Selling a Home in Pre-Foreclosure in Bridgeton, MO
Selling a home in pre-foreclosure in Bridgeton, MO. Financial hardships can happen to anyone, but foreclosure is not the end of the road for homeowners. While losing your home and facing an enormous hit on your credit score is a difficult situation to be in, you do have options if you find yourself there. Evervest Home Buyers is a cash property-buying company that buys Bridgeton, MO homes in foreclosure. Our team is amiable and discreet. We can have an estimate ready for you just by looking at pictures, have our official offer once we do our own inspection, and close as quickly as you need us to – before the mortgage holder auctions off your home. Speak to a representative at (314) 730-0366 or get your offer online to get free of your debt. Depending on the value of your home and what’s left on the mortgage, you may even be able to have some cash left over.
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The Pre-Foreclosure Process in Bridgeton, MO
Pre-foreclosure begins when you first miss a payment, and ends when your lender takes official action. It typically happens in five stages:
- Payment default — You’re technically in default after your first missed payment, or once you pass your lender’s grace period. After each of the first two missed payments, your bank will likely reach out via letter or telephone. If you’ve only missed a month or two, the lender will likely be willing to work something out with you to bring your balance up to date. Federal law requires lenders to discuss loss mitigation options with you.
- Notice of default — After 90 days of missed payments, you’ll receive a demand letter, detailing how much you owe and informing you that, to avoid foreclosure, you must bring the mortgage up to date within 30 days. Federal law requires lenders to wait 120 days from the first missed payment to begin foreclosure proceedings.
- The lender officially begins foreclosure — If, after that period has ended you haven’t brought your mortgage up to date, the lender will take action with either a judicial foreclosure or a nonjudicial foreclosure. In a judicial foreclosure, the lender sue you in civil court. In a nonjudicial foreclosure, you won’t have any official court proceedings, but they must follow the rules set by Missouri statutes.
- Sale of the home — In either case, the home will then be auctioned off to the public. The lender will set a minimum bid which accounts for their appraisal of the home, the amount owed, and any fees or unpaid taxes.
- Eviction — Once the home is sold, you’ll have between three and 30 days to leave. If you don’t, the new owner can file an eviction lawsuit against you.
While the foreclosure process is not kind, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Bridgeton, MO
Below are the main ways you can deal with pre-foreclosure or foreclosure in Bridgeton, MO:
Reinstate the Loan
Reinstating a loan usually involves settling the late payments, late fees, and any other charges associated with the delinquency. Once you have paid off all the past due amounts, the loan is considered to be current again and you will be expected to continue making regular payments as outlined in the loan agreement.
You need to be aware that reinstating a loan does not forgive the late payments and subsequent late fees, it merely brings the loan current. If you cannot maintain the payments. You could consider taking out a loan with a different lender, but it will probably have an incredibly high interest rate, and you’ll have to keep up with the payments in addition to your mortgage.
Deed in Lieu of Foreclosure
In a “deed in lieu,” you can agree with the lender to voluntarily transfer ownership of the property to them in exchange for discharging your obligation to pay the mortgage. This reduces some of the negative consequences of a foreclosure, such as a damaged credit score, and the lender wouldn’t have to deal with the nuisance the foreclosure process. The lender can then sell the home, or keep it as a rental property, but you would still likely have to move out.
Bankruptcy
Bankruptcy is a legal process that allows individuals or businesses who are unable to keep up with their debts to either have those debts restructured or discharged. If you file for bankruptcy, you’ll still have to pay off your debt, but the timeline will be extended and will have a different payment plan. There are several types of bankruptcy, but the most common for individuals are Chapter 7 and Chapter 13.:
Chapter 7 Bankruptcy
If you choose Chapter 7 bankruptcy, you will not have to pay off your remaining debt if your home completes foreclosure, and you can still remain in the home before foreclosure without having to pay the mortgage. The goal of this is to give you a few more months to figure out what to do.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may allow you to keep your house. You’ll have to stick to a payment plan – under supervision of a court-appointed trustee – that allows you to become current in three or five years.
There are many reasons that bankruptcy may not be a good choice. First, your entire financial life will be evaluated to see if you qualify. You’ll also have to pay considerable court costs and fees and hire expensive bankruptcy attorneys. If you’re having difficulty keeping up with mortgage payments, bankruptcy still may be too expensive.
Sell Your Home in Pre-Foreclosure
The last option is to sell your home and settle your outstanding debts with the money. There are a couple different types of sales for a pre-foreclosure home:
- Short sale — Lenders are required to consider any offer made on your Bridgeton, MO home. In a short sale, the offer on your Bridgeton, MO home in pre-foreclosure is less than the amount you owe. A short sale can only happen if the lender agrees. In some cases, the bank may think the short sale offer is more than they’ll get at auction. A short sale does lower your credit score, but not as much as a foreclosure.
- Standard sale — If a potential buyer offers more than your remaining mortgage, you can accept that offer, use the money to pay off your mortgage, and keep the rest for new housing.
You can try to sell your property on the traditional market, but foreclosure only lasts for 45 to 60 days. Based on data from the St. Louis Federal Reserve, selling a house on the traditional market takes more than 90 days, and that doesn’t account for the repairs and upgrades most traditional buyers will want you to make. If you’re in pre-foreclosure, selling to an as-is, cash home buyer is likely preferable to the traditional market. We can agree to an offer and close on your house within a month of you contacting us.
Selling Your Home in Pre-Foreclosure to Our Bridgeton, MO Cash Home Buyers
Evervest Home Buyers buys homes with all cash offers, and always want to give Bridgeton, MO homeowners a stress-free home sale. We’ve bought everything from properties of people who owe back taxes to condemned properties.
We purchase homes “as-is,” which means that homeowners do not have to make costly renovations to the property in order to sell it. You also don’t have to do open houses and wait to find a buyer. We can help you in selling your home in pre-foreclosure by:
- Giving our best possible offer fast — If you send us pictures of your property, we can give you an estimate within an hour. In the following days, one of our buyers will carry out their own inspection. You don’t even have to wash the dishes before we show up. We always intend to offer as much as we can for a home in Bridgeton, MO while still being able to profit off it ourselves.
- Making the home selling experience stress-free — We know that your Bridgeton, MO home being in pre-foreclosure is a trying time, and you may not want to move out of your home. We’ll make everything as simple as we can so you don’t feel any added stress. We differ from other as-is home buying companies we have no loopholes in our contract. We’ll show you proof of funds so you don’t have to worry.
- Getting you money fast — While banks prefer not having to go through the foreclosure process, they’re not going to wait around to collect their debt. We can help you sell your house fast. There’s no waiting for inspections, appraisals, or to find a buyer. As licensed real estate brokers, we can perform the closing ourselves, as soon as you need us to after we agree on a price.
- Saving your credit score — Having a home in pre-foreclosure does not lower your credit score. However, if your house is foreclosed on, it can have massive consequences for your credit score, that will stay there for 7 years. While you won’t get to keep your home if you sell to us, we can save you from the financial pitfalls of it getting foreclosed on.
Other services we offer in Bridgeton, MO include:
- Selling Your House Off-Market
- Local Home Buyers
- Sell Vacant House (For Cash)
- Sell My House Fast for Cash
- Selling a Fixer Upper Home
- Cash for Ugly Houses
- Sell Your House During a Divorce
- Selling a Rental Property
- Selling a Home with a Reverse Mortgage
- Selling a House Without a Realtor
- Selling an Inherited House
- Selling a House in Poor Condition
- How to Sell a House That Needs Major Repairs
- Selling a House As Is
- Home Investors
- Cash For Houses
- Buy My House
- We Buy Houses For Cash
- Sell My House
- Cash for Homes
- Sell My House As-Is
- Sell My House For Cash
- Sell My Probate House
- Sell My As-Is House
- Sell My Outdated House
- Sell My Inherited House in Greater St. Louis
- Sell Your House Fast
- How to Sell Your House
- Sell My Home Preforeclosure
- Sell My Home Now
- Rental Property Buyer
- Cash Home Buying Company
- Investment Property Buyers
- Foreclosed House Buyer
- House Buying Company
- Fast House Buyer
- Probate House Buyer
- Condemned Property Buyer
- House Buyers
- Property Buyers
- Cash Home Buyer
- We Buy Houses in Greater St. Louis
Selling Your Bridgeton, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even lenders. Selling your home in pre-foreclosure can be an agreeable solution for both you and your mortgage lender. Our buyers are friendly and nonjudgmental, and can help you pay off your debt and save your credit score. We’ll make a fair cash offer on the property, close on the sale fast, and assist with the legal and financial aspects of the sale. If your Bridgeton, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.