Selling a Home in Pre-Foreclosure in Arnold, MO
Selling a home in pre-foreclosure in Arnold, MO. if you’ve been given a notice of default, you do have options. Evervest Home Buyers is an as-is house-buying company that purchases Arnold, MO homes in foreclosure. Our buyers are friendly and nonjudgmental. We can offer you an estimate right when you upload pictures, have a full offer for you once we do our own inspection, and close in as little as month – 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 the value of your home and what’s left on the mortgage, we may even be able to put enough cash in your pocket to fund your next move.
The Pre-Foreclosure Process in Arnold, MO
Pre-foreclosure is the period between when you fall behind on your mortgage payments and when your Arnold, MO lender auctions off your home off to the highest bidder. It is a five-step process:
- Payment default — Payment default begins when you’ve missed paying one month of your mortgage. Banks are required to reach out to by the time you’re 45 days late on a payment. At this point, you may be able to reach an agreement with the lender to get up to date on payments. Federal law requires lenders to offer you an opportunity to catch up before proceeding to foreclosure.
- Notice of default — After the third month of missed payments, you’ll receive a demand letter, telling you how much you owe and informing you that, to avoid foreclosure, you must pay it off within 30 days. Federal law stipulates that lenders must 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, you won’t have any official court proceedings, but they must follow the rules in by Missouri statutes.
- Sale of the home — Whichever type of foreclosure they pursue, the property 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 home is sold, 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 is not kind, there are multiple ways you can mitigate the consequences for yourself.
How to Stop Foreclosure in Arnold, MO
Below are the main ways you can deal with pre-foreclosure or foreclosure in Arnold, MO:
Reinstate the Loan
Reinstating a loan usually includes paying off the late payments, late fees, and any other charges associated with the delinquency. Once the mortgage is current you can continue with the monthly payments as previously agreed.
It’s important to note. If you cannot maintain the payments. It’s possible to take out a loan with a different lender, but it will likely have an incredibly high interest rate, and then you’ll have two monthly loans to stay current on.
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 obligation to pay the mortgage. 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 and have tenants in it, but you would still likely have to move out.
Filing for bankruptcy is a way to get relief from debilitating debt. If you file for bankruptcy, you’ll still be responsible for paying off the mortgage, but the timeline will be extended and will have a different payment plan. There are two types of bankruptcy you can file:
Chapter 7 Bankruptcy
If you file for 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 anything monthly. 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 not give up your house. 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.
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 incur considerable court fees and pay for expensive bankruptcy lawyers. If you’re already struggling with money, you may not be able to afford filing for bankruptcy.
Sell Your Home in Pre-Foreclosure
An alternative to the above options is to find a buyer 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 Arnold, MO property. In a short sale, the offer is not enough money to pay off all your debts. A short sale can only happen if the lender agrees. In some cases, the bank may think the short sale offer would be higher than what they’d get at auction. A short sale does lower your credit score, but not to the extent that a foreclosure does.
- Standard sale — If your home is worth more than your remaining mortgage, 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 data from the St. Louis Federal Reserve, it takes an average of 50 days to find a buyer and 30-45 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 to an as-is, cash home buyer is likely preferable to the traditional market. Once you accept our offer, we can close as quickly as you need us to.
How Our Arnold, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers pays all cash for houses, and strive to give Arnold, MO homeowners a hassle-free home selling experience. We’ve bought everything from properties of houses in probate to houses with mold issues.
We purchase homes “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:
- Giving our best possible offer quickly — If you send us pictures of your house, we can give you an estimate within an hour. Then, we’ll schedule an inspection, where one of our buyers will carry out their own inspection. You don’t even have to sweep, mop, or vacuum before we show up. We always try to offer the most we can for a home in Arnold, MO while still being able to profit off it after we repair it.
- Giving you a stress-free home sale — We understand that your Arnold, MO home being in pre-foreclosure is stressful, and you may not want to move out of your home. We’ll won’t make things any more stressful than they already are. We differ from other cash home buying companies we always keep our word.. 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’re not going to wait around to collect their debt. 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, 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 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 save you from the financial perils of it getting foreclosed on.
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Selling Your Arnold, MO Home in Pre-Foreclosure | Evervest Home Buyers
Everyone hates foreclosure – even mortgage companies. Selling your home in pre-foreclosure can be an agreeable solution for everybody involved. Our buyers are amiable 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 your home quickly, and help you with the legal and financial aspects of the sale. If your Arnold, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.