Selling a Home in Pre-Foreclosure in Bel-Ridge, MO
Selling a home in pre-foreclosure in Bel-Ridge, MO. If you are facing foreclosure and are upset at the prospect of losing your home and severely damaging your credit score, know that there are options available to you. Evervest Home Buyers is an as-is property-buying company that buys Bel-Ridge, MO homes in foreclosure. Our team is personable and discreet. We can have an estimate ready for you just by looking at pictures, have a full offer for you in a matter of days, and close as quickly as you need us to – 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, we may even be able to put enough cash in your account to pay for your next move.
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The Pre-Foreclosure Process in Bel-Ridge, 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 — You’re technically in default after your first missed payment, or once you pass your lender’s grace period. Banks are required to reach out to by the time you’re 45 days late on a payment. At this juncture, 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 the third month of missed payments, the lender will send you a demand letter, telling you the amount past due and informing you that you have 30 days to pay it off. Federal law obligates lenders to wait 120 days from the first missed payment to begin foreclosure proceedings.
- The lender officially begins foreclosure — If, after 120 days you haven’t brought your mortgage up to date, 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, they’ll proceed out of court, but they must follow the regulations in 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 court costs 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 in court.
While the foreclosure process is not kind, there are multiple ways you can mitigate the consequences for yourself.
How to Stop Foreclosure in Bel-Ridge, MO
Below are the main ways you can deal with pre-foreclosure or foreclosure in Bel-Ridge, MO:
Reinstate the Loan
Reinstating a loan generally includes settling 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 can continue making regular payments as outlined in the loan agreement.
reinstating a loan is not a permanent solution. If you fail to keep up with the monthly payments the home may go into foreclosure again. You could consider taking out a loan with a different bank, but the interest rates will likely be high, and then you’ll have two monthly debts 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 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 the lender wouldn’t have to deal with the nuisance 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
Filing for bankruptcy is a way to get relief from debilitating debt. If you file for bankruptcy, you’ll still have to pay 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 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 the mortgage. This is usually a way to simply stall foreclosure for several months while you plan your future.
Chapter 13 Bankruptcy
If you choose Chapter 13 bankruptcy, you may be able to hold onto 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.
Bankruptcy has several downsides, however. 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 having difficulty keeping 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 pay off the remainder of your mortgage with the funds you get from the sale. There are two different ways to do this:
- Short sale — Lenders are obligated to consider any offer made on your Bel-Ridge, MO home. 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 believe the short sale offer would be higher than what they’d get at auction. A short sale can negatively impact your credit score, but not as much as a foreclosure.
- Standard sale — If a potential buyer offers 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 keep the rest for new housing.
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. According to data from 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 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. Once you accept our offer, we can close as quickly as you need us to.
Selling Your Home in Pre-Foreclosure to Our Bel-Ridge, MO Cash Home Buyers
Evervest Home Buyers buys homes with all cash offers, and always want to give Bel-Ridge, MO residents a hassle-free home selling experience. We’ve bought everything from properties of people who owe back taxes to condemned properties.
We buy properties “as-is,” which means that the condition of the property isn’t important to us as it would to a typical homeowner. 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 you a fair offer quickly — If you send us pictures of your home, we can give you an estimate within an hour. In the following 24-48 hours, one of our buyers will perform 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 property in Bel-Ridge, MO while still being able to profit off it ourselves.
- Making the home selling experience stress-free — We understand that your Bel-Ridge, MO home being in pre-foreclosure is stressful, 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 no loopholes in our contract. 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’re not going to wait around to collect their debt. We can help you sell your house fast. There’s no waiting for inspections, appraisals, or open house. 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 does not 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 help you avoid the financial pitfalls of foreclosure.
Other services we offer in Bel-Ridge, MO include:
- 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 an Inherited House
- 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
- Sell My House As-Is
- Sell My House For Cash
- Sell My Probate House
- Sell My As-Is House
- Sell My Outdated House
- Sell My Inherited House in Greater St. Louis
- Sell Your House Fast
- How to Sell Your House
- Sell My Home Preforeclosure
- Sell My Home Now
- Rental Property Buyer
- Cash Home Buying Company
- Investment Property Buyers
- Foreclosed House Buyer
- House Buying Company
- Fast House Buyer
- Probate House Buyer
- Condemned Property Buyer
- House Buyers
- Property Buyers
- Cash Home Buyer
- We Buy Houses in Greater St. Louis
Selling Your Bel-Ridge, 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 amiable and discreet, and can help you pay off your debt and save your credit score. We’ll make a fair cash offer on the property, close on the sale fast, and assist with the legal and financial aspects of the sale. If your Bel-Ridge, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.