Selling a Home in Pre-Foreclosure in Clayton, MO
St. Louis County
Evervest Home Buyers
3015 Salena St #201
St. Louis, MO 63118
Selling a home in pre-foreclosure in Clayton, MO. if your home is about to be foreclosed on, you do have options. Evervest Home Buyers is a cash property-buying company that purchases Clayton, MO homes in foreclosure. Our buyers are friendly and discreet. We can have an estimate ready for you just by looking at pictures, have a full offer for you in a matter of days, and close as quickly as you need us to – before the lender officially foreclosures on your home. Speak to a representative at (314) 730-0366 or contact us online to start the process of getting out from under the bank’s thumb today. 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 Clayton, MO
Pre-foreclosure is the period between when you fall behind on your mortgage payments and when your bank or lender sells your Clayton, MO house. It usually happens in five stages:
- Payment default — Payment default begins when you’ve missed paying one month of your mortgage. 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 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 the third month of missed payments, the lender will send you a notice of default, telling you how much you owe and informing you that, to avoid foreclosure, you must pay it off within 30 days. Federal law states that lenders must wait 120 days from the first missed payment to begin foreclosure proceedings.
- The lender officially begins foreclosure — If, after 120 days you haven’t caught up, the lender will take action with 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 follow the rules set by Missouri statutes.
- Sale of the home — In either case, the home will will be sold in a public option. The lender will set a minimum bid taking into account 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 don’t, the new owner can file an eviction lawsuit in court.
While the foreclosure process is not kind, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Clayton, MO
You have a few options whenever you’re house is in pre-foreclosure or foreclosure in Clayton, MO:
Reinstate the Loan
Reinstating a loan usually involves settling the late payments, late fees, and any other charges associated with the delinquency. Once the loan is current you can 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 penalties that were incurred, it merely brings the loan current. If you are unable to maintain the payments. It’s possible to take out a loan with a different company, but it will probably 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 return they will release 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 house, or keep it as a rental property, 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 go the bankruptcy route, 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 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 still remain in the home before foreclosure for free. This is usually a way to give you a few more months to plan your future.
Chapter 13 Bankruptcy
If you choose Chapter 13 bankruptcy, you may be able to hold onto 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 follow the payment plan under the supervision of a court-appointed trustee.
There are many reasons that bankruptcy may not be a good option. First, your entire financial life will be analyzed to see if you qualify. You’ll also incur many court costs and fees for bankruptcy lawyers. If you’re already struggling with money, bankruptcy still may be too expensive.
Sell Your Home in Pre-Foreclosure
An alternative to the above options is to sell your home and settle your outstanding debts with the money. There are a couple different ways to do this:
- Short sale — If a prospective buyer makes an offer on your Clayton, MO home, the lender must consider it. In a short sale, the offer on your Clayton, MO home in pre-foreclosure is less than the amount you owe. The lender can then decide if getting less than the remainder of the mortgage is worth not having to deal with 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 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 keep the rest for new housing.
You can try to sell your home on the traditional market, but foreclosure only lasts for 45 to 60 days. According to research by 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 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 Clayton, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers pays all cash for houses, and always want to give Clayton, MO homeowners a stress-free home sale. We buy all types of properties, from people who owe back taxes to homes with significant fire or water damage.
We buy properties “as-is,” which means that homeowners do not have to make costly 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:
- Getting our best possible offer fast — If you upload photos of your home, we can give you an estimate within an hour. Then, we’ll schedule an inspection, where 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 intend to offer the most we can for a house in Clayton, MO while still seeing it as an investment for ourselves.
- Giving you a stress-free home sale — We understand that your Clayton, MO home being in pre-foreclosure is difficult, and you may be emotional about leaving your home. We’ll make everything as simple as we can so you don’t experience any additional stress. We differ from other cash home buying companies we have no contingences 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. 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, usually within 30 days if not sooner.
- Saving your credit score — Having a home in pre-foreclosure does not effect your credit score. However, if the foreclosure is completed, 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 help you avoid the financial pitfalls of foreclosure.
Other properties we buy in Clayton, 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 Clayton, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even lenders. Selling your home in pre-foreclosure is often the best option for everybody involved. Our buyers are amiable and nonjudgmental, 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 quickly, and help you with the legal and financial aspects of the sale. If your Clayton, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.