Selling a Home in Pre-Foreclosure in Cass County, MO
Selling a home in pre-foreclosure in Cass County, 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 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 buys Cass County, MO homes in foreclosure. Our team is friendly and nonjudgmental. We can have an estimate ready for you right when you upload pictures, have our official offer once we do our own inspection, and close in as little as 30 days – before the bank officially foreclosures on your home. Speak to a representative at (816) 368-8508 or get your offer online to get out from under 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 Cass County, 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. 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, 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 the third month 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 pay it off within 30 days. Federal law obligates lenders to wait 120 days from the first missed payment to begin official action.
- The lender officially begins foreclosure — If, after 120 days you haven’t made an agreement with your lender, 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 statutes.
- Sale of the home — Whichever type of foreclosure they pursue, the house will then be auctioned off to the public. The lender will set a minimum bid which accounts for their appraisal of the home, the amount owed, 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 don’t, the new owner can file an eviction lawsuit in court.
While the foreclosure process may seem harsh, there are multiple ways you can mitigate the consequences for yourself.
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 typically involves paying off the late payments and any other penalties or fees. Once the loan is current you will be expected to continue with the monthly payments as previously agreed.
reinstating a loan is not a permanent solution. If you cannot maintain the payments. You could consider taking out a loan with a different company, 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 agree with the lender to voluntarily transfer ownership of the property to them in exchange for discharging your obligation to pay the mortgage. Your credit score would not take a hit, and the lender wouldn’t have to deal with the hassle the foreclosure process. The lender can then sell the home, or keep it and have tenants in it, but you would still likely have to move out.
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 you’ll have more time to 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 choose Chapter 7 bankruptcy, you will not have to pay off the rest of your mortgage if your home completes foreclosure, and you can still remain in the home before foreclosure without having to pay the mortgage. This is usually a way to simply delay foreclosure for several months while you figure out what to do.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may allow you 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 stick to the payment plan under the supervision of a court-appointed trustee.
There are many reasons that bankruptcy may not be a good choice. First, your entire financial life will be analyzed to see if you’re eligible. You’ll also incur significant court costs and fees and pay for expensive bankruptcy lawyers. If you’re already struggling with money, bankruptcy still may be too expensive.
Sell Your Home in Pre-Foreclosure
The last option is to find a buyer and pay off your debt with the money you get from the sale. There are a couple different types of sales for a pre-foreclosure home:
- Short sale — Lenders are obligated to consider any offer made on your Cass County, MO house. In a short sale, the offer on your Cass County, MO home in pre-foreclosure is less than the amount you owe. 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 does lower your credit score, but not to the extent that a foreclosure does.
- 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 debt, and keep the rest for new housing.
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 over 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 to an as-is, cash home buyer is likely preferable to a traditional buyer. Once you accept our offer, we can close as quickly as you need us to.
How Our Cass County, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers buys homes with all cash offers, and strive to give Cass County, MO residents a hassle-free home selling experience. We buy all types of properties, from people who owe back taxes to homes with asbestos.
We buy properties “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:
- Giving our best possible offer quickly — If you send us pictures of your house, 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 wash the dishes before we show up. We always intend to offer as much as we can for a house in Cass County, MO while still being able to profit off it after we repair it.
- Making the home selling experience stress-free — We understand that your Cass County, MO home being in pre-foreclosure is stressful, 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. 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’re not going to wait around to collect their debt. When you sell to us, you can sell your house fast. There’s no waiting for inspections, appraisals, or open house. 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 effect 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 help you avoid 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
- Home Investors
- Sell My House
- Cash for Homes
- Cash Home Buyer
Selling Your Cass 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 everybody involved. Our buyers are cordial 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 your home 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.