Selling a Home in Pre-Foreclosure in Crestwood, MO
Selling a home in pre-foreclosure in Crestwood, 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 Crestwood, MO homes in foreclosure. Our team is cordial and discreet. We can offer you an estimate in as little as an hour, have our official offer in as little as 48 hours, 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 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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How Foreclosure Happens in Crestwood, MO
Pre-foreclosure is the period between when you fall behind on your mortgage payments and when your Crestwood, MO lender auctions off your home off to the highest bidder. It is a five-step process:
- 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. If you’ve only missed a month or two, you may be able to reach an agreement 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, detailing how much you owe and informing you that, to avoid foreclosure, you must pay it off within 30 days. Federal law dictates that lenders must wait 120 days from the first missed payment to begin official action.
- The lender officially begins foreclosure — If, after 120 days 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, you won’t have any official court proceedings, but they must follow the rules set by Missouri law.
- 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 between three and 30 days to leave. If you don’t, 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 Crestwood, MO
You have a few options whenever you’re home is in pre-foreclosure or foreclosure in Crestwood, MO:
Reinstate the Loan
Reinstating a loan typically involves settling the past due payments and any other penalties or fees. Once the mortgage is current you can continue making regular payments as outlined in the loan agreement.
It’s important to note. If you cannot maintain the payments. 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 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 unpaid debt. 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 house, or keep it and have tenants in it, but you would still likely have to move out.
Bankruptcy
Filing for bankruptcy is a way to get relief from debilitating debt. If you file for bankruptcy, you’ll still be responsible for paying off the mortgage, 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 the rest of your mortgage 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
Chapter 13 bankruptcy may permit you to hold onto your home. It involves coming up with 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.
Bankruptcy has severe drawbacks, however. 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 many court costs and fees and pay for expensive bankruptcy attorneys. 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 sell your home and pay off your debt with the money you get from the sale. There are a couple different types of sales for a pre-foreclosure home:
- Short sale — If an interested buyer makes an offer on your Crestwood, MO home, the lender is required to consider it. 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 can negatively impact your credit score, but not as much as a foreclosure.
- 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 three months, 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 a traditional buyer. We can agree to an offer and close on your house within a month of our initial conversation.
How Our Crestwood, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers buys homes with all cash offers, and always want to give Crestwood, MO residents a hassle-free home selling experience. We’ve bought everything from properties of houses in probate to houses with lead or asbestos.
We buy properties “as-is,” which means that homeowners do not have to make expensive 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:
- Giving our best possible offer quickly — If you upload photos of your house, we can give you an estimate within an hour. Then, we’ll schedule an inspection, where one of our buyers will carry out their own inspection. You don’t even have to sweep, mop, or vacuum before we show up. We always strive to offer as much as we can for a home in Crestwood, MO while still seeing it as an investment for ourselves.
- Giving you a stress-free home sale — We know that your Crestwood, 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 experience any additional stress. We differ from other as-is 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, as soon as you need us to after we agree on a price.
- Saving your credit score — Having a home in pre-foreclosure won’t lower 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 help you avoid the financial perils of foreclosure.
Other services we offer in Crestwood, MO include:
- 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 an Inherited House
- Selling a House in Poor Condition
- How to Sell a House That Needs Major Repairs
- Selling a House As Is
- Home Investors
- Cash For Houses
- Buy My House
- We Buy Houses For Cash
- Sell My House
- Cash for Homes
- Sell My House As-Is
- Sell My House For Cash
- Sell My Probate House
- Sell My As-Is House
- Sell My Outdated House
- Sell My Inherited House in Greater St. Louis
- Sell Your House Fast
- How to Sell Your House
- Sell My Home Preforeclosure
- Sell My Home Now
- Rental Property Buyer
- Cash Home Buying Company
- Investment Property Buyers
- Foreclosed House Buyer
- House Buying Company
- Fast House Buyer
- Probate House Buyer
- Condemned Property Buyer
- House Buyers
- Property Buyers
- Cash Home Buyer
- We Buy Houses in Greater St. Louis
Selling Your Crestwood, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even banks. Selling your home in pre-foreclosure is often the best option for both you and your mortgage lender. Our buyers are friendly 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 help you with the legal and financial aspects of the sale. If your Crestwood, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.