How to avoid foreclosure: The do’s and don’ts of the foreclosure process
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When you’re facing foreclosure, it can feel like you’re out of options. In reality, you just need to take smart actions from the moment you miss your first mortgage payment in order to stop foreclosure. From consulting a foreclosure realtor or foreclosure specialist to reinstating your mortgage, we’ve compiled a guide of what your options are at every step of the foreclosure process.
Once you get instant access to this guide, you will learn best practices to avoid foreclosure:
So you’re missing payments … What do you do now?
Nothing good happens when you miss even one mortgage payment. You’ll usually get a grace period of about 15 days during which nothing will happen, though you can be sure that your lender knows you missed your payment. After two missed payments, you can be pretty sure you’ll hear from your lender. After three missed payments, the foreclosure process will begin. It’s best if you can get back on track before the third missed payment.
In the guide, we’ll tell you what to do—and not to do—when you’re missing mortgage payments in order to best avoid foreclosure.
What should you do when you’re in the limbo between Notice of Default and Notice of Sale?
Most Missouri foreclosures are non-judicial, so once the foreclosure process formally begins, you will likely get a series of two formal notices. The Notice of Default is typically sent to you about 30 days after your first missed payment. Once you receive this notice, you need to act quickly, because once you see the Notice of Sale, you have about 20 days before your home goes to auction.
If this sounds like you, you need to act quickly to avoid foreclosure. Our guide will tell you how to best handle this difficult situation and stop foreclosure.
Do I have any options left once my home has gone to auction?
Once you’ve received the Notice of Sale, you have about 20 days until your home goes to auction.
Learn what to do to avoid having your home go to auction
Whether you’re missing mortgage payments or have received a Notice of Sale, you need to act fast to avoid foreclosure and keep your home. Read our guide to learn your options in every step of the foreclosure process.