Selling a Home in Pre-Foreclosure in City of Columbia, MO
Selling a home in pre-foreclosure in City of Columbia, MO. Tough times 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 an as-is property-buying company that buys City of Columbia, MO homes in foreclosure. Our buyers are amiable 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 lender sells your house. Speak to a representative at (573) 367-5767 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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The Pre-Foreclosure Process in City of Columbia, MO
Pre-foreclosure begins when you first miss a payment, and ends when your lender takes official action. It typically happens in five stages:
- 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 point, the lender will likely be willing to reach an agreement with you to pay off the delinquent debt. 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, 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 start 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 will file a lawsuit in court. In a nonjudicial foreclosure, they’ll proceed out of court, but they must abide by the rules set 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 taking into account how much the home is worth, the debt that remains unpaid, and any court costs or unpaid taxes.
- Eviction — Once the property has a new owner, you’ll have a three to 30 day period to move out. If you remain in the home, the new owner can file an eviction lawsuit against you.
While the foreclosure process is not kind, you do have options before the bank takes your home from you.
How to Stop Foreclosure in City of Columbia, MO
You have a few options whenever you’re home is in pre-foreclosure or foreclosure in City of Columbia, MO:
Reinstate the Loan
Reinstating a loan generally involves settling the past due payments, late fees, and any other charges associated with the delinquency. Once the loan is current you will be expected to continue making regular payments as outlined in the loan agreement.
You need to be aware that reinstating a loan does not forgive the late payments and subsequent late fees, it simply brings the loan current. 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 bank, but the interest rates will likely be high, and then you’ll have two monthly debts to stay current on.
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 property, or keep it and have tenants in it, but you would still be evicted.
Bankruptcy
Filing for bankruptcy is a way to get relief from significant debt. If you go the bankruptcy route, 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 file for Chapter 7 bankruptcy, you will not have to pay off your remaining debt if the lender completes foreclosure, and you can remain in the home during the process for free. This is usually a way to simply stall foreclosure for several months while you plan your future.
Chapter 13 Bankruptcy
If you choose Chapter 13 bankruptcy, you may be able 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 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, 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 many court costs and fees for bankruptcy lawyers. If you’re not able to keep up with mortgage payments, 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 funds you get from the sale. There are two different types of sales for a pre-foreclosure home:
- Short sale — Lenders are required to consider any offer made on your City of Columbia, MO home. In a short sale, the offer on your City of Columbia, MO home in pre-foreclosure is less than the amount you owe. 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 your home is worth more than your remaining mortgage, you can accept that offer, pay off your debt with the money from the sale, and keep the rest for new housing.
You can try to sell your property through a real-estate agent, but foreclosure only lasts for 45 to 60 days. Based on data from 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 may be your best option. Once you accept our offer, we can close as quickly as you need us to.
Selling Your Home in Pre-Foreclosure to Our City of Columbia, MO Cash Home Buyers
Evervest Home Buyers pays all cash for properties, and strive to give City of Columbia, MO homeowners a hassle-free home selling experience. We’ve bought everything from properties of people who owe back taxes to condemned properties.
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:
- Getting you a fair offer quickly — If you send us pictures of your home, we can give you a same-day estimate. In the following days, a member of our team will perform their own inspection. You don’t even have to pick up the socks off the floor before we come over. We always try to offer as much as we can for a house in City of Columbia, MO while still seeing it as an investment for ourselves.
- Making the home selling experience stress-free — We understand that your City of Columbia, MO home being in pre-foreclosure is a trying time, and you may be nostalgic about having to move out of 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 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. 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 30 days if not sooner.
- Saving your credit score — Having a home in pre-foreclosure won’t lower your credit score. However, if the foreclosure is completed, 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 save you from the financial pitfalls of it getting foreclosed on.
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Selling Your City of Columbia, MO Home in Pre-Foreclosure | Evervest Home Buyers
Everyone hates foreclosure – even mortgage companies. Selling your home in pre-foreclosure can be an agreeable solution for everybody involved. Our buyers are cordial 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 quickly, and assist with the legal and financial aspects of the sale. If your City of Columbia, MO home is in pre-foreclosure, call Evervest Home Buyers today at (573) 367-5767 or tell us about your property online.