How Foreclosure Works in Missouri

Both. A deed of trust or mortgage on land can be foreclosed by a court lawsuit, or, at the option of the holder of the debt, by a trustee's sale out of court under a power of sale in the document. Sales made under a power of sale are valid and end the owner's equity of redemption, except for the limited statutory redemption described below.

For a power-of-sale (trustee's) sale, at least 20 days' notice of the sale must be given, and the sale must be held in the county where the land is. The published notice must list the recording information for the mortgage or deed of trust, the grantors, the time, terms and place of sale, and a description of the property. It must be published in a newspaper: in counties with a city of 50,000 or more, at least 20 times in a daily paper continuing to the day of sale; elsewhere, in a weekly paper for four successive issues (or once a week for four successive weeks), with the last insertion no more than one week before the sale. At least 20 days before the sale, the foreclosing lender or trustee must also send the notice by certified or registered mail to the borrower named in the deed of trust, to the record owner as of 40 days before the sale, and to anyone who recorded a request for notice.

The statute sets a minimum of 20 days' notice before a trustee's sale (both the published notice and the mailed notice to the borrower and record owner). If the deed of trust requires longer notice, the longer period applies.