The power of sale clause within a mortgage acts as the legal means to proceed with foreclosure. The power of sale clause stipulates the foreclosure process should default occur. Within the non-judicial foreclosure, there is the requirement of public announcement of foreclosure, commonly termed as foreclosure by advertisement. In the power of sale clause, a trustee acts as a representative for the lender. It gives the trustee the right to proceed with foreclosure on a mortgage in default.

With non-judicial foreclosures in Missouri, the lender or trustee must obtain and file a intent to foreclose. The foreclosure cannot occur until notice of foreclosure sale is published at least 20 times prior to the date of the sale with last publication being on the date of sales of the property in newsprint in general circulation if the property is located in a city of a population of 50,000 or more. In under that population, the published notice must run in print for no less then four consecutive weeks with the last publication no more than a week from date of sale.

Notice of intent of foreclosure must be served to the occupants of said property and if different from the mortgage holder, the mortgage holder as well as any one who holds a lien on the property in question within 20 days prior to the date of the sale by registered or certified mail the intent of sale as well as the terms of the sale and description of the property to be sold.

If there is no power of sale clause within the mortgage papers, the lender then must use the judicial foreclosure process. The court must issue a final judgment of foreclosure. Mississippi has what is called a statutory right of redemption standard giving the mortgage holder 1 year from date of sale to pay in full the sum of the unpaid loan as well as costs. Typically, the lender has no right to deficiency judgment in the state of Missouri. If you live in Missouri and are facing foreclosure, 1st Foreclosure Prevention can help you work with you lender to stop the foreclosure process and help you to save your home.