Selling a Home in Pre-Foreclosure in St. Ann, MO
Selling a home in pre-foreclosure in St. Ann, MO. if you’ve been given a notice of default, you do have options. Evervest Home Buyers is a cash home-buying company that purchases St. Ann, MO homes in foreclosure. Our buyers are personable and nonjudgmental. We can have an estimate ready for you in as little as an hour, have a full offer for you once we do our own inspection, and close in as little as 30 days – before the mortgage holder auctions off your home. Call us at (314) 730-0366 or get your offer online to avoid foreclosure. 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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How Foreclosure Happens in St. Ann, MO
Pre-foreclosure begins when you first miss a payment, and ends when your lender takes official action. It is a five-stage process:
- Payment default — Payment default begins when you’ve missed paying one month of your mortgage. 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, you may be able to work something out with the lender to catch up on payments. Federal law requires lenders to offer you an opportunity to catch up before proceeding to foreclosure.
- Notice of default — After 90 days of missed payments, you’ll receive a notice of default, detailing the amount past due and informing you that you have 30 days to bring the mortgage current. Federal law obligates lenders to wait 120 days from the first missed payment to begin official action.
- The lender officially begins foreclosure — If, after 120 days you haven’t made an agreement with your lender, 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 abide by the regulations set by Missouri statutes.
- Sale of the home — In either case, the home will will be sold in a public option. The lender will set a minimum bid taking into account the value of the house, the debt that remains unpaid, and any fees or unpaid taxes.
- Eviction — Once the property has a new owner, you’ll have between three and 30 days to leave. If you don’t, the new owner can file an eviction lawsuit in court.
While the foreclosure process is not kind, you do have options before the bank takes your home from you.
How to Stop Foreclosure in St. Ann, MO
You have a few options whenever you’re home is in pre-foreclosure or foreclosure in St. Ann, MO:
Reinstate the Loan
Reinstating a loan usually involves settling the past due 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 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 simply brings the loan current. 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 it will likely have an incredibly high interest rate, and then you’ll have two monthly debts to keep up with.
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 return they will release your unpaid debt. Your credit score would not take a hit, and it allows the lender to avoid the time and expense of 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
Filing for bankruptcy is a way to get relief from overwhelming debt. If you file for bankruptcy, 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 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 for free. This is usually a way to give you a few more months to figure out what to do.
Chapter 13 Bankruptcy
If you file for Chapter 13 bankruptcy, you may be able to hold onto your home. It involves coming up with a plan to pay off all or some of your debts over a three to five year period. You’ll have to maintain the payment plan under the supervision of a court-appointed trustee.
Bankruptcy has severe downsides, however. First, your entire financial life will be evaluated to see if you qualify. You’ll also have to pay significant court fees and hire expensive bankruptcy lawyers. If you’re having difficulty keeping up with mortgage payments, you may not be able to afford filing for bankruptcy.
Sell Your Home in Pre-Foreclosure
The last option is to sell your home and settle your outstanding debts with the money. There are two different ways to do this:
- Short sale — Lenders are required to consider any offer made on your St. Ann, MO home. In a short sale, the offer is not enough money to pay off all your debts. The lender can then consider if getting less than the remainder of the mortgage is worth not having to deal with the hassle of a foreclosure. A short sale does lower your credit score, but not to the extent that a foreclosure does.
- Traditional sale — If your home is worth more than the amount of debt you owe, you can accept that offer, use the money to pay off your mortgage, and keep the rest to fund your next move.
You can choose to hire a real estate agent to sell your home in pre-foreclosure, 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 over three months, and that doesn’t include the work put in for making a home appealing to a traditional buyer. 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 a month of you contacting us.
Selling Your Home in Pre-Foreclosure to Our St. Ann, MO Cash Home Buyers
Evervest Home Buyers pays all cash for houses, and strive to give St. Ann, MO residents a stress-free home sale. We buy all types of properties, from people who owe back taxes to condemned properties.
We buy properties “as-is,” which means that the condition of the property isn’t important to us as it would to traditional home buyer. 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 a same-day estimate. In the following 24-48 hours, a member of our team will perform their own inspection. You don’t even have to pick up the socks off the floor before we show up. We always strive to offer as much as we can for a property in St. Ann, MO while still being able to profit off it ourselves.
- Making the home selling experience stress-free — We know that your St. Ann, MO home being in pre-foreclosure is not the best time in your life, and you may be nostalgic about having to move out of home. We’ll won’t make things any more stressful than they already are. Unlike other cash home buying companies, we have never written a contract that didn’t close because we didn’t fulfill its terms. We’ll show you proof of funds so you can feel at ease.
- Getting you money fast — While banks prefer not having to go through the foreclosure process, they’ll still move to take over and sell the house as quickly as possible. When you sell to Evervest, you will 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 does not lower your credit score. However, if your house is foreclosed on, it can have massive consequences for 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 foreclosure.
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Selling Your St. Ann, MO Home in Pre-Foreclosure | Evervest Home Buyers
Everyone hates foreclosure – even mortgage companies. Selling your home in pre-foreclosure is often the best option for both you and your mortgage lender. Our buyers are cordial and nonjudgmental, and can help you get out from under 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 St. Ann, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.