The Missouri foreclosure process can be frustrating when you miss payments and it feels like you are going to lose your home. When you miss payments and the bank starts coming down hard on you there are things that you can do to save your home. Always work with the lender and keep them up to date about your financial situation so they can help you come up with solutions to save your home.
The bank will send you a notice of default when you miss payments on your home. This is the start of the Missouri foreclosure process but it doesn’t mean that you will lose your home right away or that you need to move out quite yet. You actually have about a 90 day window that you can come up with the money to save your home. If all you need is time the bank will work with you. It is common for people to have hard times like a family death or a break in their work where they have a lapse in their income. If this has happened to you the lender will work with you.
If you do not tell the bank what is going on with your financial situation they will not know that you want to keep your home and they will assume you don’t care. If this occurs they will initiate the second phase which is scheduling the date of the auction to sell your home to recover the funds of the loan they gave to you.
If you cannot get caught up on your payments and save your home then the bank will auction it at the county courthouse on a weekend. This date will be set months in advance and you will be given many different types of notifications for it. The auction will even be posted in the local newspaper. Once the home is auctioned off to the highest bidder you will need to be living in another home.