Missouri
has an independent system of foreclosing on any real estate
that has been pledged as collateral for a loan (Trustee’s
Sales). It is designed to avoid the involvement of governmental
officials.
In a sale, the holder of the Deed of Trust (pledge of collateral)
asks a pre-assigned third party, the trustee, to foreclose
on property when a loan is in default. Once the notice has
been published in a newspaper of general circulation (i.e.,
The Daily Events) a sale is conducted on the courthouse steps
and the property is sold according to terms in the deed (usually
cash). The notice always includes the name of the defaulter(s),
the book and page number where a complete record of the property
and the loan is stored in the county Recorder of Deed's office,
the date and time of the sale, the legal description of the property, and the trustee's name.
As a courtesy to our subscribers, we now occasionally include a Trustee's Sales Index which lists the amount borrowed and the purported address or location of the property.
