Selling a Home in Pre-Foreclosure in Boone County, MO
Selling a home in pre-foreclosure in Boone County, MO. if you’ve been given a notice of default, you do have options. Evervest Home Buyers is an as-is home-buying company that buys Boone County, 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 as little as 48 hours, and close as quickly as you need us to – before the bank auctions off your home. Speak to a representative at (573) 367-5767 or contact us 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.
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How Foreclosure Happens in Boone County, MO
Pre-foreclosure is the period between when you first miss a mortgage payment and when your bank or lender sells your Boone County, MO house. It typically happens in five stages:
- Payment default — Payment default begins when you’ve missed at least one mortgage payment. 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, the lender will likely be willing to reach an agreement with you to bring your balance up to date. Federal law requires lenders to offer you an opportunity to catch up before taking action.
- Notice of default — After the third month of missed payments, the lender will send you a demand letter, telling you how much you owe and informing you that, to avoid foreclosure, you must bring the mortgage up to date within 30 days. Federal law obligates lenders to wait 120 days from the first missed payment to begin the process of taking your home.
- 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, you won’t have any official court proceedings, but they must abide by the regulations set by Missouri statutes.
- Sale of the home — Whichever type of foreclosure the lender opts for, 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 fees or unpaid taxes.
- Eviction — Once the home is sold, you’ll have a three to 30 day period to move out. If you remain in the house, the new owner can file an eviction lawsuit in court.
While the foreclosure process may seem cruel, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Boone County, MO
Below are the main ways you can handle pre-foreclosure or foreclosure in Boone County, MO:
Reinstate the Loan
Reinstating a loan typically involves settling the past due payments, late fees, and any other charges associated with the delinquency. Once the loan is current you will be required to continue making regular payments as outlined in the loan agreement.
It’s important to note. If you cannot maintain the payments. It’s possible to take out a loan with a different bank, 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 give your home to the lender, in return they will release your obligation to pay the mortgage. 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 and have tenants in it, but you would still be evicted.
Bankruptcy
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 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 the rest of your mortgage if your home completes foreclosure, and you can remain in the home during the process without having to pay anything monthly. This is usually a way to simply delay foreclosure for several months while you plan your future.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may permit you to hold onto your house. 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, your entire financial life will be evaluated to see if you qualify. You’ll also incur significant court fees for 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 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 required to consider any offer made on your Boone County, MO home. In a short sale, the offer on your Boone County, 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 think the short sale offer is more than they’ll get at auction. A short sale does lower your credit score, but not as much as a foreclosure.
- Traditional sale — If a potential buyer offers 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 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 account for the work put in for making a home appealing to a traditional buyer. 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.
How Our Boone County, 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 Boone County, MO homeowners a hassle-free home sale. We buy all types of properties, from houses in probate to houses with lead or asbestos.
We buy properties “as-is,” which means that homeowners do not have to make costly repairs to the property for us to want to buy 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 quickly — If you send us pictures of your house, we can give you a same-day estimate. In the following days, a member of our team will perform their own inspection. You don’t even have to sweep, mop, or vacuum before we show up. We always try to offer as much as we can for a home in Boone County, MO while still seeing it as an investment for ourselves.
- Making the home selling experience stress-free — We know that your Boone County, MO home being in pre-foreclosure is difficult, and you may not want to leave your home. We’ll won’t make things any more stressful than they already are. We differ from other as-is 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’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 to find a buyer. As licensed real estate brokers, we can perform the closing ourselves, usually within 30 days if not sooner.
- Saving your credit score — Having a home in pre-foreclosure won’t effect your credit score. However, if the foreclosure is completed, it can have massive consequences for your credit score, that will stay there for 7 years. While selling to us won’t allow you to keep your home, we can help you avoid the financial pitfalls of it getting foreclosed on.
Other services we offer in Boone County, MO include:
- Selling a House in Poor Condition
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- Selling a House As Is
- Home Investors
- Cash For Houses
- Buy My House
- We Buy Houses For Cash
- Sell My House
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Selling Your Boone County, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even mortgage companies. Selling your home in pre-foreclosure is often the best option for everybody involved. Our buyers are friendly and nonjudgmental, 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 your home quickly, and help you with the legal and financial aspects of the sale. If your Boone County, MO home is in pre-foreclosure, call Evervest Home Buyers today at (573) 367-5767 or tell us about your property online.