends on state law.
Missouri does not have a statutory post-sale right of redemption in most non-judicial foreclosures . You may, however, be able to bid at the auction yourself before the property changes hands. Speaking with a Missouri real estate attorney before the auction date gives you the clearest picture of what is still possible in your specific situation.
Sell Your Kansas City Home Before Foreclosure Happens
If you are behind on payments and need to sell fast, KC Home Buyer Group buys homes for cash in any condition throughout the Kansas City metro area. There are no agent commissions, no fees, and no repairs required. We pay all closing costs.
We can make a cash offer within 24 hours and close in as little as seven days, or on whatever date works for you. Call us at or request a free, no-obligation offer on our website.
Legal Disclaimer
The information on this page is for general informational purposes only and is not legal or tax advice. Real estate law varies by situation and location. Before making decisions about backing out of a home sale contract, speak with a qualified attorney familiar with Missouri and Kansas real estate law. KC Home Buyer Group does not assume responsibility for actions taken based on the content here.
We have bought Kansas City houses for cash since 2015, in every condition and at every stage of every timeline. Fair offers, plain answers, and we will tell you if selling to us is the wrong move.
