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Foreclosure in Missouri

What are the consequences if I walk away from my home in Missouri?  I have lost my job and can no longer afford payments.  The value of my home is approximately $40K less than what is owed so any foreclosure sale will not cover the loan balance owed.  Can my lender come after me in the future for any balance not recovered? 
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April 15 2010 - Kansas City
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The short answer to your question is Yes the bank can try to collect on the outstanding balance.
There are several things you should do before you decide to walk away.

The first is to make contact with your lender and explain the situation.  Due to recent legislation, your lender is much more likely to try and work with you as they now have incentives to avoid foreclosing.  Have them start a loan modification process. 

At the same time you should be thinking about listing the house as a short sale.  It is much better to sell it as a short sale than to let it go into foreclosure.  A good lawyer can tell you what the difference is.

Hope this helps.

Chris Dawson

Just Right Real Estate, Inc.

Broker Officer

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April 15 2010
Call a real estate reputable investor or real estate agent who specializes in sshort sales. How much is your house worth?
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April 15 2010
Call an attorney that specializes in foreclosure. This is not a question for real estate agents. They have a vested interest in getting you to do a short sale (and they can get the answer wrong).
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April 15 2010
 
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