Selling a Home in Pre-Foreclosure in Black Jack, MO
St. Louis County
Evervest Home Buyers
3015 Salena St #201
St. Louis, MO 63118
Cash Home Buyer Black Jack, MO
Selling a home in pre-foreclosure in Black Jack, MO. if your home is about to be foreclosed on, you do have options. Evervest Home Buyers is an as-is house-buying company that purchases Black Jack, MO homes in foreclosure. Our team is personable and discreet. We can have an estimate ready for you in as little as an hour, have our official offer in a matter of days, and close as quickly as you need us to – before the lender officially foreclosures on your home. Call us at (314) 730-0366 or contact us 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 pocket to pay for your next move.
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How Foreclosure Happens in Black Jack, 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 point, you may be able to work something out with the lender to get up to date on payments. Federal law requires lenders to discuss loss mitigation options with you.
- Notice of default — After 90 days of missed payments, you’ll receive a demand letter, telling you the amount past due and informing you that, to avoid foreclosure, you must bring the mortgage up to date within 30 days. Federal law dictates 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 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 sue you in civil court. In a nonjudicial foreclosure, they’ll proceed out of court, but they must abide by the regulations in by Missouri statutes.
- Sale of the home — In either case, the house will will be sold in a public option. The lender will set a minimum bid which accounts for 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 a three to 30 day period to leave. If you don’t, the new owner can file an eviction lawsuit in court.
While the foreclosure process is not kind, there are a few different ways you can lessen the consequences for yourself.
How to Stop Foreclosure in Black Jack, MO
Below are the main ways you can handle pre-foreclosure or foreclosure in Black Jack, MO:
Reinstate the Loan
Reinstating a loan usually includes paying off 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 making regular payments as outlined in the loan agreement.
reinstating a loan is not a permanent solution. If you cannot maintain the payments. You could consider taking out a loan with a different company, but it will likely 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 give your home to the lender in exchange for the release of your unpaid debt. Your credit score would not take a hit, and the lender wouldn’t have to deal with the nuisance the foreclosure process. The lender can then sell the home, or keep it as a rental property, but you would still be evicted.
Bankruptcy
Filing for bankruptcy is a way to get relief from significant debt. If you file for bankruptcy, you’ll still be responsible for paying off your debt, but with a more realistic payment structure. 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 the rest of your mortgage if the lender completes foreclosure, and you can still remain in the home before foreclosure without having to pay the mortgage. This is usually a way to give you a few more months to figure out what to do.
Chapter 13 Bankruptcy
If you choose Chapter 13 bankruptcy, you may be able to keep your property. 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.
Bankruptcy has severe drawbacks, 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 incur significant court fees and hire expensive bankruptcy lawyers. If you’re having difficulty keeping up with mortgage payments, bankruptcy still may be too expensive.
Sell Your Home in Pre-Foreclosure
Another possibility 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 — If an interested buyer makes an offer on your Black Jack, MO home, the lender legally obligated to consider it. In a short sale, the offer is not enough money to pay off all your debts. The lender can then consider 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 to the extent that a foreclosure does.
- Standard sale — If a potential buyer offers more than your remaining mortgage, 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 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, it takes an average of 50 days to find a buyer and 30-45 days to close, and that doesn’t account for 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 may be your best option. We can agree to an offer and close on your house within a month of you contacting us.
Selling Your Home in Pre-Foreclosure to Our Black Jack, MO Cash Home Buyers
Evervest Home Buyers buys homes with all cash offers, and always want to give Black Jack, MO residents a stress-free home sale. We’ve bought everything from properties of houses in probate to houses with mold issues.
We purchase homes “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:
- Getting our best possible offer quickly — If you upload photos of your home, we can give you a same-day estimate. Then, we’ll schedule an inspection, where a member of our team will do their own inspection. You don’t even have to sweep, mop, or vacuum before we come over. We always intend to offer as much as we can for a house in Black Jack, MO while still seeing it as an investment for ourselves.
- Making the home selling experience stress-free — We know that your Black Jack, MO home being in pre-foreclosure is a trying time, and you may not want to move out of your home. We’ll won’t make things any more stressful than they already are. 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 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’re not going to wait around to collect their debt. When you sell to us, you will 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 a month if not sooner.
- Saving your credit score — Having a home in pre-foreclosure won’t effect 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 perils of foreclosure.
Other properties we buy in Black Jack, MO include:
- Sell a Property With Tenants – Fast, Easy, Hassle-Free
- Selling Your House Off-Market
- Local Home Buyers
- Sell Vacant House (For Cash)
- 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 a House in Poor Condition
- How to Sell a House That Needs Major Repairs
- Home Investors
- Sell My House
- Cash for Homes
- Sell My House As-Is
- Sell My Probate House
- Sell My Outdated House
- Sell My Inherited House in Greater St. Louis
- How to Sell Your House
- Investment Property Buyers
- Foreclosed House Buyer
- Fast House Buyer
- Condemned Property Buyer
- Cash Home Buyer
- Sell My Home For Cash
Selling Your Black Jack, 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 both you and your mortgage lender. 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 fast, and assist with the legal and financial aspects of the sale. If your Black Jack, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.