Selling a Home in Pre-Foreclosure in Cape Girardeau County, MO
Selling a home in pre-foreclosure in Cape Girardeau County, MO. Tough times 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 an as-is property-buying company that buys Cape Girardeau County, MO homes in foreclosure. Our buyers are friendly and nonjudgmental. We can offer you an estimate right when you upload pictures, have our official offer in a matter of days, and close as quickly as you need us to – before the bank auctions off your home. Speak to a representative at (573) 367-5655 or contact us online to start the process of getting out from under the bank’s thumb today. Depending on how much you owe, we may even be able to put enough cash in your account to fund your next move.
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The Pre-Foreclosure Process in Cape Girardeau 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 — You’re technically in default after your first missed payment, 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. If you’ve only missed a month or two, you may be able to reach an agreement 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, 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 brought your mortgage up to date, the lender will begin 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 statutes.
- 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 how much the home is worth, the amount owed, and any court costs or unpaid taxes.
- Eviction — Once the property has a new owner, you’ll have between three and 30 days to leave. If you remain in the house, the new owner can file an eviction lawsuit in court.
While the foreclosure process may seem cruel, there are multiple ways you can mitigate the consequences for yourself.
How to Stop Foreclosure in Cape Girardeau County, MO
You have a few options whenever you’re home is in pre-foreclosure or foreclosure in Cape Girardeau County, 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 you have paid off all the past due amounts, the loan is considered to be current again and you can continue with the monthly payments as previously agreed.
reinstating a loan is not a permanent solution. If you fall behind again the home may go into foreclosure again. 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 discharge your obligation to pay the mortgage. Your credit score would not take a hit, and the lender wouldn’t have to deal with the nuisance the foreclosure process. The lender can then sell the property, 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 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 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 for free. This is usually a way to simply stall foreclosure for several months while you figure out what to do.
Chapter 13 Bankruptcy
If you file for Chapter 13 bankruptcy, you may be able to keep your home. 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.
Bankruptcy has severe drawbacks, however. 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 incur many court costs and fees for bankruptcy lawyers. If you’re not able to keep 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 find a buyer and pay off the remainder of your mortgage with the funds you get from the sale. There are a couple different types of sales for a pre-foreclosure home:
- Short sale — If an interested buyer makes an offer on your Cape Girardeau County, MO home, the lender legally obligated to consider it. 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 would be higher than what they’d get at auction. A short sale does lower your credit score, but not to the extent that a foreclosure does.
- Traditional sale — If your home is worth more than the amount of debt you owe, you can accept that offer, use the money to pay off your mortgage, and pocket the rest.
You can choose to hire a real estate agent to sell your home in pre-foreclosure, but foreclosure only lasts for 45 to 60 days. Based on data from the St. Louis Federal Reserve, selling a house on the traditional market takes more than three months, and that doesn’t account for 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. We can agree to an offer and close on your house within 30 days of our initial conversation.
How Our Cape Girardeau County, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers buys homes with all cash offers, and always want to give Cape Girardeau County, MO homeowners a stress-free home sale. We buy all types of properties, from people who owe back taxes to houses with lead or asbestos.
We buy properties “as-is,” which means that homeowners do not have to make costly renovations 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 you a fair offer quickly — If you send us pictures of your property, we can give you a same-day estimate. Then, we’ll schedule an inspection, where a member of our team will perform their own inspection. You don’t even have to wash the dishes before we come over. We always strive to offer as much as we can for a property in Cape Girardeau County, MO while still being able to profit off it after we repair it.
- Giving you a stress-free home sale — We understand that your Cape Girardeau County, MO home being in pre-foreclosure is a trying time, and you may be emotional about having to move out of home. We’ll make everything as simple as we can so you don’t feel any additional stress. Unlike other cash 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’ll still move to take over and sell the house as quickly as possible. 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 lower 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 save you from the financial perils of foreclosure.
Other services we offer in Cape Girardeau County, MO include:
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- Home Investors
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Selling Your Cape Girardeau County, MO Home in Pre-Foreclosure | Evervest Home Buyers
Everyone hates foreclosure – even lenders. Selling your home in pre-foreclosure is often the best option for both you and your mortgage lender. Our buyers are personable and nonjudgmental, 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 quickly, and assist with the legal and financial aspects of the sale. If your Cape Girardeau County, MO home is in pre-foreclosure, call Evervest Home Buyers today at (573) 367-5655 or tell us about your property online.