Can You Sell a House in Foreclosure in Missouri?
If you're facing foreclosure in Missouri, you may be wondering whether you can still sell your home before the auction. The answer is yes — and in many cases, selling before foreclosure is your best option. Here's what you need to know.
The Missouri Foreclosure Timeline
Missouri is a non-judicial foreclosure state, which means lenders can foreclose without going through the courts. The process typically begins after 3-6 missed payments. The lender issues a notice of default, followed by a notice of trustee's sale. The auction typically occurs within 60-90 days of the initial notice.
Your Right to Sell Before the Auction
As long as you still own the property — meaning the foreclosure auction has not yet occurred — you have the right to sell it. Once you accept an offer and the sale closes, the mortgage lender is paid off from the proceeds and the foreclosure process stops. This is one of the most effective ways to avoid foreclosure.
The Importance of Acting Quickly
Time is critical when you're facing foreclosure. The sooner you contact a cash buyer, the more time you have to complete the sale before the auction date. A cash buyer can typically close in 7-14 days, which may be enough time to sell even if you're close to the auction date.
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What Happens to the Proceeds
When you sell a home in foreclosure, the mortgage lender is paid off first from the sale proceeds. If the sale price exceeds the mortgage balance plus other liens and closing costs, you receive the remaining equity. If the sale price is less than what you owe, you may need to negotiate a short sale with your lender.
Benefits of Selling vs. Letting Foreclosure Proceed
Selling before foreclosure preserves your credit score, allows you to potentially walk away with some equity, and avoids the public record of a foreclosure. A foreclosure can remain on your credit report for seven years and significantly impact your ability to obtain future financing.
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