Selling a Home in Pre-Foreclosure in Bridgeton, MO
St. Louis County
Evervest Home Buyers
3015 Salena St #201
St. Louis, MO 63118
Selling a home in pre-foreclosure in Bridgeton, MO. if your home is about to be foreclosed on, you do have options. Evervest Home Buyers is a cash house-buying company that purchases Bridgeton, MO homes in foreclosure. Our buyers are friendly and nonjudgmental. We can offer you an estimate right when you upload pictures, have a full offer for you once we do our own inspection, and close in as little as 30 days – before the lender auctions off your home. Speak to a representative at (314) 730-0366 or contact us online to get free of your debt. 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 Bridgeton, MO
Pre-foreclosure begins when you first miss a payment, and ends when your lender takes official action. It usually happens in five stages:
- Payment default — You’re technically in default after the first month you missed a payment on, or once you pass your lender’s grace period. After each of the first two missed payments, your bank will likely reach out with a letter or phone call. At this juncture, you may be able to reach an agreement with the lender to catch up on payments. Federal law requires lenders to offer you an opportunity to catch up before taking action.
- Notice of default — After 90 days of missed payments, the lender will send you a notice of default, notifying you of how much you owe and informing you that, to avoid foreclosure, you must pay it off within 30 days. Federal law stipulates 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 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 sue you in civil court. In a nonjudicial foreclosure, you won’t have any official court proceedings, but they must abide by the regulations in by Missouri law.
- Sale of the home — In either case, the property will will be sold in a public option. The lender will set a minimum bid which accounts for how much the home is worth, 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 move out. If you remain in the house, 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 Bridgeton, MO
Below are the main ways you can deal with pre-foreclosure or foreclosure in Bridgeton, MO:
Reinstate the Loan
Reinstating a loan typically includes paying off the past due 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.
You need to be aware that reinstating a loan does not forgive the late payments and penalties that were incurred, it just 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 lender, but the interest rates will likely be high, 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. This reduces some of the negative consequences of a foreclosure, such as a damaged credit score, and the lender wouldn’t have to deal with the hassle 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 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 file for Chapter 7 bankruptcy, you will not have to pay off the rest of your mortgage if the lender completes foreclosure, and you can remain in the home during the process without having to pay anything monthly. 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 home. You’ll have to stick to a payment plan – under supervision of 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 significant court fees and pay for expensive bankruptcy attorneys. If you’re having difficulty keeping up with mortgage payments, bankruptcy still may be too expensive.
Sell Your Home in Pre-Foreclosure
Another possibility is to sell your home and settle your outstanding debts with the money. There are a couple different ways to do this:
- Short sale — Lenders are required to consider any offer made on your Bridgeton, MO property. In a short sale, the offer on your Bridgeton, 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 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 accept that offer, pay off your debt with the money from the sale, 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. Based on research by the St. Louis Federal Reserve, selling a house on the traditional market takes more than three months, and that doesn’t account for 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 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 Bridgeton, MO Cash Home Buyers
Evervest Home Buyers pays all cash for homes, and always want to give Bridgeton, MO homeowners a hassle-free home selling experience. 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 isn’t important 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 fast — If you upload photos of your property, we can give you a same-day estimate. In the following 24-48 hours, a member of our team will perform their own inspection. You don’t even have to pick up the socks off the floor before we show up. We always try to offer the most we can for a house in Bridgeton, MO while still seeing it as an investment for ourselves.
- Giving you a stress-free home sale — We know that your Bridgeton, MO home being in pre-foreclosure is not the best time in your life, and you may be emotional 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 contingences 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. 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 lower your credit score. However, if the foreclosure is completed, it has a huge negative impact on 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 save you from the financial pitfalls of it getting foreclosed on.
Other properties we buy in Bridgeton, 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
- Selling a Rental Property
- Selling a Home with a Reverse Mortgage
- Selling a House Without a Realtor
- Selling a House in Poor Condition
- How to Sell a House That Needs Major Repairs
- 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 Bridgeton, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even lenders. Selling your home in pre-foreclosure can be an agreeable solution for everybody involved. Our buyers are personable 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 help you with the legal and financial aspects of the sale. If your Bridgeton, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.