Posted by Becky on May 07, 2005 at 09:29:36:
I think I found an answer here at this site:
http://www.stopforeclosure.com/Missouri_Foreclosure_Law.htm
"Quick Facts
Deficiency Judgements not allowed on residences. So I guess it’s over!
Foreclosure sale – purchased by mortgage company - Posted by Becky
Posted by Becky on May 06, 2005 at 06:07:11:
I live in Missouri. Yesterday, my home was sold at auction for foreclosure. The opening bid was entered by the mortgage company, and there was nobody who would bid over that amount, so the property was sold to the mortgage company for an amount which satisfies my mortgage plus legal expenses for the foreclosure.
Does this mean my mortgage is satisfied, since they purchased the house for a pay-off amount, or was their purchase just a technicality to prevent a low bid, and they can still get a deficiency judgement?
Deficiency action - Posted by John Merchant
Posted by John Merchant on May 06, 2005 at 09:15:59:
Depends on MO law. May be that MO law says no deficiency Judgments on residence ( I remember that’s the law in TX, some other states too) so it’s a finished deal, but you’ll probably want to read MO foreclosure law to see what it is.
Re: Deficiency action - Posted by acw
Posted by acw on May 06, 2005 at 22:29:15:
The bank was just protecting their interest in the property. Technically you’re mortgage is on the banks books as a non-performing note (or a cost on the balance sheets). Your property will more than likely be assigned to a Realtor and when that property is sold, your note would then be satisfied.
However, to prove this for future credit purposes is where your work is cut out for you. U must follow up with the banks to make sure that this mortgage will show up as a paid off debt. Otherwise, it will show as an outstanding liability on your credit report in the future.
Good Luck!
Re: Deficiency action - Posted by Becky
Posted by Becky on May 06, 2005 at 09:23:25:
Thanks for your quick reply! Becky