Selling a Home in Pre-Foreclosure in Cape Girardeau, MO
Selling a home in pre-foreclosure in Cape Girardeau, MO. Financial hardships can happen to anyone, 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 a cash home-buying company that buys Cape Girardeau, MO homes in foreclosure. Our team is amiable and discreet. We can offer you an estimate right when you upload pictures, have a full offer for you in as little as 48 hours, and close as quickly as you need us to – before the mortgage holder auctions off your home. Call us at (573) 367-5655 or get your offer online to get out from under your debt. 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.
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How Foreclosure Happens in Cape Girardeau, 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 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 via letter or telephone. At this juncture, the lender will likely be willing to reach an agreement with you to bring your balance up to date. 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, notifying you of how much you owe and informing you that, to avoid foreclosure, you must bring the mortgage up to date within 30 days. Federal law requires lenders to wait 120 days from the first missed payment to start foreclosure proceedings.
- 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 set 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 taking into account the value of the house, the amount owed, 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 house, the new owner can file an eviction lawsuit against you.
While the foreclosure process is not kind, you do have options before the bank takes your home from you.
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 generally includes settling the late payments, late fees, and any other charges associated with the delinquency. Once the loan 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. It’s possible to take out a loan with a different lender, 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 the release of your unpaid debt. 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 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 two types of bankruptcy you can file:
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 stall foreclosure for several months while you plan your future.
Chapter 13 Bankruptcy
If you file for Chapter 13 bankruptcy, you may be able to hold onto your home. 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, 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 significant 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
The last option is to find a buyer and settle your outstanding debts with the money. There are a couple different ways to do this:
- Short sale — Lenders are obligated to consider any offer made on your Cape Girardeau, MO house. In a short sale, the offer is not enough money to pay off all your debts. The lender can then consider if getting less than what you owe is worth not having to deal with the hassle of a foreclosure. A short sale can negatively impact your credit score, but not to the extent that a foreclosure does.
- Standard sale — If a potential buyer offers 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. Based on 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 account for 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 the traditional market. We can agree to an offer and close on your house within 30 days of our initial conversation.
How Our Cape Girardeau, 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, MO homeowners a hassle-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 fast — If you send us pictures of your house, we can give you an estimate within an hour. In the following days, one of our buyers will perform their own inspection. You don’t even have to pick up the socks off the floor before we come over. We always try to offer the most we can for a home 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 having to move out of home. We’ll won’t make things any more stressful than they already are. 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 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. When you sell to us, you will 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 you agree to our offer.
- Saving your credit score — Having a home in pre-foreclosure won’t effect 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 perils of it getting foreclosed on.
Other services we offer in Cape Girardeau, MO include:
- Selling a House in Poor Condition
- How to Sell a House That Needs Major Repairs
- Home Investors
- Sell My House
- Cash for Homes
- Cash Home Buyer
Selling Your Cape Girardeau, 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 amiable and discreet, 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 deal quickly, and help you 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.