New Missouri Law Expands Foreclosure Protection
Missouri Governor Jay Nixon signed into law requiring anyone purchasing a home in foreclosure to give tenants notice before evicting them. In many cases, landlords that own rental properties are falling behind on mortgage payments and having the property foreclosed on by the lender. The problem is when these landlords have tenants in the property that are current in their rent and suddenly get an eviction notice when the property is foreclosed on without their knowledge.
According to a KMOV News report, the new law requires the buyer of property at a foreclosure sale to give at least ten days notice to a renter before they are allowed to evict them. Although this new law provides a bare minimum amount of notice, at least it will prevent the renter from coming home and finding the locks changed and their personal belongings on the street.
In today’s economy with increased foreclosures and drastic drops in property values, those that do own rental property are finding it hard to keep up. In many cases, a re-structuring of the mortgage debt or other personal debt could prevent the property owner from losing it to foreclosure.
Property owners finding themselves in this situation should take the time to consult with an experienced St. Louis bankruptcy attorney and Illinois bankruptcy lawyer about how to file bankruptcy in St. Louis. A Chapter 7 bankruptcy or a Chapter 13 repayment plan might help the property owner save themselves from the foreclosure process.
Tags: 10 day notice requirement for eviction, bankruptcy, Chapter 13 bankruptcy, Chapter 7 Bankruptcy, eviction, file bankruptcy in St. Louis, foreclosure, foreclosure protection, Governor Jay Nixon, Illinois bankruptcy lawyer, KMOV News, Missouri law, St. Louis bankruptcy attorney