Selling a Home in Pre-Foreclosure in Cass County, MO
Selling a home in pre-foreclosure in Cass County, MO. if you’ve been given a notice of default, you do have options. Evervest Home Buyers is an as-is property-buying company that purchases Cass County, MO homes in foreclosure. Our buyers are friendly and nonjudgmental. We can offer you an estimate just by looking at pictures, have our official offer in a matter of days, and close in as little as 30 days – before the mortgage holder sells your house. Speak to a representative at (816) 368-8508 or get your offer online to get free of 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.
The Pre-Foreclosure Process in Cass County, MO
Pre-foreclosure is the period between when you first miss a mortgage payment and when your bank or lender sells your Cass County, MO house. It usually 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 with a letter or phone call. If you’ve only missed a month or two, the lender will likely be willing to reach an agreement with you to pay off the delinquent debt. 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 demand letter, telling you 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 begin foreclosure proceedings.
- 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 follow the rules in by Missouri law.
- 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 debt that remains unpaid, and any fees 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 against you.
While the foreclosure process may seem harsh, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Cass County, MO
You have a few options whenever you’re house is in pre-foreclosure or foreclosure in Cass County, MO:
Reinstate the Loan
Reinstating a loan generally involves paying off the late 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.
reinstating a loan is not a permanent solution. 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 loans 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 exchange for the release of your obligation to pay the mortgage. This reduces some of the negative consequences of a foreclosure, such as a damaged credit score, 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.
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 with a more realistic payment structure. 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 your home 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 figure out what to do.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may allow you to not give up 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 stick to the payment plan under the supervision of a court-appointed trustee.
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 considerable court costs and fees and hire expensive bankruptcy attorneys. If you’re not able to keep up with mortgage payments, bankruptcy still may be too expensive.
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 money you get from the sale. There are two different types of sales for a pre-foreclosure home:
- Short sale — If an interested buyer makes an offer on your Cass 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 believe 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 a prospective buyer offers more than the amount of debt you owe, you can accept that offer, use the money to pay off your mortgage, and keep the rest for new housing.
You can try to sell your house on the traditional market, but foreclosure only lasts for 45 to 60 days. According to research by the St. Louis Federal Reserve, it takes an average of 50 days to find a buyer and 50 days to close, 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 is likely preferable to a traditional buyer. We can agree to an offer and close on your house within a month of you contacting us.
How Our Cass County, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers pays all cash for properties, and strive to give Cass County, MO homeowners a stress-free home selling experience. We’ve bought everything from properties of houses in probate to houses with lead or asbestos.
We purchase homes “as-is,” which means that homeowners do not have to make expensive repairs to the property in order to sell 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:
- Giving our best possible offer quickly — If you send us pictures of your home, we can give you a same-day estimate. Then, we’ll schedule an inspection, where one of our buyers will perform their own inspection. You don’t even have to wash the dishes before we come over. We always intend to offer as much as we can for a property in Cass County, MO while still seeing it as an investment for ourselves.
- Giving you a stress-free home sale — We understand that your Cass 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 won’t make things any more stressful than they already are. We differ from other as-is 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 banks prefer not having to go through the foreclosure process, they’re not going to wait around to collect their debt. 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, usually within a month if not sooner.
- Saving your credit score — Having a home in pre-foreclosure does not lower your credit score. However, if the foreclosure is completed, 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 Cass County, MO include:
- Selling a House in Poor Condition
- How to Sell a House That Needs Major Repairs
- Selling a House As Is
- Home Investors
- Cash For Houses
- Buy My House
- We Buy Houses For Cash
- Sell My House
- Cash for Homes
- Cash Home Buying Company
- House Buyers
- Cash Home Buyer
Selling Your Cass County, MO Home in Pre-Foreclosure | Evervest Home Buyers
Everyone hates foreclosure – even banks. Selling your home in pre-foreclosure is often the best option for both you and your mortgage lender. Our buyers are amiable 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 the sale fast, and help you with the legal and financial aspects of the sale. If your Cass County, MO home is in pre-foreclosure, call Evervest Home Buyers today at (816) 368-8508 or tell us about your property online.