Selling a Home in Pre-Foreclosure in Clay County, MO
Selling a home in pre-foreclosure in Clay 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 an as-is house-buying company that purchases Clay County, MO homes in foreclosure. Our buyers are friendly and nonjudgmental. We can offer you an estimate just by looking at pictures, have our official offer in a matter of days, and close as quickly as you need us to – before the bank officially foreclosures on your home. Speak to a representative at (816) 368-8508 or contact us online to get free of your debt. Depending on the value of your home and what’s left on the mortgage, you may even be able to have some cash left over.
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How Foreclosure Happens in Clay 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 — Payment default begins when you’ve missed at least one mortgage payment. 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 pay off the delinquent debt. Federal law requires lenders to discuss loss mitigation options with you.
- Notice of default — After 90 days of missed payments, you’ll receive a notice of default, notifying you of how much you owe and informing you that you have 30 days to bring the mortgage current. Federal law requires 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 sue you in civil court. In a nonjudicial foreclosure, they’ll proceed out of court, but they must follow the regulations in by Missouri statutes.
- Sale of the home — In either case, the property will will be sold in a public option. The lender will set a minimum bid which accounts for their appraisal of the home, the debt that remains unpaid, 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 remain in the home, the new owner can file an eviction lawsuit in court.
While the foreclosure process may seem cruel, there are multiple ways you can lessen the consequences for yourself.
How to Stop Foreclosure in Clay County, MO
The following are the main ways you can deal with pre-foreclosure or foreclosure in Clay County, MO:
Reinstate the Loan
Reinstating a loan usually includes settling the late payments, late fees, and any other charges associated with the delinquency. 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.
reinstating a loan is not a permanent solution. If you are unable to stay but to date. You could consider taking out a loan with a different bank, 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 give your home to the lender, in return they will release 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 file for bankruptcy, you’ll still be responsible for paying 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 the rest of your mortgage if your home completes foreclosure, and you can remain in the home during the process without having to pay anything monthly. This is usually a way to simply stall foreclosure for several months while you plan your future.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may permit you to keep your house. 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 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 fees and pay for expensive bankruptcy attorneys. 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
Another possibility 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 — If an interested buyer makes an offer on your Clay County, MO home, the lender legally obligated to consider it. In a short sale, the offer is not enough money to pay off all your debts. 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 your home is worth 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 to fund your next move.
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. Based on data from the St. Louis Federal Reserve, selling a house on the traditional market takes more than 90 days, and that doesn’t include 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. Once you accept our offer, we can close as quickly as you need us to.
Selling Your Home in Pre-Foreclosure to Our Clay County, MO Cash Home Buyers
Evervest Home Buyers buys homes with all cash offers, and always want to give Clay County, MO homeowners a stress-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 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 upload photos of your house, we can give you a same-day estimate. In the following days, a member of our team will carry out their own inspection. You don’t even have to sweep, mop, or vacuum before we come over. We always strive to offer as much as we can for a house in Clay County, MO while still seeing it as an investment for ourselves.
- Giving you a stress-free home sale — We know that your Clay County, MO home being in pre-foreclosure is not the best time in your life, and you may be emotional about leaving your home. We’ll make everything as simple as we can so you don’t experience 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 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 Evervest, you will 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 30 days if not sooner.
- Saving your credit score — Having a home in pre-foreclosure won’t effect your credit score. However, if your house is foreclosed on, it can have massive consequences for your credit score, that won’t go away for 7 years. While you won’t get to keep your home if you sell to us, we can save you from the financial perils of foreclosure.
Other services we offer in Clay 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 Clay County, MO Home in Pre-Foreclosure | Evervest Home Buyers
Everyone hates foreclosure – even lenders. Selling your home in pre-foreclosure can be an agreeable solution for everybody involved. Our buyers are amiable 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 your home quickly, and assist with the legal and financial aspects of the sale. If your Clay County, MO home is in pre-foreclosure, call Evervest Home Buyers today at (816) 368-8508 or tell us about your property online.