Missouri Bank Repo Homes Multiplying Because of State Laws

Missouri State in Midwest area of USA consists of 114 counties and an independent City. The capital of Missouri is Jefferson City. Missouri is a mini edition of the cultural and economic cauldron that makes up the country. It is an amalgam of urban and rural tones. Except for two occasions Missouri has always correctly predicted the forthcoming President of USA. The geography of the state is a study in contrast with the northern part consisting of plains while the southern is part of the Ozark Mountains. The two sections are cleaved by the Missouri River.

Missouri Bank Repo Homes dotting the landscape show that it has not remained immune to the foreclosure crisis although here the concentration is less than in states like Florida and California. By bank repo homes are meant those residential homes that have been reclaimed or repossessed by the banks after the closing of the foreclosure process. These are also known as REO’s.

Foreclosure laws in USA are different in different states. In judicial foreclosure states the foreclosure process might run for a year before closing. But in Missouri it can be completed within a maximum of 60 days as the system is non-judicial. The matter does not have to go to court as per the laws of the state and the mortgage terms. Thus those being foreclosed upon never get a chance to present their side of the story to a judge. If the bankruptcy clause of empowering judges to alter terms of the contract had been allowed to pass by the Congress, borrowers in states like Missouri would have benefited and there would have been less number of Missouri bank repo homes.

Eric Madkins speaking on behalf of Urban League of Metropolitan St. Louis dealing with housing and foreclosure intervention said that ironically the staggering number of foreclosures have slowed down the system because the lending entities lacks the infrastructure to tackle this tidal wave.

The rate of foreclosures in Missouri dropped in March this year by 3% (3,400 filings) compared to February albeit the nation saw an increase of 5% in postings. The rate in March in Missouri was 1:779. The state is now ranked 19th among the 50 states of USA. However in comparison to 2007 the rate has increased by 5%.

In April 2,698 foreclosure filings were noted showing a 1% drop from March and 21% less than the numbers of April 2008 according to Realtytrac.