Selling a Home in Pre-Foreclosure in Clever, MO
Selling a home in pre-foreclosure in Clever, 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 property-buying company that buys Clever, MO homes in foreclosure. Our team is friendly and discreet. We can offer you an estimate right when you upload pictures, have a full offer for you in as little as 48 hours, and close in as little as month – before the bank sells your house. Speak to a representative at (417) 815-3889 or contact us online to avoid foreclosure. Depending on the value of your home and what’s left on the mortgage, we may even be able to put enough cash in your pocket to pay for your next move.
Call & Get a Fast, FREE Cash Offer!
We pay a FAIR price. Text us photos of your home and get a fast, free cash offer in as little as 60 minutes. We make it easy to get a fast, free estimate.
Link will dial Evervest's number.
The Pre-Foreclosure Process in Clever, MO
Pre-foreclosure is the period between when you fall behind on your mortgage payments and when your bank or lender sells your Clever, MO house. It typically happens in five stages:
- 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 with a letter or phone call. At this juncture, you may be able to reach an agreement with the lender to catch up on payments. Federal law requires lenders to offer you an opportunity to catch up before taking action.
- Notice of default — After the third month 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 pay it off. Federal law obligates lenders to wait 120 days from the first missed payment to start foreclosure proceedings.
- The lender officially begins foreclosure — If, after 120 days you haven’t made your mortgage current, 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 law.
- Sale of the home — Whichever type of foreclosure they pursue, 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 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 cruel, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Clever, MO
You have a few options whenever you’re house is in pre-foreclosure or foreclosure in Clever, MO:
Reinstate the Loan
Reinstating a loan usually involves paying off the past due payments and any other penalties or fees. Once the loan is current you can 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 bank, but it will probably have an incredibly high interest rate, and then you’ll have two monthly loans to keep up with.
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 return they will release your unpaid debt. 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
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 have to pay off the mortgage, but the timeline will be extended 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 the rest of your mortgage if your home completes foreclosure, and you can still remain in the home before foreclosure without having to pay anything monthly. The goal of this is to simply stall foreclosure for several months while you plan your future.
Chapter 13 Bankruptcy
If you file for Chapter 13 bankruptcy, you may be able to keep your house. You’ll have to stick to a payment plan – overseen by a court-appointed trustee – that allows you to pay off your debt in three or five years.
Bankruptcy has severe downsides, however. First, your entire financial life will be evaluated to see if you qualify. You’ll also have to pay considerable court fees and hire expensive bankruptcy lawyers. If you’re having difficulty keeping up with mortgage payments, bankruptcy still may be too expensive.
Sell Your Home in Pre-Foreclosure
An alternative to the above options is to find a buyer and settle your outstanding debts with the money. There are two different ways to do this:
- Short sale — Lenders are obligated to consider any offer made on your Clever, MO property. In a short sale, the offer on your Clever, MO home in pre-foreclosure is less than the amount you owe. The lender can then consider if getting less than the remainder of the mortgage is worth avoiding the hassle of a foreclosure. 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, use the money to pay off your debt, and keep the rest for new housing.
You can try to sell your home through a real-estate agent, but foreclosure only lasts for 45 to 60 days. According to research by 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 include 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 our initial conversation.
Selling Your Home in Pre-Foreclosure to Our Clever, MO Cash Home Buyers
Evervest Home Buyers buys homes with all cash offers, and always want to give Clever, MO homeowners a hassle-free home selling experience. We’ve bought everything from properties of people who owe back taxes to houses with lead or asbestos.
We purchase homes “as-is,” which means that the condition of the property isn’t important to us as it would to traditional home buyer. 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 send us pictures of your property, we can give you a same-day estimate. In the following 24-48 hours, one of our buyers will carry out their own inspection. You don’t even have to sweep, mop, or vacuum before we come over. We always try to offer as much as we can for a house in Clever, MO while still being able to profit off it after we repair it.
- Giving you a stress-free home sale — We understand that your Clever, MO home being in pre-foreclosure is not the best time in your life, and you may not want to leave your home. We’ll won’t make things any more stressful than they already are. Unlike 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’ll still move to take over and sell the house as quickly as possible. We can help you 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 a month if not sooner.
- Saving your credit score — Having a home in pre-foreclosure does not lower your credit score. However, if your house is foreclosed on, 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 foreclosure.
Other services we offer in Clever, 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 Clever, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even mortgage companies. Selling your home in pre-foreclosure can be an agreeable solution for both you and your mortgage lender. Our buyers are personable 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 the deal quickly, and help you with the legal and financial aspects of the sale. If your Clever, MO home is in pre-foreclosure, call Evervest Home Buyers today at (417) 815-3889 or tell us about your property online.