Selling a Home in Pre-Foreclosure in Bel-Nor, MO
Selling a home in pre-foreclosure in Bel-Nor, MO. If you are facing foreclosure and are worried about losing your home and having an enormous hit on your credit score, know that there are options available to you. Evervest Home Buyers is an as-is home-buying company that buys Bel-Nor, MO homes in foreclosure. Our buyers are cordial and discreet. We can have an estimate ready for you just by looking at pictures, have a full offer for you once we do our own inspection, and close as quickly as you need us to – before the bank auctions off your home. Speak to a representative at (314) 730-0366 or get your offer 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 account to pay for your next move.
How Foreclosure Happens in Bel-Nor, MO
Pre-foreclosure begins when you first miss a payment, and ends when your lender takes official action. It usually happens in five stages:
- Payment default — Payment default begins when you’ve missed at least one mortgage payment. After each of the first two missed payments, your bank will likely reach out via letter or telephone. At this juncture, the lender will likely be willing to reach an agreement with you to pay off the delinquent debt. Federal law requires lenders to discuss loss mitigation options with you.
- Notice of default — After 90 days of missed payments, you’ll receive a notice of default, notifying you of 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 begin official action.
- The lender officially begins foreclosure — If, after 120 days you haven’t made an agreement with your lender, the lender will take action with either a judicial foreclosure or a nonjudicial foreclosure. In a judicial foreclosure, the lender will file a lawsuit in court. In a nonjudicial foreclosure, you won’t have any official court proceedings, but they must follow the rules set by Missouri statutes.
- Sale of the home — Whichever type of foreclosure the lender opts for, the home will then be auctioned off to the public. The lender will set a minimum bid taking into account their appraisal of the home, the amount owed, and any fees or unpaid taxes.
- Eviction — Once the property has a new owner, you’ll have a three to 30 day period 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, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Bel-Nor, MO
Below are the main ways you can deal with pre-foreclosure or foreclosure in Bel-Nor, MO:
Reinstate the Loan
Reinstating a loan usually includes paying off the past due payments, late fees, and any other charges associated with the delinquency. 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.
reinstating a loan is not a permanent solution. If you cannot maintain the payments. You could consider taking out a loan with a different lender, 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 agree with the lender to voluntarily transfer ownership of the property to them, in return they will release your unpaid debt. 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 likely have to move out.
Bankruptcy is a legal process that allows individuals or businesses who cannot keep up with their debts to either have those debts restructured or discharged. If you go the bankruptcy route, you’ll still be responsible for paying off the mortgage, 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 the rest of your mortgage if your home completes foreclosure, and you can still remain in the home before foreclosure without having to pay anything monthly. This is usually a way to give you a few more months to plan your future.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may allow you to keep your property. You will have to agree to a plan to pay off all or some of your debts over a three to five year period. You’ll have to follow the payment plan under the supervision of a court-appointed trustee.
Bankruptcy has several downsides, however. 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 have to pay significant court costs and fees and hire expensive bankruptcy attorneys. If you’re already struggling with money, bankruptcy still may be too expensive.
Sell Your Home in Pre-Foreclosure
The last option 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 — Lenders are required to consider any offer made on your Bel-Nor, MO home. In a short sale, the offer on your Bel-Nor, MO home in pre-foreclosure is less than the amount you owe. A short sale can only happen if the lender agrees. In some cases, the bank may believe the short sale offer would be higher than what they’d get at auction. A short sale does lower 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 accept that offer, use the money to pay off your debt, 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, selling a house on the traditional market takes more than three months, and that doesn’t include the time it takes to prepare the house for sale. If you’re in pre-foreclosure, selling to an as-is, cash home buyer may be your best option. We can agree to an offer and close on your house within 30 days of our initial conversation.
How Our Bel-Nor, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers buys homes with all cash offers, and strive to give Bel-Nor, MO residents a stress-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 homeowners do not have to make costly repairs to the property in order to sell 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 upload photos of your home, we can give you an estimate within an hour. Then, we’ll schedule an inspection, where 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 come over. We always intend to offer as much as we can for a home in Bel-Nor, MO while still seeing it as an investment for ourselves.
- Giving you a stress-free home sale — We know that your Bel-Nor, 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 feel any additional stress. Unlike other cash home buying companies, we have never written a contract that didn’t close because we backed out of it. 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’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. 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 can have massive consequences for 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 pitfalls of it getting foreclosed on.
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Selling Your Bel-Nor, 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 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 quickly, and help you with the legal and financial aspects of the sale. If your Bel-Nor, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.