C Equitable Foreclosure

• Library: Foreclosures Guidebook (2017 Ed.)

C. Equitable Foreclosure

Despite the specific statutory scheme for judicial foreclosure found in §§ 443.190–443.280, RSMo 2016, there can also be equitable judicial foreclosure. See Federal Land Bank of St. Louis v. McColgan, 59 S.W.2d 1052 (Mo. 1933), in which a mortgagee was entitled to reformation of a description of land because the mortgage itself was not the complete contract; the contract also included the application for the loan, which correctly described the land. Thus, the mistake was mutual.

An equitable...