Quite often when I play Mount and Blade:With Fire and Sword I will encounter missing or red terrain anywhere in or out of battle. Nothing I have done seems to stop it from occurring and I haven't found anyone else with this problem. I can't figure out how to upload the picture dicrectly but here is a ling to a screenshot I took while playing http://steamcommunity.com/sharedfiles/filedetails/?id=83429384
Try going into the game's setup menu and changing the directx settings to run it in DirectX 7.
- If you're running an ATI/AMD card, especially the 4800 series then it could be a problem with your drivers which can be fixed by rolling back or perhaps by updating them.
- If you're running an Nvidia card it could be as simple as your graphics card software is overwriting the game's settings. You need to go into the Nvidia panel (I forget the name of it, it's the equivalent of AMD's CCC) and select "3D Application Controlled".
- The above suggestion could also be applied to AMD cards by making sure your Catalyst Control Center isn't applying graphic settings to your games for you.