Chesterfield, Missouri Foreclosure Defense Attorney Helps Clients Keep Their Homes

Missouri Foreclosure Defense Law Firm Protects the Rights of Homeowners

If you are facing foreclosure in Chesterfield, Missouri, an experienced foreclosure defense attorney like James B. Day may be able to help save your home.

Missouri law allows both non-judicial foreclosures, those that take place out of court, and judicial foreclosures, in which the lender files a lawsuit to foreclose. Missouri foreclosures typically take place out of the court with the lender mailing the homeowner a notice at least 20 days prior to the sale and publishing the notice in a newspaper, either every day for 20 days or once a week for four weeks, depending upon population.

Right to Reinstate

Although there is no statutory right to reinstate prior to the sale in Missouri, most deeds of trust allow a borrower to cure a default and reinstate the loan under certain circumstances. If a borrower can reinstate his delinquent loan by bringing it current in one payment, foreclosure can be avoided. Once reinstated, the homeowner must resume making regular payments on the loan.

Deficiency Laws

When total mortgage debt exceeds the foreclosure sale price, the difference is known as a deficiency. Although some states allow the lender to seek a personal judgment called a deficiency judgment against the borrower for this amount, there is no anti-deficiency law in Missouri, and the foreclosing party can sue the borrower for the deficiency after a non-judicial foreclosure.

If you are facing foreclosure in Chesterfield, Missouri, attorney James B. Day can help provide you with an effective defense. Contact The Law Office of James B. Day, LLC online or call 314-786-1218 to schedule your free, no-risk initial consultation today.