Selling a Home in Pre-Foreclosure in Chesterfield, MO
St. Louis County
Evervest Home Buyers
3015 Salena St #201
St. Louis, MO 63118
Cash Home Buyer Chesterfield, MO
Selling a home in pre-foreclosure in Chesterfield, MO. if your home is about to be foreclosed on, you do have options. Evervest Home Buyers is a cash home-buying company that buys Chesterfield, MO homes in foreclosure. Our buyers are cordial and nonjudgmental. We can offer you an estimate right when you upload pictures, have our official offer in a matter of days, and close in as little as 30 days – before the bank sells your house. Call us at (314) 730-0366 or get your offer online to avoid foreclosure. Depending on how much you owe, we may even be able to put enough cash in your pocket to pay for your next move.
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The Pre-Foreclosure Process in Chesterfield, MO
Pre-foreclosure begins when you first miss a payment, and ends when your lender takes official action. It is a five-stage process:
- Payment default — Payment default begins when you’ve missed at least one mortgage payment. Banks are required to reach out to by the time you’re 45 days late on a payment. At this juncture, the lender will likely be willing to work something out 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, you’ll receive a demand letter, detailing how much you owe and informing you that you have 30 days to bring the mortgage current. Federal law stipulates that lenders must wait 120 days from the first missed payment to begin the process of taking your home.
- The lender officially begins foreclosure — If, after 120 days you haven’t brought your mortgage up to date, 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, they’ll proceed out of court, but they must abide by the regulations in by Missouri statutes.
- 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 the value of the house, the amount owed, and any fees or unpaid taxes.
- Eviction — Once the home is sold, you’ll have between three and 30 days to move out. If you don’t, the new owner can file an eviction lawsuit in court.
While the foreclosure process may seem cruel, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Chesterfield, MO
You have a few options whenever you’re house is in pre-foreclosure or foreclosure in Chesterfield, 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 mortgage is current you will be expected to continue making regular payments as outlined in the loan agreement.
It’s important to note. If you fail to keep up with the monthly payments the home may go into foreclosure again. It’s possible to take out a loan with a different company, but the interest rates will likely be high, and then you’ll have two monthly debts to keep up with.
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. 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 house, or keep it and have tenants in it, but you would still likely have to move out.
Bankruptcy
Bankruptcy is a legal process that allows individuals or businesses who cannot 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 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 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 the mortgage. The goal of this is to give you a few more months to plan your future.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may allow you to not give up your home. 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 maintain the payment plan under the supervision of a court-appointed trustee.
Bankruptcy has severe drawbacks, however. First, your entire financial life will be analyzed to see if you qualify. You’ll also have to pay many court fees for bankruptcy lawyers. If you’re not able to keep 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 sell your home and settle your outstanding debts with the money. There are a couple different ways to do this:
- Short sale — Lenders are required to consider any offer made on your Chesterfield, MO home. 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 think the short sale offer is more than they’ll get at auction. A short sale does lower your credit score, but not to the extent that a foreclosure does.
- Traditional sale — If a potential buyer offers more than your remaining mortgage, you can simply sell your home to an interested buyer, pay off your debt with the money from the sale, 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 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 time it takes to prepare the house for sale. If you’re in pre-foreclosure, selling your home to an as-is, cash home buyer may be your best option. 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 buys homes with all cash offers, and always want to give Chesterfield, MO residents a stress-free home selling experience. We buy all types of properties, from houses in probate to homes with significant fire or water damage.
We purchase homes “as-is,” which means that the condition of the property isn’t important 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 upload photos of your house, we can give you a same-day estimate. Then, we’ll schedule an inspection, where a member of our team will carry out their own inspection. You don’t even have to wash the dishes before we show up. We always intend to offer the most we can for a house in Chesterfield, MO while still seeing it as an investment for ourselves.
- Giving you a stress-free home sale — We know that your Chesterfield, MO home being in pre-foreclosure is a trying time, and you may be nostalgic about leaving your home. We’ll make everything as simple as we can so you don’t feel any added stress. Unlike other cash home buying companies, we always keep our word.. We’ll show you proof of funds so you can feel at ease.
- 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. When you sell to Evervest, 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 can have massive consequences for your credit score, that will stay there for 7 years. While selling to us won’t allow you to keep your home, we can help you avoid the financial pitfalls of it getting foreclosed on.
Other services we offer in Chesterfield, MO include:
- Sell a Property With Tenants – Fast, Easy, Hassle-Free
- Selling Your House Off-Market
- Local Home Buyers
- Sell Vacant House (For Cash)
- Selling a Fixer Upper Home
- Cash for Ugly Houses
- Sell Your House During a Divorce
- Selling a Rental Property
- Selling a Home with a Reverse Mortgage
- Selling a House Without a Realtor
- Selling a House in Poor Condition
- How to Sell a House That Needs Major Repairs
- Home Investors
- Sell My House
- Cash for Homes
- Sell My House As-Is
- Sell My Probate House
- Sell My Outdated House
- Sell My Inherited House in Greater St. Louis
- How to Sell Your House
- Investment Property Buyers
- Foreclosed House Buyer
- Fast House Buyer
- Condemned Property Buyer
- Cash Home Buyer
- Sell My Home For Cash
Selling Your Chesterfield, 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 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 assist 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.