Selling a Home in Pre-Foreclosure in Brentwood, MO
Selling a home in pre-foreclosure in Brentwood, MO. if you’ve been given a notice of default, you do have options. Evervest Home Buyers is a cash house-buying company that purchases Brentwood, MO homes in foreclosure. Our team is amiable and nonjudgmental. We can offer you an estimate right when you upload pictures, have our official offer in as little as 48 hours, and close in as little as month – before the mortgage holder sells your house. Call us at (314) 730-0366 or contact us online to avoid foreclosure. 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.
How Foreclosure Happens in Brentwood, 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. After each of the first two missed payments, your bank will likely reach out via letter or telephone. 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 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 official action.
- The lender officially begins foreclosure — If, after 120 days you haven’t caught up, 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 follow the rules set by Missouri law.
- Sale of the home — Whichever type of foreclosure the lender opts for, the property will then be auctioned off to the public. The lender will set a minimum bid taking into account their appraisal of the home, the debt that remains unpaid, and any court costs or unpaid taxes.
- Eviction — Once the property has a new owner, you’ll have between three and 30 days to move out. If you don’t, 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 Brentwood, MO
Below are the main ways you can handle pre-foreclosure or foreclosure in Brentwood, MO:
Reinstate the Loan
Reinstating a loan generally includes paying off the late payments and any other penalties or fees. Once the loan is current you can continue with the monthly payments as previously agreed.
It’s important to note. If you cannot stay but to date. You could consider taking out a loan with a different company, but the interest rates will likely be high, and then you’ll have two monthly loans to stay current on.
Deed in Lieu of Foreclosure
In a “deed in lieu,” you can give your home to the lender in exchange for discharging 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 home, or keep it as a rental property, but you would still likely have to move out.
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 have to pay 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 file for Chapter 7 bankruptcy, you will not be required to pay off the rest of your mortgage if the lender completes foreclosure, and you can remain in the home during the process for free. This is usually a way to simply delay foreclosure for several months while you figure out what to do.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may permit you to hold onto your house. 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 maintain the payment plan under the supervision of a court-appointed trustee.
Bankruptcy has severe drawbacks, however. First, your entire financial life will be analyzed to see if you’re eligible. You’ll also incur significant court fees and hire 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
The last option is to find a buyer and pay off the remainder of your mortgage with the funds you get from the sale. There are a couple different ways to do this:
- Short sale — Lenders are obligated to consider any offer made on your Brentwood, MO home. In a short sale, the offer is not enough money to pay off all your debts. 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.
- Standard sale — If your home is worth more than your remaining mortgage, 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 property through a real-estate agent, but foreclosure only lasts for 45 to 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 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. Once you accept our offer, we can close as quickly as you need us to.
Selling Your Home in Pre-Foreclosure to Our Brentwood, MO Cash Home Buyers
Evervest Home Buyers pays all cash for properties, and strive to give Brentwood, MO residents a stress-free home selling experience. We buy all types of properties, from houses in probate to houses with mold issues.
We purchase homes “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 send us pictures of your house, we can give you a same-day estimate. In the following 24-48 hours, one of our buyers will do their own inspection. You don’t even have to pick up the socks off the floor before we show up. We always strive to offer as much as we can for a house in Brentwood, MO while still seeing it as an investment for ourselves.
- Giving you a stress-free home sale — We know that your Brentwood, MO home being in pre-foreclosure is difficult, and you may be emotional about leaving 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 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 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 you won’t get to keep your home if you sell to us, we can help you avoid the financial perils of it getting foreclosed on.
Other services we offer in Brentwood, 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
- Sell My House As-Is
- Sell My House For Cash
- Sell My Probate House
- Sell My As-Is House
- Sell My Outdated House
- Sell My Inherited House in Greater St. Louis
- Sell Your House Fast
- How to Sell Your House
- Sell My Home Preforeclosure
- Sell My Home Now
- Rental Property Buyer
- Cash Home Buying Company
- Investment Property Buyers
- Foreclosed House Buyer
- House Buying Company
- Fast House Buyer
- Probate House Buyer
- Condemned Property Buyer
- House Buyers
- Property Buyers
- Cash Home Buyer
- We Buy Houses in Greater St. Louis
Selling Your Brentwood, MO Home in Pre-Foreclosure | Evervest Home Buyers
Everyone hates foreclosure – even lenders. Selling your home in pre-foreclosure can be an agreeable solution for both you and your mortgage lender. Our buyers are personable 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 your home fast, and assist with the legal and financial aspects of the sale. If your Brentwood, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.