Foreclosure Equals Loss of Ownership

When a foreclosure occurs, the mortgagor (the person who borrowed the money for the house) loses their interest in the property.  The mortgagee (the lending institution or bank) takes the property back and sells it to the highest bidder.  The highest bidder gets title to the property at the close of the foreclosure sale and the bidder can be the bank or anyone else.  In Missouri, a foreclosure sale can occur without the courts or a Judge getting involved.  In Kansas, a foreclosure cannot occur until a Judge has signed off and approved the sale.  If you are facing a foreclosure and want to know your options, feel free to contact our law office at 816-524-4949 or visit our website at www.Hoorfarlaw.com.

This entry was posted in General and tagged , , , . Bookmark the permalink.

Leave a Reply