Blue Springs Foreclosure Lawyers

Find the right Foreclosure attorney in Blue Springs, MO

Foreclosure Law in Missouri

In Blue Springs, Missouri, foreclosure is a process through which a lender that issued a mortgage loan retakes possession of the property that was purchased with the mortgage in the event that the borrower has defaulted on his or her payments.

If an ordinary consumer faces foreclosure, it typically involves a home that was purchased with a mortgage from a bank. The bank will typically try to sell the house at a public option, with the hope of at least covering the remaining debt, to avoid taking a large loss.

Like every other state in the U.S., Missouri permits homeowners facing foreclosure to opt for a foreclosure by judicial sale. This is a process through which a court oversees the sale of the house by the lender. The purpose is to see that the lender takes reasonable steps to notify the public of the auction, and other steps to ensure that the house sells for the highest price possible. This is meant to protect the borrower, making it less likely that they'll have to pay a large deficiency judgment (the remaining amount due on the mortgage if the house sells for less than the remaining balance).

In a large number of states, but not all of them, mortgages are a type of loan identified as a "non-recourse loan." While the regulations governing these loans are complex, it most basically means that, once the house is sold, and the sale price doesn't cover what the borrower owes, the lender can't go after the borrower for the remainder. They simply have to take the loss.

How to Possibly Avoid Foreclosure in Blue Springs, Missouri

Communication between you and your lender is perhaps the most important way to avoid foreclosure. Ignoring the issue is guaranteed to be counterproductive. Honesty is the best policy when it comes to dealing with lenders.

You should remember that the bank doesn't really want your house. They completed a mortgage hoping to make a profit from interest, and that's what they'd much rather do. They aren't in the business of buying and managing real estate. Therefore, banks will sometimes go to surprising lengths to accommodate your financial hardship, especially if it's temporary.

If you experience a sudden change in your financial situation, your lender, in an effort to prevent you from defaulting, might be willing to accept lower monthly payments, at least temporarily.

Finally, there is the "short sale." Typically considered a last resort, a short sale results in the borrower losing their home, but discharges almost all of their remaining mortgage debt. If the house is worth far less than the balance of the mortgage, this might be a good option. In Missouri, when a house is sold in a short sale, the proceeds go to the lender. If it sells for less than the mortgage balance, whatever's leftover is forgiven. If it sells for more, the surplus goes to the homeowner.

Can a Blue Springs, Missouri real estate attorney help?

If you are facing foreclosure in Blue Springs, Missouri, and want to do everything practicable to save your house, the assistance of a knowledgeable real estate lawyer might prove invaluable.

Talk to a Real Estate Law Attorney now!

Life in Blue Springs

Blue Springs is a Jackson County city that is just outside of Kansas City in the State of Missouri. The city is home to 55,000 residents including celebrities like David Cook from American Idol, rapper Tech N9NE, pro wrestler Ricky Vega, and football player Doug Terry. Blue Springs is popular among families and business professionals because it plays host to many award-winning schools and is an attractive residential community for commuters. Notably, a number of lawyers call Blue Springs home. Those lawyers specialize in a wide range of practice areas and daily take new cases. There are also a number of picturesque parks and free recreational activities.  

Blue Springs was founded by settlers traveling westward who utilized the clean spring water from Little Blue River. The river played an important role in the development of Blue River and powered the Burrus Old Mill, a grist mill, which can still be visited at the city's Burrus Old Mill Park on Woods Chapel Road. When the Chicago and Alton Railroads announced they were constructing a station 1 mile east of the mill in 1878, the city's center relocated to attract more commerce. 

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