Foreclosure will ruin your credit, your sense of stability, and even your relationships. When you've missed even one payment, you have to act fast - in Missouri, the bank only has to give you a 20-day notice before selling your home at auction. If your house sells at auction for less than you owe, you can still be held responsible for the difference. Here is a general timeline of how the foreclosure process could play out:

1) You miss a mortgage payment.

2) 30 days after your payment is missed, your lender sends you a Notice of Default stating your home will be sold at auction in as little as 20 days.

3) If you do not get current on your payment before the auction, your home will be sold to the highest cash bidder. You walk away with nothing.

4) In addition to losing your home, you may be responsible for the difference between the amount owed and the selling price. For instance, If you still owed $100,000 on your home and it sold at auction for $65,000, you could be required to pay the difference of $35,000, with no home to show for it!

Missouri is a non-judicial foreclosure state, meaning a lender does not have to sue you in court to sell off your house. This means that your home can be taken from you much more quickly than in other states.

This is why it is IMPERATIVE that you don't wait and hope for the best when you've missed a payment. You need to move quickly or you may find your family with no place to live.

If you're in or near Springfield, Missouri and can't negotiate with your lender to stay in your home, call or email us. We will sit down and discuss your options with you and help keep your from walking away empty handed or even worse, in the hole.