Selling a Home in Pre-Foreclosure in Ellisville, MO
St. Louis County
Evervest Home Buyers
3015 Salena St #201
St. Louis, MO 63118
Cash Home Buyer Ellisville, MO
Selling a home in pre-foreclosure in Ellisville, MO. if your home is about to be foreclosed on, you do have options. Evervest Home Buyers is a cash house-buying company that purchases Ellisville, MO homes in foreclosure. Our team is personable and nonjudgmental. We can have an estimate ready for you right when you upload pictures, have our official offer in a matter of days, and close in as little as month – before the lender sells your house. 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 Ellisville, 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. Banks are required to reach out to by the time you’re 45 days late on a payment. At this juncture, you may be able to reach an agreement with the lender to get up to date 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, the lender will send you a demand letter, notifying you of how much you owe and informing you that, to avoid foreclosure, you must bring the mortgage up to date within 30 days. Federal law requires lenders to wait 120 days from the first missed payment to begin foreclosure proceedings.
- The lender officially begins foreclosure — If, after 120 days you haven’t brought your mortgage up to date, the lender will take action with 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 regulations in by Missouri law.
- Sale of the home — In either case, the house will then be auctioned off to the public. The lender will set a minimum bid which accounts for the value of the house, the amount owed, 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 remain in the home, the new owner can file an eviction lawsuit against you.
While the foreclosure process is not kind, there are a few different ways you can mitigate the consequences for yourself.
How to Stop Foreclosure in Ellisville, MO
You have a few options whenever you’re home is in pre-foreclosure or foreclosure in Ellisville, 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 with the monthly payments as previously agreed.
It’s important to note. If you are unable to maintain the payments. You could consider taking out a loan with a different lender, 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 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 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 likely have to move out.
Bankruptcy
Filing for bankruptcy is a way to get relief from debilitating debt. If you go the bankruptcy route, you’ll still be responsible for paying off the mortgage, but with a more realistic payment structure. There are two types of bankruptcy you can file:
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. The goal of this is to simply stall foreclosure for several months while you figure out what to do.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may allow you to hold onto your property. 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 stick to the payment plan under the supervision of a court-appointed trustee.
There are many reasons that bankruptcy may not be a good choice. 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 for bankruptcy lawyers. If you’re already struggling with money, bankruptcy still may be too expensive.
Sell Your Home in Pre-Foreclosure
The last option is to sell your home 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 Ellisville, MO home. In a short sale, the offer on your Ellisville, 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 not having to deal with 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 a prospective buyer offers more than your remaining mortgage, you can accept that offer, use the money to pay off your mortgage, and keep the rest to fund your next move.
You can try to sell your house through a real-estate agent, but the foreclosure process takes between 45 and 60 days. Based on data from the St. Louis Federal Reserve, it takes an average of 50 days to find a buyer and 30-45 days to close, 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 is likely preferable to the traditional market. Once you accept our offer, we can close as quickly as you need us to.
How Our Ellisville, 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 Ellisville, MO residents a hassle-free home selling experience. We buy all types of properties, from people who owe back taxes to houses with mold issues.
We purchase homes “as-is,” which means that the condition of the property isn’t important 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:
- Getting our best possible offer quickly — If you upload photos of your house, we can give you a same-day estimate. Then, we’ll schedule an inspection, where a member of our team will perform 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 Ellisville, MO while still seeing it as an investment for ourselves.
- Giving you a stress-free home sale — We know that your Ellisville, MO home being in pre-foreclosure is stressful, and you may be nostalgic about having to move out of home. We’ll won’t make things any more stressful than they already are. We differ from other as-is 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 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. 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, usually within 30 days if not sooner.
- Saving your credit score — Having a home in pre-foreclosure won’t lower 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 help you avoid the financial pitfalls of it getting foreclosed on.
Other properties we buy in Ellisville, 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 Ellisville, 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 pay off your debt and save your credit score. We’ll make a fair cash offer on the property, close on the sale fast, and help you with the legal and financial aspects of the sale. If your Ellisville, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.