Selling a Home in Pre-Foreclosure in Fair Grove, MO
Selling a home in pre-foreclosure in Fair Grove, MO. If you are facing foreclosure and are upset at the prospect of losing your home and having an enormous hit on your credit score, know that there are options available to you. Evervest Home Buyers is an as-is property-buying company that purchases Fair Grove, MO homes in foreclosure. Our buyers are friendly and nonjudgmental. We can have an estimate ready for you just by looking at pictures, have our official offer in as little as 48 hours, and close as quickly as you need us to – before the bank officially foreclosures on your home. Call us at (417) 815-3889 or contact us online to get free of your debt. Depending on the value of your home and what’s left on the mortgage, you may even be able to have some cash left over.
The Pre-Foreclosure Process in Fair Grove, MO
Pre-foreclosure begins when you first miss a payment, and ends when your lender takes official action. It typically 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 point, the lender will likely be willing to reach an agreement with you to pay off the delinquent debt. 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, telling you the amount past due 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 official action.
- The lender officially begins foreclosure — If, after 120 days you haven’t made your mortgage current, the lender will begin 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 regulations set by Missouri law.
- Sale of the home — Whichever type of foreclosure the lender opts for, the property will then be auctioned off to the public. The lender will set a minimum bid which accounts for how much the home is worth, the amount owed, and any court costs or unpaid taxes.
- Eviction — Once the property has a new owner, you’ll have between three and 30 days to leave. If you remain in the house, the new owner can file an eviction lawsuit against you.
While the foreclosure process may seem harsh, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Fair Grove, MO
You have a few options whenever you’re property is in pre-foreclosure or foreclosure in Fair Grove, MO:
Reinstate the Loan
Reinstating a loan usually includes paying off the past due 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 will be expected to continue making regular payments as outlined in the loan agreement.
You need to be aware that reinstating a loan does not erase the late payments and penalties that were incurred, it simply brings the loan current. If you cannot stay but to date. You could consider taking out a loan with a different lender, but it will likely have an incredibly high interest rate, and then you’ll have two monthly loans to stay current on.
Deed in Lieu of Foreclosure
In a “deed in lieu,” you can give your home to the lender, in return they will discharge 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 home, or keep it as a rental property, but you would still likely have to move out.
Bankruptcy is a legal process that allows individuals or businesses who are unable to keep up with their debts to either have those debts restructured or discharged. If you go the bankruptcy route, you’ll still have to pay 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 choose Chapter 7 bankruptcy, you will not have 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
If you file for Chapter 13 bankruptcy, you may be able to keep your property. You’ll have to stick to a payment plan – under supervision of a court-appointed trustee – that allows you to pay off your debt in three or five years.
Bankruptcy has several downsides, however. First, your entire financial life will be evaluated to see if you’re eligible. You’ll also have to pay significant court costs and fees for bankruptcy lawyers. If you’re having difficulty keeping up with mortgage payments, you may not be able to afford filing for bankruptcy.
Sell Your Home in Pre-Foreclosure
An alternative to the above options is to sell your home and pay off your debt with the funds you get from the sale. There are two different ways to do this:
- Short sale — If a prospective buyer makes an offer on your Fair Grove, 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.
- Standard sale — If your home is worth more than your remaining mortgage, you can simply sell your home to an interested buyer, use the money to pay off your debt, and keep the rest for new housing.
You can try to sell your house through a real-estate agent, but foreclosure only lasts for 45 to 60 days. According to 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 repairs and upgrades most traditional buyers will want you to make. If you’re in pre-foreclosure, selling your home 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 Fair Grove, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers pays all cash for houses, and strive to give Fair Grove, MO residents a stress-free home selling experience. We buy all types of properties, from people who owe back taxes to homes with asbestos.
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:
- Giving our best possible offer quickly — If you send us pictures of your home, we can give you a same-day estimate. In the following days, a member of our team will carry out their own inspection. You don’t even have to pick up the socks off the floor before we come over. We always intend to offer as much as we can for a house in Fair Grove, MO while still being able to profit off it ourselves.
- Making the home selling experience stress-free — We know that your Fair Grove, MO home being in pre-foreclosure is difficult, 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 feel 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 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 us, 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 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 selling to us won’t allow you to keep your home, we can help you avoid the financial perils of it getting foreclosed on.
Other services we offer in Fair Grove, MO include:
- 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
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- Cash Home Buyer
Selling Your Fair Grove, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even mortgage companies. Selling your home in pre-foreclosure is often the best option for both you and your mortgage lender. Our buyers are friendly and discreet, 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 Fair Grove, MO home is in pre-foreclosure, call Evervest Home Buyers today at (417) 815-3889 or tell us about your property online.