Selling a Home in Pre-Foreclosure in Chesterfield, MO
Selling a home in pre-foreclosure in Chesterfield, MO. Financial hardships 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 home-buying company that buys Chesterfield, MO homes in foreclosure. Our team is personable 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 month – before the bank sells your house. Speak to a representative at (314) 730-0366 or get your offer 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.
The Pre-Foreclosure Process in Chesterfield, MO
Pre-foreclosure is the period between when you first miss a mortgage payment and when your bank or lender sells your Chesterfield, MO house. 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. At this juncture, you may be able to work something out 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 the third month of missed payments, the lender will send you a demand letter, detailing 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 begin foreclosure proceedings.
- The lender officially begins foreclosure — If, after that period has ended you haven’t made an agreement with your lender, the lender will take action with either a judicial foreclosure or a nonjudicial foreclosure. In a judicial foreclosure, the lender sue you in civil court. In a nonjudicial foreclosure, they’ll proceed out of court, but they must follow the rules in by Missouri statutes.
- Sale of the home — Whichever type of foreclosure the lender opts for, the house will will be sold in a public option. 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 a three to 30 day period to leave. If you don’t, the new owner can file an eviction lawsuit against you.
While the foreclosure process may seem cruel, there are a few different ways you can lessen the consequences for yourself.
How to Stop Foreclosure in Chesterfield, MO
The following are the main ways you can deal with pre-foreclosure or foreclosure in Chesterfield, MO:
Reinstate the Loan
Reinstating a loan typically includes paying off the late payments and any other penalties or fees. Once you have paid off all the past due amounts, the loan is considered to be current again and you can continue making regular payments as outlined in the loan agreement.
You need to remember that reinstating a loan does not forgive the past-due payments and subsequent late fees, it merely brings the loan current. If you cannot stay but to date. It’s possible to take out a loan with a different lender, 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 release 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 house, or keep it as a rental property, but you would still likely have to move out.
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 have to pay off your debt, but with a more realistic payment structure. 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 your home completes foreclosure, and you can still remain in the home before foreclosure 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 allow you to not give up your house. It involves coming up with a plan to pay off all or some of your debts over a three to five year period. You’ll have to follow the payment plan under the supervision of a court-appointed trustee.
There are many reasons that bankruptcy may not be a good option. 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 and hire expensive bankruptcy attorneys. If you’re already struggling with money, you may not be able to afford filing for bankruptcy.
Sell Your Home in Pre-Foreclosure
Another possibility is to sell your home and pay off your debt 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 Chesterfield, MO home, the lender legally obligated to consider it. In a short sale, the offer on your Chesterfield, MO home in pre-foreclosure is less than the amount you owe. The lender can then decide if getting less than the full amount back is worth avoiding the hassle of a foreclosure. A short sale can negatively impact 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 simply sell your home to an interested buyer, pay off your debt with the money from the sale, and keep the rest for new housing.
You can try to sell your property on the traditional market, 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 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 30 days of you contacting us.
How Our Chesterfield, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers pays all cash for houses, and always want to give Chesterfield, MO homeowners a hassle-free home selling experience. We’ve bought everything from properties of houses in probate to houses with mold issues.
We buy properties “as-is,” which means that homeowners do not have to make expensive 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:
- Giving you a fair offer fast — If you send us pictures of your home, we can give you a same-day estimate. In the following days, one of our buyers 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 Chesterfield, MO while still being able to profit off it after we repair it.
- Giving you a stress-free home sale — We understand that your Chesterfield, MO home being in pre-foreclosure is difficult, and you may be emotional about leaving your home. We’ll make everything as simple as we can so you don’t feel any additional stress. We differ from other cash 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 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. When you sell to us, you will 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, 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 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 selling to us won’t allow you to keep your home, we can save you from the financial perils of it getting foreclosed on.
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Selling Your Chesterfield, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even banks. Selling your home in pre-foreclosure can be an agreeable solution for both you and your mortgage lender. Our buyers are cordial and discreet, 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 fast, and help you with the legal and financial aspects of the sale. If your Chesterfield, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.