Selling a Home in Pre-Foreclosure in Ash Grove, MO
Selling a home in pre-foreclosure in Ash Grove, MO. Tough times can fall on the best of us, 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 home-buying company that purchases Ash Grove, 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 once we do our own inspection, and close in as little as month – before the lender sells your house. Speak to a representative at (417) 815-3889 or get your offer online to get free of your debt. Depending on how much you owe, we may even be able to put enough cash in your account to fund your next move.
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How Foreclosure Happens in Ash Grove, MO
Pre-foreclosure is the time between when you fall behind on your mortgage payments and when your bank or lender sells your Ash Grove, MO house. It is a five-step 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 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 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, the lender will send you a notice of default, notifying you of the amount past due and informing you that, to avoid foreclosure, you must pay it off within 30 days. Federal law states that lenders must wait 120 days from the first missed payment to start official action.
- 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 will file a lawsuit in court. In a nonjudicial foreclosure, they’ll proceed out of court, but they must follow the rules set by Missouri law.
- Sale of the home — Whichever type of foreclosure they pursue, the home will will be sold in a public option. The lender will set a minimum bid which accounts for 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 a three to 30 day period to leave. If you remain in the home, 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 Ash Grove, MO
You have a few options whenever you’re property is in pre-foreclosure or foreclosure in Ash Grove, MO:
Reinstate the Loan
Reinstating a loan usually includes 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 can continue with the monthly payments as previously agreed.
It’s important to note. If you are unable to maintain the payments. 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 stay current on.
Deed in Lieu of Foreclosure
In a “deed in lieu,” you can give your home to the lender 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 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 be evicted.
Bankruptcy
The goal of bankruptcy is to provide a fresh start for you by either eliminating or reducing your debt. 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 have to pay off the rest of your mortgage if the lender 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
If you file for Chapter 13 bankruptcy, you may be able to keep your property. 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, your entire financial life will be evaluated 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, 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 a couple different types of sales for a pre-foreclosure home:
- Short sale — Lenders are required to consider any offer made on your Ash Grove, MO home. In a short sale, the offer on your Ash Grove, MO home in pre-foreclosure is less than the amount you owe. The lender can then decide if getting less than the full amount back 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 your remaining mortgage, you can accept that offer, use the money to pay off your debt, 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 the foreclosure process takes between 45 and 60 days. Based on research by 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 is likely preferable to the traditional market. Once you accept our offer, we can close as quickly as you need us to.
How Our Ash Grove, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers buys homes with all cash offers, and always want to give Ash Grove, MO residents a stress-free home sale. We buy all types of properties, from people who owe back taxes to homes with asbestos.
We buy properties “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:
- Giving our best possible offer quickly — If you upload photos of your property, we can give you a same-day estimate. In the following 24-48 hours, one of our buyers 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 the most we can for a property in Ash Grove, MO while still being able to profit off it ourselves.
- Making the home selling experience stress-free — We know that your Ash Grove, MO home being in pre-foreclosure is stressful, and you may not want to leave your home. We’ll won’t make things any more stressful than they already are. We differ from other as-is 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 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. 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 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 perils of foreclosure.
Other services we offer in Ash Grove, MO include:
- 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
- Cash Home Buying Company
- House Buyers
- Cash Home Buyer
Selling Your Ash Grove, 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 personable 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 quickly, and assist with the legal and financial aspects of the sale. If your Ash Grove, MO home is in pre-foreclosure, call Evervest Home Buyers today at (417) 815-3889 or tell us about your property online.