Selling a Home in Pre-Foreclosure in Claycomo, MO
Selling a home in pre-foreclosure in Claycomo, MO. If you are facing foreclosure and are worried about losing your home and severely damaging your credit score, know that there are options available to you. Evervest Home Buyers is an as-is property-buying company that purchases Claycomo, MO homes in foreclosure. Our buyers are personable and discreet. We can offer you an estimate in as little as an hour, have our official offer once we do our own inspection, and close in as little as month – before the lender auctions off your home. Call us at (816) 368-8508 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 fund your next move.
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The Pre-Foreclosure Process in Claycomo, MO
Pre-foreclosure begins when you first miss a payment, and ends when your lender takes official action. It is a five-step process:
- Payment default — Payment default begins when you’ve missed paying one month of your mortgage. After each of the first two missed payments, your bank will likely reach out via letter or telephone. At this point, 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 90 days of missed payments, the lender will send you a demand letter, notifying you of the amount past due and informing you that you have 30 days to bring the mortgage current. Federal law obligates lenders to wait 120 days from the first missed payment to start foreclosure proceedings.
- 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 regulations set by Missouri statutes.
- Sale of the home — In either case, the home will then be auctioned off to the public. The lender will set a minimum bid taking into account the value of the house, the debt that remains unpaid, and any fees or unpaid taxes.
- Eviction — Once the property has a new owner, you’ll have between three and 30 days to move out. 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 Claycomo, MO
Below are the main ways you can handle pre-foreclosure or foreclosure in Claycomo, MO:
Reinstate the Loan
Reinstating a loan typically includes settling 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 will be expected to continue with the monthly payments as previously agreed.
reinstating a loan is not a permanent solution. If you fall behind again the home may go into foreclosure again. You could consider taking out a loan with a different company, but it will likely 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 exchange for discharging your obligation to pay the mortgage. This reduces some of the negative consequences of a foreclosure, such as a damaged credit score, and the lender wouldn’t have to deal with the hassle the foreclosure process. The lender can then sell the home, or keep it and have tenants in it, but you would still be evicted.
Bankruptcy
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 be responsible for paying off your debt, but you’ll have more time to and will have a different payment plan. 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 the lender completes foreclosure, and you can remain in the home during the process for free. This is usually a way to simply delay foreclosure for several months while you figure out what to do.
Chapter 13 Bankruptcy
If you file for Chapter 13 bankruptcy, you may be able to not give up your house. You’ll have to stick to a payment plan – under supervision of a court-appointed trustee – that allows you to become current in three or five years.
Bankruptcy has several downsides, however. First, your entire financial life will be evaluated to see if you qualify. You’ll also have to pay considerable court 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
Another possibility is to find a buyer and settle your outstanding debts with the money. There are two different types of sales for a pre-foreclosure home:
- Short sale — Lenders are required to consider any offer made on your Claycomo, MO house. 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 as much as a foreclosure.
- Standard 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 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 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 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 Claycomo, MO Cash Home Buyers
Evervest Home Buyers pays all cash for houses, and strive to give Claycomo, MO homeowners a stress-free home selling experience. We’ve bought everything from properties of people who owe back taxes to houses with lead or asbestos.
We buy properties “as-is,” which means that the condition of the property doesn’t matter 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 you a fair offer fast — If you send us pictures of your property, we can give you an estimate within an hour. In the following 24-48 hours, one of our buyers will perform their own inspection. You don’t even have to pick up the socks off the floor before we come over. We always strive to offer as much as we can for a home in Claycomo, MO while still seeing it as an investment for ourselves.
- Giving you a stress-free home sale — We know that your Claycomo, MO home being in pre-foreclosure is stressful, and you may be nostalgic about leaving your home. We’ll won’t make things any more stressful than they already are. Unlike other cash home buying companies, we always keep our word.. 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 Evervest, you can 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 we agree on a price.
- Saving your credit score — Having a home in pre-foreclosure does not effect 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 you won’t get to keep your home if you sell to us, we can save you from the financial pitfalls of foreclosure.
Other services we offer in Claycomo, 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 Claycomo, 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 both you and your mortgage lender. Our buyers are amiable 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 the deal quickly, and help you with the legal and financial aspects of the sale. If your Claycomo, MO home is in pre-foreclosure, call Evervest Home Buyers today at (816) 368-8508 or tell us about your property online.