A Statutory Redemption

• Library: Foreclosures Guidebook (2017 Ed.)

A. Statutory Redemption

In one sense, the property can be “redeemed” at any time before the foreclosure sale by payment of the full balance of the debt and foreclosure expenses incurred to that time. Section 443.400, RSMo 2016, authorizes payment of the full balance directly to the trustee, who is to issue a certificate to that effect. This certificate is to be acknowledged and then recorded in the recorder’s office in which the deed of trust was recorded. Id. Recording of the certificate is equivalent to recording a deed of release for this deed of trust. Section 443.400, RSMo 2016.

But references to statutory redemption of a deed of trust usually do not refer to payment of the full balance before sale but rather to the limited redemption authorized by §§ 443.410 et seq., RSMo 2016. This right of redemption applies only when the purchaser at the foreclosure sale is the holder of the debt or is “any other person for such holder.” Section 443.410, RSMo 2016. Thus, if the high bidder at the sale is anyone else, there is no right of redemption under these statutory provisions. Blades v. Ossenfort, 481 S.W.2d 531 (Mo. App. E.D. 1972). Furthermore, the procedure required under §§ 443.410 et seq. is rather technical and must be followed carefully. State ex rel. Gravois Home Sav. & Loan Ass’n v. Moss, 458 S.W.2d 593 (Mo. App. E.D. 1970). The right of redemption is available to the original mortgagor and “his heirs, devisees, executors, administrators, grantees or assigns.” Section 443.410.

To exercise the right of redemption, the mortgagor must do the following:

1. Give a written

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