Selling a Home in Pre-Foreclosure in Cape Girardeau, MO
Selling a home in pre-foreclosure in Cape Girardeau, 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 a difficult situation to be in, you do have options if you find yourself there. Evervest Home Buyers is a cash house-buying company that purchases Cape Girardeau, MO homes in foreclosure. Our team is cordial and discreet. We can have an estimate ready for you 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 sells your house. Speak to a representative at (573) 367-5655 or contact us online to get out from under your debt. 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, 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 paying one month of your mortgage. 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 reach an agreement with the lender to catch up 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 notice of default, detailing 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 made your mortgage current, 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 abide by the regulations in by Missouri law.
- Sale of the home — In either case, the home 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 debt that remains unpaid, and any fees or unpaid taxes.
- Eviction — Once the home is sold, 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 is not kind, there are multiple ways you can mitigate the consequences for yourself.
How to Stop Foreclosure in Cape Girardeau, MO
You have a few options whenever you’re house is in pre-foreclosure or foreclosure in Cape Girardeau, MO:
Reinstate the Loan
Reinstating a loan typically includes paying off the late payments and any other penalties or fees. Once the mortgage is current you will be required to continue making regular payments as outlined in the loan agreement.
It’s important to note. If you are unable to stay but to date. You could consider taking out a loan with a different company, but it will likely have an incredibly high interest rate, and then you’ll have two monthly debts to keep up with.
Deed in Lieu of Foreclosure
In a “deed in lieu,” you can agree with the lender to voluntarily transfer ownership of the property to them, in return they will discharge your obligation to pay the mortgage. 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 nuisance the foreclosure process. The lender can then sell the house, or keep it as a rental property, but you would still be evicted.
Bankruptcy
Bankruptcy is a legal process that allows individuals or businesses who are unable to pay their debts to either have those debts restructured or discharged. If you file for bankruptcy, you’ll still have to pay off the mortgage, but you’ll have more time to and will have a different payment plan. There are two types of bankruptcy you can file:
Chapter 7 Bankruptcy
If you choose Chapter 7 bankruptcy, you will not be required to pay off your remaining debt if your home completes foreclosure, and you can remain in the home during the process without having to pay anything monthly. The goal of this is to simply delay foreclosure for several months while you plan your future.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may permit you to not give up your property. You’ll have to stick to a payment plan – under supervision of a court-appointed trustee – that allows you to pay off your debt in three or five years.
Bankruptcy has severe downsides, 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 have to pay significant court fees and hire expensive bankruptcy lawyers. If you’re already struggling with money, 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 two different ways to do this:
- Short sale — Lenders are required to consider any offer made on your Cape Girardeau, MO home. In a short sale, the offer is not enough money to pay off all your debts. The lender can then decide if getting less than what you owe is worth avoiding the hassle of a foreclosure. A short sale does lower your credit score, but not as much as a foreclosure.
- Standard 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 the foreclosure process takes between 45 and 60 days. According to research by the St. Louis Federal Reserve, selling a house on the traditional market takes more than three months, and that doesn’t include the work put in for making a home appealing to a traditional buyer. If you’re in pre-foreclosure, selling your home to an as-is, cash home buyer is likely preferable to a traditional buyer. We can agree to an offer and close on your house within a month of our initial conversation.
Selling Your Home in Pre-Foreclosure to Our Cape Girardeau, MO Cash Home Buyers
Evervest Home Buyers pays all cash for homes, and always want to give Cape Girardeau, MO homeowners a hassle-free home selling experience. We buy all types of properties, from houses in probate to homes with significant plumbing issues.
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 an estimate within an hour. In the following days, a member of our team will perform their own inspection. You don’t even have to sweep, mop, or vacuum before we come over. We always try to offer the most we can for a house in Cape Girardeau, MO while still seeing it as an investment for ourselves.
- Making the home selling experience stress-free — We understand that your Cape Girardeau, MO home being in pre-foreclosure is difficult, and you may be nostalgic about leaving your home. We’ll won’t make things any more stressful than they already are. 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’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, as soon as you need us to after we agree on a price.
- Saving your credit score — Having a home in pre-foreclosure won’t lower your credit score. However, if your house is foreclosed on, it has a huge negative impact on 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 foreclosure.
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Selling Your Cape Girardeau, MO Home in Pre-Foreclosure | Evervest Home Buyers
Everyone hates foreclosure – even mortgage companies. Selling your home in pre-foreclosure is often the best option 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 your home quickly, and assist with the legal and financial aspects of the sale. If your Cape Girardeau, MO home is in pre-foreclosure, call Evervest Home Buyers today at (573) 367-5655 or tell us about your property online.