Selling a Home in Pre-Foreclosure in Manchester, MO
Selling a home in pre-foreclosure in Manchester, 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 not a situation anyone wants to be in, you do have options if you find yourself there. Evervest Home Buyers is an as-is house-buying company that buys Manchester, MO homes in foreclosure. Our team is amiable and discreet. We can offer you an estimate just by looking at pictures, have our official offer in a matter of days, and close in as little as 30 days – before the bank officially foreclosures on your home. Speak to a representative at (314) 730-0366 or contact us online to get out from under your debt. Depending on how much you owe, we may even be able to put enough cash in your pocket to fund your next move.
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The Pre-Foreclosure Process in Manchester, MO
Pre-foreclosure is the period between when you first miss a mortgage payment and when your bank or lender sells your Manchester, MO house. It is a five-stage process:
- Payment default — Payment default begins when you’ve missed at least one mortgage payment. 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 pay off the delinquent debt. 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 the amount past due and informing you that you have 30 days to pay it off. Federal law requires lenders to wait 120 days from the first missed payment to start the process of taking your home.
- The lender officially begins foreclosure — If, after that period has ended you haven’t brought your mortgage up to date, the lender will begin 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 regulations set by Missouri statutes.
- Sale of the home — Whichever type of foreclosure they pursue, the home will then be auctioned off to the public. The lender will set a minimum bid taking into account the value of the house, the amount owed, and any court costs or unpaid taxes.
- Eviction — Once the property has a new owner, you’ll have a three to 30 day period to move out. If you don’t, the new owner can file an eviction lawsuit in court.
While the foreclosure process is not kind, there are multiple ways you can lessen the consequences for yourself.
How to Stop Foreclosure in Manchester, MO
The following are the main ways you can deal with pre-foreclosure or foreclosure in Manchester, MO:
Reinstate the Loan
Reinstating a loan usually includes paying off the late payments and any other penalties or fees. Once you have paid off all the past due amounts, the loan is considered to be current again and you will be required to continue making regular payments as outlined in the loan agreement.
It’s important to note. If you fail to keep up with the monthly payments the home may go into foreclosure again. You could consider taking out a loan with a different lender, but the interest rates will likely be high, 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 give your home to the lender in exchange for discharging your unpaid debt. This reduces some of the negative consequences of a foreclosure, such as a damaged credit score, and it allows the lender to avoid the time and expense of the foreclosure process. The lender can then sell the house, or keep it and have tenants in it, but you would still likely have to move out.
Bankruptcy
Filing for bankruptcy is a way to get relief from overwhelming debt. If you go the bankruptcy route, you’ll still be responsible for paying off your debt, but with a more realistic payment structure. There are two types of bankruptcy you can file:
Chapter 7 Bankruptcy
If you file for Chapter 7 bankruptcy, you will not be required to pay off the rest of your mortgage if the lender completes foreclosure, and you can remain in the home during the process without having to pay the mortgage. The goal of this is to give you a few more months to plan your future.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may allow you to hold onto 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 option. First, you’ll need to show that you are eligible for it, and all your debts, expenses, and income will be analyzed. You’ll also have to pay significant court fees for bankruptcy lawyers. If you’re not able to keep 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 pay off the remainder of your mortgage with the money you get from the sale. There are two different ways to do this:
- Short sale — Lenders are required to consider any offer made on your Manchester, MO property. In a short sale, the offer on your Manchester, MO home in pre-foreclosure is less than the amount you owe. The lender can then decide if getting less than what you owe is worth avoiding the hassle of a foreclosure. A short sale does lower your credit score, but not as much as a foreclosure.
- Traditional 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 pocket the rest.
You can try to sell your house through a real-estate agent, but foreclosure only lasts for 45 to 60 days. According to research by the St. Louis Federal Reserve, selling a house on the traditional market takes more than three months, and that doesn’t include the repairs and upgrades most traditional buyers will want you to make. If you’re in pre-foreclosure, selling your home to an as-is, cash home buyer may be your best option. We can agree to an offer and close on your house within 30 days of our initial conversation.
Selling Your Home in Pre-Foreclosure to Our Manchester, MO Cash Home Buyers
Evervest Home Buyers buys homes with all cash offers, and strive to give Manchester, MO homeowners a stress-free home selling experience. We’ve bought everything from properties of people who owe back taxes to houses with lead or asbestos.
We buy properties “as-is,” which means that the condition of the property doesn’t matter to us as it would to a typical homeowner. 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:
- Getting our best possible offer fast — If you upload photos of your home, we can give you an estimate within an hour. Then, we’ll schedule an inspection, where a member of our team will perform their own inspection. You don’t even have to sweep, mop, or vacuum before we show up. We always intend to offer as much as we can for a property in Manchester, MO while still being able to profit off it after we repair it.
- Making the home selling experience stress-free — We know that your Manchester, MO home being in pre-foreclosure is stressful, and you may be emotional about having to move out of home. We’ll make everything as simple as we can so you don’t feel any additional stress. Unlike other cash home buying companies, we have no loopholes in our contract. We’ll show you proof of funds so you can feel at ease.
- Getting you money fast — While the bank would likely prefer it if you sold your home instead of them having to foreclose on it, they’ll still move to take over and sell the house as quickly as possible. We can help you sell your house fast. You don’t have to deal with or wait around for third parties. As licensed real estate brokers, we can perform the closing ourselves, usually within 30 days if not sooner.
- Saving your credit score — Having a home in pre-foreclosure won’t lower your credit score. However, if the foreclosure is completed, it has a huge negative impact on your credit score, that won’t go away for 7 years. While selling to us won’t allow you to keep your home, we can help you avoid the financial perils of it getting foreclosed on.
Other services we offer in Manchester, 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 Manchester, MO Home in Pre-Foreclosure | Evervest Home Buyers
Everyone hates foreclosure – even banks. Selling your home in pre-foreclosure is often the best option for everybody involved. Our buyers are cordial and discreet, 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 deal fast, and help you with the legal and financial aspects of the sale. If your Manchester, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.