- Who sends it
- You, the homeowner (or your heirs or assigns), to the trustee who is running the sale
- What it starts
- If the lender buys: 20 days after the sale to get a court-approved bond, then up to 1 year from the sale to redeem
- Do this first
- Talk to legal aid or a lawyer today, then deliver a signed written notice to the trustee in a way you can prove
What this document is in Missouri
Normally a Missouri trustee's sale ends your rights in the home for good (RSMo § 443.290). RSMo § 443.410 makes one exception. If the home is bought at the sale by the holder of the debt, or by another person for the holder, the grantor in the deed of trust, or the grantor's heirs, devisees, executors, administrators, grantees or assigns, can redeem it within one year from the sale.
To keep that right, you must give written notice to the person making the sale, which is the trustee, stating your purpose to redeem if the sale and purchase are made that way. The statute does not set a form, so a short signed letter naming the property, the deed of trust and your intent to redeem is the usual approach. The section heading of RSMo § 443.420 calls this the notice of redemption.
What it does and does not mean
- It does not stop or delay the sale.
- It only matters if the lender, or someone buying for it, is the buyer. If anyone else buys the home, there is no right to redeem (RSMo § 443.410).
- Notice alone is not enough. Within 20 days after the sale you must also give a bond approved by the circuit court of the county where the land is (RSMo § 443.420).
- Redeeming costs much more than the sale price. Within the year you must pay the debt and interest, plus what the holder or buyer paid on prior liens, taxes and assessments, and all legal charges and costs of the sale (RSMo § 443.410).
- The Revisor's notes to RSMo § 443.420 cite a 1965 case holding that starting the statutory redemption process admits by implication that the sale was valid. If you also think the sale was wrong, talk to a lawyer before you start.
The deadlines and how to count them
- Notice: deliver it at the sale or within 10 days before the date advertised for the sale (RSMo § 443.410). Count back 10 calendar days from the advertised date, and do not wait for a continuance.
- Bond: within 20 days after the sale, file a motion and the bond with the circuit court clerk, with at least one day's written notice to the buyer if it lives in the county and can be found, otherwise to the trustee (RSMo § 443.430). If the bond is not temporarily approved by the clerk or presented to the court within those 20 days, it is treated as rejected.
- The bond must have at least one good surety and be large enough to cover interest for the year, sale costs, interest on prior liens, taxes, 6 percent interest on sums the buyer pays, and damages for waste. It does not have to cover the principal debt (RSMo § 443.420).
- Redemption: pay everything required within one year from the date of the sale. The court can appoint a receiver to hold the home and its rents during the year, and can require more bond on 5 days' notice (RSMo § 443.430).
See what happens after a Missouri foreclosure sale for the full picture.
What to do this week
- Call legal aid or a lawyer first. The bond and court steps are strict, and courts have treated the notice to the buyer as mandatory.
- Ask your servicer in writing whether the lender plans to bid at the sale.
- Write and sign a notice of intent to redeem. Name the property address, the deed of trust, and state that you intend to redeem if the lender or someone for it buys the home.
- Deliver it to the trustee named in the Notice of Trustee's Sale within the 10-day window or at the sale. Keep a copy and proof of delivery.
- Line up a surety and the money for the bond before the sale, because you have only 20 days after it.
- Read how to stop foreclosure in Missouri, since stopping the sale is usually easier than redeeming.
Free help in Missouri and scam warnings
Missouri has four free legal aid programs, and Missouri Legal Services' Applying for Legal Aid page shows which one serves your county. The Missouri Bar's LawyerSearch lists private lawyers taking new clients. The Missouri foreclosure help page lists more.
- Be careful with anyone who offers to post your bond or redeem for you in exchange for your deed or a share of the home. Missouri foreclosure consultants cannot take any interest in your home or any fee before fully performing (RSMo § 407.940).
- Report problems to the Missouri Attorney General at 800-392-8222.
The rest of the Missouri process
See how foreclosure works in Missouri, the timeline, ways to stop it and free help in Missouri.
Common questions
When is it too late to send a Missouri notice of intent to redeem?
The notice must be given at the sale or within 10 days before the date advertised for the sale (RSMo § 443.410). After the sale ends, it is too late.
Does the Missouri redemption right apply if an investor buys my home?
No. It applies only when the holder of the debt, or someone buying for the holder, buys the home at the sale (RSMo § 443.410). A 1968 case noted on the Revisor's page found no redemption right where the buyer bought for itself and not for the lender.
How much does it cost to redeem a Missouri home after foreclosure?
You must pay the debt and interest, not just the sale price, plus amounts the holder or buyer paid for prior liens, taxes and assessments, and all legal charges and costs of the sale (RSMo § 443.410). The bond posted within 20 days must cover interest, costs, taxes and possible damage during the year (RSMo § 443.420).
Other Missouri letters
- Notice of Trustee's SaleIn Missouri, this certified letter is often the only foreclosure notice the law requires. The sale can be held as soon as 20 days after it is mailed, whether or not you pick it up. It is also your cue to send a notice of intent to redeem if you may want to buy the home back.
- Trustee's Deed (or Certificate of Sale)After a Missouri trustee's sale, the trustee gives the buyer a trustee's deed, which usually ends your rights in the home. If you gave notice of intent to redeem and a bond was approved, the buyer gets a certificate of sale instead, and the deed waits until your one-year redemption time runs out. Neither one is an eviction order.
- Written Notice of Foreclosure and Demand for PossessionAfter a Missouri foreclosure sale, the new owner must give you written notice of the foreclosure and a written demand to give up the home before it can file an unlawful detainer case. Missouri law sets no minimum number of days for a former owner. It is not a court order, and no one can remove you without one.
- Notice to Occupant Following ForeclosureIf you rented a Missouri home that was sold at a trustee's foreclosure sale, the new owner must send you this notice before it can try to remove you. No eviction case can be filed until at least 10 business days after the date of the notice. Staying does not make you the new owner's tenant unless you sign a new agreement.
- Unlawful Detainer SummonsAn unlawful detainer summons means the new owner has filed an eviction case in circuit court. The court date must be within 21 business days of the summons unless the owner agreed to later. Go to court on that date. The judge decides who has the right to possession, not who owns the home.
Sources
- RSMo § 443.410 (foreclosure by trustee's sale, redemption)
- RSMo § 443.420 (notice of redemption, bond)
- RSMo § 443.430 (motion for approval of bond, receiver)
- RSMo § 443.290 (sales under power of sale foreclose redemption)
- RSMo § 407.940 (foreclosure consultants, unlawful acts)
- Missouri Legal Services: Applying for Legal Aid