Selling a Home in Pre-Foreclosure in Blue Springs, MO
Selling a home in pre-foreclosure in Blue Springs, 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 buys Blue Springs, MO homes in foreclosure. Our buyers are cordial and nonjudgmental. We can have an estimate ready for you right when you upload pictures, have our official offer in a matter of days, and close in as little as 30 days – before the bank sells your house. Call us at (816) 368-8508 or get your offer online to start the process of getting out from under the bank’s thumb today. Depending on how much you owe, you may even be able to have some cash left over.
The Pre-Foreclosure Process in Blue Springs, MO
Pre-foreclosure begins when you first miss a payment, and ends when your lender takes official action. It is a five-step process:
- Payment default — Payment default begins when you’ve missed paying one month of your mortgage. Banks are required to reach out to by the time you’re 45 days late on a payment. If you’ve only missed a month or two, you may be able to reach an agreement with the lender to catch up 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, notifying you of the amount past due and informing you that you have 30 days to pay it off. Federal law dictates that lenders must 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 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, they’ll proceed out of court, but they must abide by the rules set 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 taking into account the value of the house, 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 leave. If you don’t, the new owner can file an eviction lawsuit against you.
While the foreclosure process may seem harsh, there are multiple ways you can lessen the consequences for yourself.
How to Stop Foreclosure in Blue Springs, MO
The following are the main ways you can handle pre-foreclosure or foreclosure in Blue Springs, MO:
Reinstate the Loan
Reinstating a loan typically involves paying off the late payments, late fees, and any other charges associated with the delinquency. Once the mortgage is current you can continue making regular payments as outlined in the loan agreement.
reinstating a loan is not a permanent solution. If you are unable to stay but to date. 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 loans to keep up with.
Deed in Lieu of Foreclosure
In a “deed in lieu,” you can give your home to the lender, in return they will discharge your obligation to pay the mortgage. 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 house, or keep it as a rental property, but you would still be evicted.
Bankruptcy
The goal of bankruptcy is to provide a fresh start for you by either eliminating or reducing your debt. 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 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 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
Chapter 13 bankruptcy may allow you to hold onto your property. You’ll have to stick to a payment plan – overseen by a court-appointed trustee – that allows you to pay off your debt in three or five years.
Bankruptcy has several drawbacks, however. First, your entire financial life will be analyzed to see if you’re eligible. You’ll also incur considerable 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
An alternative to the above options is to find a buyer and pay off your debt 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 Blue Springs, MO property. In a short sale, the offer on your Blue Springs, 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 can negatively impact your credit score, but not to the extent that a foreclosure does.
- 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, use the money to pay off your mortgage, and pocket the rest.
You can try to sell your house through a real-estate agent, but the foreclosure process takes between 45 and 60 days. According to research by 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 work put in for making a home appealing to a traditional buyer. If you’re in pre-foreclosure, selling your home 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 Blue Springs, MO Cash Home Buyers
Evervest Home Buyers pays all cash for houses, and strive to give Blue Springs, MO homeowners a hassle-free home sale. We buy all types of properties, from houses in probate to homes with significant fire or water damage.
We buy properties “as-is,” which means that the condition of the property doesn’t matter 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:
- Getting you a fair offer quickly — If you upload photos of your property, we can give you an estimate within an hour. In the following days, a member of our team will perform their own inspection. You don’t even have to wash the dishes before we come over. We always try to offer the most we can for a property in Blue Springs, MO while still being able to profit off it ourselves.
- Making the home selling experience stress-free — We understand that your Blue Springs, MO home being in pre-foreclosure is stressful, and you may be emotional about having to move out of 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 didn’t fulfill its terms. We’ll show you proof of funds so you don’t have to worry.
- 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. 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 lower your credit score. However, if the foreclosure is completed, it has a huge negative impact on 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 help you avoid the financial pitfalls of it getting foreclosed on.
Other services we offer in Blue Springs, MO include:
- 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
- Cash Home Buying Company
- House Buyers
- Cash Home Buyer
Selling Your Blue Springs, 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 friendly 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 your home fast, and assist with the legal and financial aspects of the sale. If your Blue Springs, MO home is in pre-foreclosure, call Evervest Home Buyers today at (816) 368-8508 or tell us about your property online.