Finance
Under the Missouri deed of trust foreclosure process, after default, the lender must first typically:
AImmediately conduct a foreclosure sale
BProvide the borrower with a notice of default and opportunity to cure✓ Correct
CFile for court approval
DNotify MREC
Explanation
Missouri non-judicial foreclosure under a deed of trust typically requires that the borrower receive notice of default and an opportunity to cure the default before the foreclosure sale proceeds.
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Key Terms to Know
Deed of Trust
A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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