Selling a Home in Pre-Foreclosure in Belton, MO
Selling a home in pre-foreclosure in Belton, MO. If you are facing foreclosure and are upset at the prospect of 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 Belton, MO homes in foreclosure. Our team is cordial and nonjudgmental. We can offer you an estimate just by looking at pictures, have a full offer for you in as little as 48 hours, and close in as little as 30 days – before the lender auctions off your home. Speak to a representative at (816) 368-8508 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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The Pre-Foreclosure Process in Belton, 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 the first month you missed a payment on, 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 pay off the delinquent debt. Federal law requires lenders to discuss loss mitigation options with you.
- Notice of default — After the third month of missed payments, you’ll receive a demand letter, detailing the amount past due 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 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 will file a lawsuit in court. In a nonjudicial foreclosure, you won’t have any official court proceedings, but they must abide by the regulations in by Missouri law.
- Sale of the home — In either case, the house 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 home is sold, you’ll have between three and 30 days to move out. If you remain in the house, the new owner can file an eviction lawsuit against you.
While the foreclosure process may seem harsh, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Belton, MO
The following are the main ways you can deal with pre-foreclosure or foreclosure in Belton, 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 can continue making regular payments as outlined in the loan agreement.
reinstating a loan is not a permanent solution. If you fall behind again the home may go into foreclosure again. You could consider taking out a loan with a different company, but it will probably have an incredibly high interest rate, 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. 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.
Bankruptcy
Bankruptcy is a legal process that allows individuals or businesses who cannot pay their debts to either have those debts restructured or discharged. If you go the bankruptcy route, you’ll still have to pay off your debt, but the timeline will be extended 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 choose 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 the mortgage. This is usually a way to simply stall foreclosure for several months while you figure out what to do.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may allow you to keep your home. 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.
There are many reasons that bankruptcy may not be a good choice. First, your entire financial life will be evaluated to see if you’re eligible. You’ll also have to pay considerable court costs and fees and pay for expensive bankruptcy lawyers. If you’re not able to keep up with mortgage payments, bankruptcy still may be too expensive.
Sell Your Home in Pre-Foreclosure
An alternative to the above options is to sell your home and settle your outstanding debts with the money. There are two different ways to do this:
- Short sale — If an interested buyer makes an offer on your Belton, MO home, the lender is required to consider it. In a short sale, the offer is not enough money to pay off all your debts. The lender can then decide if getting less than the full amount back is worth avoiding the hassle of a foreclosure. 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 simply sell your home to an interested buyer, pay off your debt with the money from the sale, 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 foreclosure only lasts for 45 to 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 account for the time it takes to prepare the house for sale. If you’re in pre-foreclosure, selling your home 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.
Selling Your Home in Pre-Foreclosure to Our Belton, MO Cash Home Buyers
Evervest Home Buyers pays all cash for properties, and strive to give Belton, MO residents a hassle-free home sale. We buy all types of properties, from houses in probate 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 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 fast — If you send us pictures of your property, we can give you a same-day estimate. Then, we’ll schedule an inspection, where one of our buyers will carry out their own inspection. You don’t even have to pick up the socks off the floor before we show up. We always try to offer as much as we can for a property in Belton, MO while still being able to profit off it ourselves.
- Giving you a stress-free home sale — We know that your Belton, MO home being in pre-foreclosure is not the best time in your life, and you may not want to leave your home. We’ll won’t make things any more stressful than they already are. Unlike other cash home buying companies, we always keep our word.. 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. 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, 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 won’t go away for 7 years. While selling to us won’t allow you to keep your home, we can save you from the financial perils of foreclosure.
Other properties we buy in Belton, MO include:
- Selling a House in Poor Condition
- How to Sell a House That Needs Major Repairs
- Home Investors
- Sell My House
- Cash for Homes
- Cash Home Buyer
Selling Your Belton, 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 amiable and discreet, 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 fast, and assist with the legal and financial aspects of the sale. If your Belton, MO home is in pre-foreclosure, call Evervest Home Buyers today at (816) 368-8508 or tell us about your property online.