Legal Question in Real Estate Law in Missouri
Foreclose on Missouri Deed of Trust
I financed a house for a friend with my own money. She has made the payments on time, but I found out has not paid the taxes or insurance. The contract says this is default by breach of covenants. I have written her and made calls, she ignores me and does nothing about it. I don't want to remain in a contract with her, feel it is unsafe that she refuses to protect my interest in the property. What do I need to do to get out of the contract and get her out of the house so I can sell it. I do not want to publish a notice of sale for the highest bidder. why should I have to do that? It has been 3 months since I first asked her for proof of insurance and tax being paid. What is the trustee listed on the deed of trust? Since I paid cash for the house, I thought I owned it? I was told I can pay the ins. and taxes and add it to her note with interest, this would just allow her to keep the house and make minimal payment over the term of the loan which is 13 years at 5% int. I don't have the money to pay what she is supposed to pay anyway. Please tell me what I can do and if I can do this on my own without hiring an attorney? The main question is about having to publish a notice of sale for 20 times or what is that all about? thanks
1 Answer from Attorneys
Re: Foreclose on Missouri Deed of Trust
You have been given some half-truths about the method of reposessing real property and foreclosing on a mortgage. There is not enough space to clear all of it up for you here. You may be entitled to send a letter to the debtor demanding that she pay the outstanding taxes and provide proof of insurance, and that you will accelerate the loan if she does not do so (assuming your note says she has to maintain insurance) If she does not do that, you may be able to demand full payment of the note. If she does not pay, then you may try to do an unlawful detainer action. [You should keep the taxes current, or you risk the property being sold by the County] If you pay it, you may be able to add it to her debt. You coudl apply her payemnts to the repayment of the taxes, then to the remaining debt.
There are a hundred pitfalls in doing a foreclosure or Unlawful detainer action without an attorney. It is imossible to explain them all to you here. If you still feel you cannot aford to have an attorney assit you, assume you will do it wrong the frist time, and may have to pay money to the debtor for yoru worng actions.
This answer has been meant to give you abrief description of yoru options. You should nto rely on it solely for taking action in a any specific case. It is strongly suggested that you consult with an attorney in your area who can have access to the particular documents and other facts of your situation.
Good Luck
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