
Quoting
Redemption Rights in Missouri
Borrowers have redemption rights in Missouri only if the buyer at the sale was the lender, but not if the buyer was anyone else. However, the redemption requirements are so cumbersome that most borrowers do not take advantage of this right. First, the borrower must give advance notice of their intent, either at the sale or 10 days prior to the sale. Second, the borrower must post a bond within 20 days after the sale, which provides an amount equal to the following: the mortgage interest, any secondary loan interest, and taxes that will accrue for one year after the sale; foreclosure expenses; legal fees; damages; plus 6 percent interest. If able to meet these requirements, the owner can redeem the property within one year by paying off the amount owed plus any fees.