Lenders in Missouri are offered to seek remedy against defaulting borrowers through judicial foreclosure or non-judicial foreclosure.
- The Deed of trust and Mortgage are considered to be the primary security instruments required to carry out the foreclosure process.
- The judicial foreclosure process will commence with the filing of lawsuit for the court to peruse the default made by the borrower.
- Under non-judicial foreclosure the Deed of trust with a power of sale will be executed by the lender according to the terms laid down in the Deed. Borrower has the right of redemption to be executed within a period of one year.