Selling a Home in Pre-Foreclosure in Affton, MO
St. Louis County
Evervest Home Buyers
3015 Salena St #201
St. Louis, MO 63118
Selling a home in pre-foreclosure in Affton, MO. Tough times 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 a cash home-buying company that purchases Affton, MO homes in foreclosure. Our buyers are friendly and discreet. We can offer you an estimate in as little as an hour, have our official offer once we do our own inspection, and close in as little as month – before the mortgage holder officially foreclosures on your home. Call us at (314) 730-0366 or contact us 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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How Foreclosure Happens in Affton, MO
Pre-foreclosure is the period between when you first miss a mortgage payment and when your bank or lender sells your Affton, MO house. It is a five-step process:
- 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 with a letter or phone call. If you’ve only missed a month or two, you may be able to reach an agreement with the lender to get up to date on payments. Federal law requires lenders to discuss loss mitigation options with you.
- Notice of default — After the third month of missed payments, you’ll receive a notice of default, telling you how much you owe and informing you that you have 30 days to bring the mortgage current. Federal law requires 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 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, they’ll proceed out of court, but they must abide by the regulations set by Missouri law.
- Sale of the home — In either case, the home will will be sold in a public option. The lender will set a minimum bid which accounts for how much the home is worth, the amount owed, and any fees or unpaid taxes.
- Eviction — Once the property has a new owner, you’ll have between three and 30 days to move out. If you remain in the home, the new owner can file an eviction lawsuit against you.
While the foreclosure process may seem harsh, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Affton, MO
You have a few options whenever you’re property is in pre-foreclosure or foreclosure in Affton, MO:
Reinstate the Loan
Reinstating a loan typically involves paying off 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 required to continue with the monthly payments as previously agreed.
You need to be aware that reinstating a loan does not forgive the late payments and penalties that were incurred, it merely brings the loan current. If you cannot maintain the payments. It’s possible to take out a loan with a different bank, 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 the release of your obligation to pay the mortgage. 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 property, or keep it and have tenants in it, but you would still likely have to move out.
Bankruptcy
Bankruptcy is a legal process that allows individuals or businesses who are unable to pay their debts to either have those debts restructured or discharged. If you go the bankruptcy route, you’ll still have to pay 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 your remaining debt if the lender completes foreclosure, and you can remain in the home during the process without having to pay anything monthly. The goal of this is to simply stall foreclosure for several months while you plan your future.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may permit you to keep your property. 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 drawbacks, however. First, your entire financial life will be analyzed to see if you qualify. You’ll also have to pay many 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
An alternative to the above options is to sell your home and settle your outstanding debts with the money. There are two different ways to do this:
- Short sale — If a prospective buyer makes an offer on your Affton, MO home, the lender must consider it. 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 what you owe is worth avoiding 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 simply sell your home to an interested buyer, use the money to pay off your mortgage, and pocket the rest.
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. According to research by the St. Louis Federal Reserve, it takes an average of 50 days to find a buyer and 50 days to close, 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 your home 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 30 days of our initial conversation.
Selling Your Home in Pre-Foreclosure to Our Affton, MO Cash Home Buyers
Evervest Home Buyers pays all cash for houses, and always want to give Affton, MO residents a stress-free home selling experience. We buy all types of properties, from people who owe back taxes to condemned properties.
We purchase homes “as-is,” which means that homeowners do not have to make costly repairs to the property for us to want to buy 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:
- Getting our best possible offer fast — If you send us pictures of your house, we can give you an estimate within an hour. In the following 24-48 hours, one of our buyers will do their own inspection. You don’t even have to pick up the socks off the floor before we show up. We always intend to offer as much as we can for a home in Affton, MO while still seeing it as an investment for ourselves.
- Making the home selling experience stress-free — We know that your Affton, MO home being in pre-foreclosure is a trying time, and you may be nostalgic about leaving your home. We’ll won’t make things any more stressful than they already are. We differ from 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 us, you can 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, as soon as you need us to after you agree to our offer.
- Saving your credit score — Having a home in pre-foreclosure won’t effect 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 you won’t get to keep your home if you sell to us, we can help you avoid the financial pitfalls of foreclosure.
Other services we offer in Affton, MO include:
- Sell a Property With Tenants – Fast, Easy, Hassle-Free
- Selling Your House Off-Market
- Local Home Buyers
- Sell Vacant House (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 a House in Poor Condition
- How to Sell a House That Needs Major Repairs
- Home Investors
- Sell My House
- Cash for Homes
- Sell My House As-Is
- Sell My Probate House
- Sell My Outdated House
- Sell My Inherited House in Greater St. Louis
- How to Sell Your House
- Investment Property Buyers
- Fast House Buyer
- Condemned Property Buyer
- Cash Home Buyer
- Sell My Home For Cash
Selling Your Affton, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even mortgage companies. Selling your home in pre-foreclosure can be an agreeable solution for everybody involved. Our buyers are personable and discreet, 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 deal quickly, and help you with the legal and financial aspects of the sale. If your Affton, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.