Missouri Servicing Reference Guide
- Kacey Olson
| Citation | Topic | Requirement |
| Mo. Rev. Stat. Ann. §443.440 | Foreclosure Sale | If the bond is given and approved the trustee at the purchaser's request shall execute, acknowledge and deliver to him a certificate of sale or purchase giving a reference to the deed of trust, fact of sale and purchase. And if redemption is not made within the year as so provided he shall thereupon execute to the purchaser or his heirs or devisees good and sufficient deed of conveyance upon the presentation of such certificate or showing of reason for its nonproduction to the satisfaction of the trustee. The rights, interests and estates of any of the parties may be conveyed by deed as interests in land are conveyed and trustee's deed may be made to the original purchaser and shall inure to his grantees. If the certificate of sale or any conveyance of the purchaser's interest is recorded the purchaser and his grantee shall give a sufficient recordable acknowledgment of redemption if the same be made. Any prematurely executed trustee's deed shall operate as a certificate of sale by the trustee, and if the trustee dies, becomes incapable or cannot be found the court may summarily and on ex parte application of the purchaser appoint a successor or commissioner to execute a good and sufficient conveyance in completion of the trustee's sale if redemption be not made within the year provided. Both the certificate of sale and purchase and deed and the recitals therein shall each be prima facie evidence of the recitals therein. |
| MO Secure and Fair Enforcement for Mortgage Licensing Act | Mo. Rev. Stat. Ann. §408.233(4) | Late Payment Fees - Second Lien Loans | 4. On any second mortgage loan, a default charge may be contracted for and received for any installment or minimum payment not paid in full within fifteen days of its scheduled due date equal to five percent of the amount or fifteen dollars, whichever is greater, not to exceed fifty dollars. A default charge may be collected only once on an installment or a payment due however long it remains in default. A default charge may be collected at the time it accrues or at any time thereafter and for purposes of subsection 3 of section 408.234 a default charge shall be treated as a payment. No default charge may be collected on an installment or a payment due which is paid in full within fifteen days of its scheduled due date even though an earlier installment or payment or a default charge on earlier installment or payments may not have been paid in full. |
| Mo. Rev. Stat. Ann. §408.555(1) | Notice of Default and Right to Cure | Except as provided in subsection 2 of this section, after a default consisting only of the borrower's failure to make a required payment, a lender, because of that default, may neither accelerate maturity of the unpaid balance nor take possession of or otherwise enforce a security interest until twenty days after a notice of the borrower's right to cure is given both to the borrower and to all cosigners on the credit transaction nor, with respect to an insurance premium loan, give notice of cancellation until thirteen days after a notice of the borrower's right to cure is given; notice shall not be given prior to default. |
| Debtor-Creditor Relations / Mo. Rev. Stat. Ann. §427.125(1) | Notice of Placement of Insurance | Within 30 calendar days following the placement of collateral protection coverage, the lender must mail to the borrower at his or her last known address a notice entitled “Notice of Placement of Insurance”. |
Mo. Rev. Stat. Ann. §443.320 and Mo. Rev. Stat. Ann. §513.205 | Notice of Sale | The notice required by section 443.310 shall set forth the date and book and page of the record of such mortgages or deeds of trust, the grantors, the time, terms and place of sale, and a description of the property to be sold, and shall be given by advertisement, inserted for at least twenty times, and continued to the day of the sale, in some daily newspaper, in counties having cities of fifty thousand inhabitants or more, and in all other counties such notice shall be given by advertisement in some weekly newspaper published in such county for four successive issues, the last insertion to be not more than one week prior to the day of sale, or in some daily, triweekly or semiweekly paper published in such county at least once a week for four successive weeks. 3. In the event of foreclosure under a power of sale, the foreclosing mortgagee or trustee shall, not less than twenty days prior to the scheduled date of the sale, cause to be deposited in the United States mail an envelope certified or registered, and with postage prepaid, enclosing a notice containing the information required in the published notice of sale referred to in section 443.320, addressed (1) To each person whose name and address is set forth in any such request recorded at least forty days prior to the scheduled date of sale; and (2) To the person shown by the records in the office of the recorder of deeds to be the owner of the property as of forty days prior to the scheduled date of foreclosure sale at the foreclosing mortgagee's last known address for said record owner; and (3) To the mortgagor or grantor named in the deed of trust or mortgage at the foreclosing mortgagee's last known address for said mortgagor or grantor. (4) Actual receipt by the addressee of the envelope referred to above shall not be necessary to establish compliance with the notice requirements of subsection 3 hereof. Recording of receipt issued by the United States Post Office for certified or registered mail to evidence that said envelope has been delivered by the sender to the United States Post Office shall constitute proof of compliance with notice requirements of subsection 3 hereof. |
| Secure and Fair Enforcement for Mortgage Licensing Act / Mo. Rev. Stat. Ann. §443.410 | Redemption Rights Notice | All real estate sold under a power of sale may be redeemed at any time within 1 year from the date of the sale. The property may be redeemed by the grantor in the mortgage or deed of trust, or the grantor's heirs, devisees, executors, administrators, grantees or assigns. A person entitled to redeem must give written notice at the sale or within 10 days before the date advertised for the sale to the person making or who is to make the sale of the purpose to redeem if the sale and purchase are so made. |
| Secure and Fair Enforcement for Mortgage Licensing Act / Mo. Rev. Stat. Ann. §443.861 | Transfer of Servicing Notice | Whenever the servicing of a residential mortgage is transferred or sold by a residential mortgage loan broker, notice shall be given to the mortgagor simultaneously with such transfer and shall include, at the minimum, where and to whom to address the mortgagor's questions relating to the residential mortgage, the exact name, address and telephone number to whom at least the next three months' payments are to be submitted and the total amount required of the mortgagor by the servicer for each of the months referred to in the notice. |