Selling a Home in Pre-Foreclosure in Brentwood, MO
St. Louis County
Evervest Home Buyers
3015 Salena St #201
St. Louis, MO 63118
Selling a home in pre-foreclosure in Brentwood, MO. If you are facing foreclosure and are worried about losing your home and having an enormous hit on your credit score, know that there are options available to you. Evervest Home Buyers is an as-is house-buying company that purchases Brentwood, MO homes in foreclosure. Our team is personable and discreet. We can offer you an estimate just by looking at pictures, have our official offer once we do our own inspection, and close in as little as 30 days – before the lender officially foreclosures on your home. Speak to a representative at (314) 730-0366 or get your offer online to avoid foreclosure. 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 Brentwood, MO
Pre-foreclosure begins when you first miss a payment, and ends when your lender takes official action. It typically happens in five stages:
- Payment default — Payment default begins when you’ve missed at least one mortgage payment. 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 catch up on payments. Federal law requires lenders to offer you an opportunity to catch up before proceeding to foreclosure.
- Notice of default — After 90 days of missed payments, the lender will send you a demand letter, detailing the amount past due and informing you that, to avoid foreclosure, you must pay it off within 30 days. Federal law dictates that lenders must wait 120 days from the first missed payment to start the process of taking your home.
- The lender officially begins foreclosure — If, after that period has ended 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 abide by the regulations set by Missouri law.
- Sale of the home — Whichever type of foreclosure they pursue, the home will then be auctioned off to the public. The lender will set a minimum bid taking into account 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 remain in the home, the new owner can file an eviction lawsuit in court.
While the foreclosure process is not kind, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Brentwood, MO
You have a few options whenever you’re house is in pre-foreclosure or foreclosure in Brentwood, 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 with the monthly payments as previously agreed.
It’s important to note. 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 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 home, or keep it and have tenants in it, 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 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 be required to pay off your remaining debt if the lender completes foreclosure, and you can remain in the home during the process for free. This is usually a way to give you a few more months to plan your future.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may allow you to keep your house. 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.
There are many reasons that bankruptcy may not be a good option. First, your entire financial life will be evaluated to see if you qualify. You’ll also incur many court costs and fees for bankruptcy lawyers. If you’re having difficulty keeping up with mortgage payments, you may not be able to afford filing for bankruptcy.
Sell Your Home in Pre-Foreclosure
An alternative to the above options is to sell your home and pay off your debt with the money you get from the sale. There are a couple different types of sales for a pre-foreclosure home:
- Short sale — If a prospective buyer makes an offer on your Brentwood, MO home, the lender is required to consider it. In a short sale, the offer on your Brentwood, MO home in pre-foreclosure is less than the amount you owe. The lender can then decide if getting less than the remainder of the mortgage is worth not having to deal with the hassle of a foreclosure. A short sale does lower your credit score, but not as much as a foreclosure.
- Traditional sale — If a potential buyer offers more than your remaining mortgage, you can simply sell your home to an interested buyer, use the money to pay off your debt, and keep the rest to fund your next move.
You can try to sell your house on the traditional market, 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 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. 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 buys homes with all cash offers, and always want to give Brentwood, MO residents a hassle-free home selling experience. We buy all types of properties, from people who owe back taxes to homes with extensive wind or hail damage.
We buy properties “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 you a fair offer quickly — If you upload photos of your house, we can give you a same-day estimate. In the following days, one of our buyers will do their own inspection. You don’t even have to sweep, mop, or vacuum before we come over. We always strive to offer as much as we can for a house in Brentwood, MO while still being able to profit off it ourselves.
- Making the home selling experience stress-free — We understand that your Brentwood, MO home being in pre-foreclosure is stressful, and you may be nostalgic about leaving your home. We’ll won’t make things any more stressful than they already are. Unlike other cash home buying companies, we have no loopholes in our contract. 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’ll still move to take over and sell the house as quickly as possible. When you sell to Evervest, you will sell your house fast. There’s no waiting for inspections, appraisals, or open house. 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 your house is foreclosed on, it can have massive consequences for 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 save you from the financial pitfalls of foreclosure.
Other properties we buy in Brentwood, 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
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- Selling a Home with a Reverse Mortgage
- Selling a House Without a Realtor
- Selling a House in Poor Condition
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- 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 Brentwood, MO Home in Pre-Foreclosure | Evervest Home Buyers
Everyone hates foreclosure – 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 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.