MO HB1611

Requires foreclosing mortgagees to serve notice of default and intention to foreclose on owner-occupants of residential property at least 60 days before foreclosure sale, including information about available remedies and local housing counselors.

Establishes a foreclosure dispute resolution program within the Division of Finance allowing owner-occupants to elect participation to negotiate loan modifications or settlement agreements with mortgagees, with a stay of foreclosure during the process.

Permits owner-occupants to convert nonjudicial (power of sale) foreclosures to judicial foreclosures within 30 days of receiving notice of default, allowing claims and defenses to be considered by a court.

Prohibits foreclosing mortgagees from engaging in certain practices including holding sales at wrong times/places, completing foreclosures during loan modification negotiations, and pursuing deficiency judgments after nonjudicial foreclosure of residential property.

Establishes the Foreclosure Dispute Resolution Fund, funded by a $550 filing fee per foreclosure notice, to administer the dispute resolution program and requires mortgagees to file notice with the division within three days of serving borrowers.