Selling a Home in Pre-Foreclosure in Christian County, MO
Selling a home in pre-foreclosure in Christian County, MO. If you are facing foreclosure and are upset at the prospect of losing your home and severely damaging your credit score, know that there are options available to you. Evervest Home Buyers is a cash house-buying company that purchases Christian County, MO homes in foreclosure. Our buyers are friendly and nonjudgmental. We can have an estimate ready for you just by looking at pictures, have our official offer once we do our own inspection, and close in as little as 30 days – before the bank auctions off your home. Speak to a representative at (417) 815-3889 or get your offer online to avoid foreclosure. Depending on how much you owe, you may even be able to have some cash left over.
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The Pre-Foreclosure Process in Christian County, 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 — 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. 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 discuss loss mitigation options with you.
- Notice of default — After 90 days of missed payments, the lender will send you a demand letter, telling you the amount past due and informing you that you have 30 days to bring the mortgage current. Federal law dictates that lenders must wait 120 days from the first missed payment to begin official action.
- The lender officially begins foreclosure — If, after that period has ended you haven’t caught up, the lender will begin either a judicial foreclosure or a nonjudicial foreclosure. In a judicial foreclosure, the lender sue you in civil court. In a nonjudicial foreclosure, you won’t have any official court proceedings, but they must abide by the rules set by Missouri statutes.
- Sale of the home — Whichever type of foreclosure the lender opts for, the property 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 court costs or unpaid taxes.
- Eviction — Once the home is sold, you’ll have a three to 30 day period 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 a few different ways you can mitigate the consequences for yourself.
How to Stop Foreclosure in Christian County, MO
The following are the main ways you can handle pre-foreclosure or foreclosure in Christian County, MO:
Reinstate the Loan
Reinstating a loan typically involves settling the past due 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.
It’s important to note. If you fail to keep up with the monthly payments the home may go into foreclosure again. You could consider taking out a loan with a different lender, 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 exchange for discharging your obligation to pay the mortgage. 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 property, or keep it and have tenants in it, but you would still be evicted.
Bankruptcy
Bankruptcy is a legal process that allows individuals or businesses who are unable to pay their debts to either have those debts restructured or discharged. If you go the bankruptcy route, you’ll still be responsible for paying off the mortgage, but with a more realistic payment structure. There are two types of bankruptcy you can file:
Chapter 7 Bankruptcy
If you choose Chapter 7 bankruptcy, you will not have to pay off the rest of your mortgage if the lender completes foreclosure, and you can remain in the home during the process without having to pay the mortgage. This is usually a way to simply stall foreclosure for several months while you figure out what to do.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may permit you to hold onto 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 choice. First, your entire financial life will be analyzed to see if you qualify. You’ll also have to pay many court fees and hire expensive bankruptcy attorneys. If you’re having difficulty keeping up with mortgage payments, bankruptcy still may be too expensive.
Sell Your Home in Pre-Foreclosure
Another possibility is to find a buyer and settle your outstanding debts with the money. There are two different ways to do this:
- Short sale — If an interested buyer makes an offer on your Christian County, MO home, the lender is required 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 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.
- Standard 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 debt, 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, selling a house on the traditional market takes over 90 days, 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 to an as-is, cash home buyer is likely preferable to the traditional market. Once you accept our offer, we can close as quickly as you need us to.
Selling Your Home in Pre-Foreclosure to Our Christian County, MO Cash Home Buyers
Evervest Home Buyers buys homes with all cash offers, and strive to give Christian County, MO residents a hassle-free home sale. We’ve bought everything from properties of houses in probate to condemned properties.
We buy properties “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 fast — If you upload photos of your house, we can give you a same-day estimate. In the following 24-48 hours, one of our buyers will perform their own inspection. You don’t even have to wash the dishes before we come over. We always try to offer as much as we can for a property in Christian County, MO while still being able to profit off it ourselves.
- Giving you a stress-free home sale — We understand that your Christian County, MO home being in pre-foreclosure is stressful, 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. 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 banks prefer not having to go through the foreclosure process, they’ll still move to take over and sell the house as quickly as possible. When you sell to Evervest, 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 does not lower your credit score. However, if the foreclosure is completed, it has a huge negative impact on your credit score, that will stay there for 7 years. While you won’t get to keep your home if you sell to us, we can help you avoid the financial perils of it getting foreclosed on.
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Selling Your Christian County, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even mortgage companies. Selling your home in pre-foreclosure is often the best option for both you and your mortgage lender. Our buyers are personable 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 fast, and assist with the legal and financial aspects of the sale. If your Christian County, MO home is in pre-foreclosure, call Evervest Home Buyers today at (417) 815-3889 or tell us about your property online.