Selling a Home in Pre-Foreclosure in Battlefield, MO
Selling a home in pre-foreclosure in Battlefield, MO. if you’ve been given a notice of default, you do have options. Evervest Home Buyers is an as-is home-buying company that purchases Battlefield, MO homes in foreclosure. Our buyers are cordial and discreet. We can have an estimate ready for you in as little as an hour, have our official offer in as little as 48 hours, and close as quickly as you need us to – before the lender auctions off your home. Speak to a representative at (417) 815-3889 or contact us online to get out from under your debt. Depending on how much you owe, you may even be able to have some cash left over.
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How Foreclosure Happens in Battlefield, MO
Pre-foreclosure is the period between when you first miss a mortgage payment and when your Battlefield, MO lender auctions off your home off to the highest bidder. It is a five-stage 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. At this juncture, the lender will likely be willing to work something out with you to bring your balance up to date. 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, the lender will send you a demand letter, telling you how much you owe and informing you that you have 30 days to bring the mortgage current. Federal law stipulates that lenders must 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 caught up, 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 statutes.
- Sale of the home — Whichever type of foreclosure the lender opts for, the property will then be auctioned off to the public. The lender will set a minimum bid taking into account their appraisal of the home, the debt that remains unpaid, 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 don’t, the new owner can file an eviction lawsuit in court.
While the foreclosure process may seem harsh, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Battlefield, MO
You have a few options whenever you’re house is in pre-foreclosure or foreclosure in Battlefield, MO:
Reinstate the Loan
Reinstating a loan usually involves settling the late payments, late fees, and any other charges associated with the delinquency. Once the loan is current you can continue with the monthly payments as previously agreed.
reinstating a loan is not a permanent solution. 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 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 discharge 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 and have tenants in it, but you would still be evicted.
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 file for bankruptcy, you’ll still have to pay off the mortgage, but you’ll have more time to and will have a different payment plan. There are several types of bankruptcy, but the most common for individuals are Chapter 7 and Chapter 13.:
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 for free. The goal of this is to give you a few more months to plan your future.
Chapter 13 Bankruptcy
If you choose Chapter 13 bankruptcy, you may be able to not give up your home. You’ll have to stick to a payment plan – overseen by 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 analyzed to see if you qualify. You’ll also have to pay significant court costs and fees for bankruptcy lawyers. If you’re already struggling with money, bankruptcy still may be too expensive.
Sell Your Home in Pre-Foreclosure
Another possibility is to sell your home and pay off your debt with the money you get from the sale. There are a couple different ways to do this:
- Short sale — If an interested buyer makes an offer on your Battlefield, MO home, the lender legally obligated to consider it. In a short sale, the offer on your Battlefield, MO home in pre-foreclosure is less than the amount you owe. The lender can then consider if getting less than what you owe is worth not having to deal with the hassle of a foreclosure. A short sale can negatively impact your credit score, but not as much as a foreclosure.
- Standard sale — If your home is worth more than the amount of debt you owe, you can simply sell your home to an interested buyer, pay off your debt with the money from the sale, and pocket the rest.
You can try to sell your property through a real-estate agent, but the foreclosure process takes between 45 and 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 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. Once you accept our offer, we can close as quickly as you need us to.
Selling Your Home in Pre-Foreclosure to Our Battlefield, MO Cash Home Buyers
Evervest Home Buyers buys homes with all cash offers, and strive to give Battlefield, MO residents a hassle-free home selling experience. We buy all types of properties, from houses in probate to houses with mold issues.
We buy properties “as-is,” which means that homeowners do not have to make expensive 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 you a fair offer quickly — If you upload photos of your house, we can give you an estimate within an hour. In the following 24-48 hours, a member of our team will carry out their own inspection. You don’t even have to sweep, mop, or vacuum before we come over. We always try to offer as much as we can for a house in Battlefield, MO while still being able to profit off it ourselves.
- Giving you a stress-free home sale — We know that your Battlefield, MO home being in pre-foreclosure is difficult, and you may be nostalgic about leaving your home. We’ll make everything as simple as we can so you don’t experience any added stress. 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 don’t have to worry.
- 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 can sell your house fast. There’s no waiting for inspections, appraisals, or to find a buyer. 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 lower your credit score. However, if your house is foreclosed on, it has a huge negative impact on your credit score, that will stay there for 7 years. While selling to us won’t allow you to keep your home, we can save you from the financial pitfalls of foreclosure.
Other services we offer in Battlefield, MO include:
- Selling a House in Poor Condition
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- Selling a House As Is
- Home Investors
- Cash For Houses
- Buy My House
- We Buy Houses For Cash
- Sell My House
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Selling Your Battlefield, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even lenders. Selling your home in pre-foreclosure can be an agreeable solution for both you and your mortgage lender. 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 the deal quickly, and assist with the legal and financial aspects of the sale. If your Battlefield, MO home is in pre-foreclosure, call Evervest Home Buyers today at (417) 815-3889 or tell us about your property online.