Selling a Home in Pre-Foreclosure in Boone County, MO
Selling a home in pre-foreclosure in Boone County, MO. Financial hardships can fall on the best of us, but foreclosure is not the end of the road for homeowners. While losing your home and facing an enormous hit on your credit score is not a situation anyone wants to be in, you do have options if you find yourself there. Evervest Home Buyers is a cash home-buying company that buys Boone County, MO homes in foreclosure. Our team is amiable and discreet. We can offer you an estimate right when you upload pictures, have our official offer once we do our own inspection, 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 get your offer online to get out from under your debt. Depending on the value of your home and what’s left on the mortgage, you may even be able to have some cash left over.
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The Pre-Foreclosure Process in Boone County, 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 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, 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 the third month of missed payments, the lender will send you a demand letter, notifying you of the amount past due and informing you that, to avoid foreclosure, you must bring the mortgage up to date within 30 days. Federal law stipulates 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 made an agreement with your lender, 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 set by Missouri law.
- 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 the value of the house, 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 move out. 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 Boone County, MO
You have a few options whenever you’re house is in 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 you have paid off all the past due amounts, the loan is considered to be current again and you will be expected to continue making regular payments as outlined in the loan agreement.
You need to remember that reinstating a loan does not forgive the late payments and subsequent late fees, it simply brings the loan current. If you fall behind again the home may go into foreclosure again. You could consider taking 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 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 property, or keep it as a rental property, but you would still likely have to move out.
Bankruptcy
Filing for bankruptcy is a way to get relief from overwhelming debt. If you file for bankruptcy, you’ll still be responsible for paying off the mortgage, but you’ll have more time to 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 file for Chapter 7 bankruptcy, you will not have to pay off your remaining debt if the lender completes foreclosure, and you can remain in the home during the process without having to pay anything monthly. The goal of this is 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 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.
There are many reasons that bankruptcy may not be a good option. 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 have to pay considerable court costs and fees and pay for expensive bankruptcy lawyers. If you’re already struggling with money, you may not be able to afford filing for bankruptcy.
Sell Your Home in Pre-Foreclosure
The last option is to find a buyer and pay off the remainder of your mortgage with the money you get from the sale. There are two different ways to do this:
- Short sale — If a prospective buyer makes an offer on your Boone County, MO home, the lender legally obligated to consider it. 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 believe the short sale offer is more than they’ll get at auction. A short sale can negatively impact your credit score, but not as much as a foreclosure.
- Standard sale — If a prospective buyer offers more than the amount of debt you owe, you can accept that offer, use the money to pay off your debt, and keep the rest to fund your next move.
You can try to sell your property on the traditional market, 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 30-45 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 your home to an as-is, cash home buyer is likely preferable to the traditional market. We can agree to an offer and close on your house within a month of our initial conversation.
How Our Boone County, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers pays all cash for homes, and always want to give Boone County, MO homeowners a hassle-free home sale. We’ve bought everything from properties of people who owe back taxes to houses with mold issues.
We purchase homes “as-is,” which means that homeowners do not have to make expensive repairs to the property in order to sell 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 fast — If you send us pictures 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 show up. We always try to offer as much as we can for a home in Boone County, MO while still being able to profit off it after we repair it.
- Making the home selling experience stress-free — We understand that your Boone County, MO home being in pre-foreclosure is a trying time, and you may not want to leave your home. We’ll make everything as simple as we can so you don’t experience any additional stress. We differ from 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. 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 a month if not sooner.
- Saving your credit score — Having a home in pre-foreclosure does not lower your credit score. However, if the foreclosure is completed, it can have massive consequences for 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 pitfalls of it getting foreclosed on.
Other properties we buy in Boone County, 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 Boone County, 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 both you and your mortgage lender. Our buyers are cordial 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 the sale quickly, and assist 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.