Selling a Home in Pre-Foreclosure in Fenton, MO
St. Louis County
Evervest Home Buyers
3015 Salena St #201
St. Louis, MO 63118
Selling a home in pre-foreclosure in Fenton, MO. if your home is about to be foreclosed on, you do have options. Evervest Home Buyers is a cash home-buying company that purchases Fenton, MO homes in foreclosure. Our buyers are personable and discreet. We can have an estimate ready for you in as little as an hour, have our official offer once we do our own inspection, and close as quickly as you need us to – before the bank officially foreclosures on your home. Speak to a representative at (314) 730-0366 or get your offer online to get out from under 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.
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How Foreclosure Happens in Fenton, 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. After each of the first two missed payments, your bank will likely reach out via letter or telephone. At this point, the lender will likely be willing to reach an agreement with you to bring your balance up to date. 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 demand letter, notifying you of how much you owe and informing you that you have 30 days to bring the mortgage current. Federal law requires lenders to wait 120 days from the first missed payment to start the process of taking your home.
- 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 will file a lawsuit in court. In a nonjudicial foreclosure, you won’t have any official court proceedings, but they must abide by the rules set by Missouri statutes.
- Sale of the home — In either case, the property will then be auctioned off to the public. The lender will set a minimum bid which accounts for their appraisal of the home, 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 move out. If you don’t, the new owner can file an eviction lawsuit in court.
While the foreclosure process may seem harsh, there are a few different ways you can mitigate the consequences for yourself.
How to Stop Foreclosure in Fenton, MO
The following are the main ways you can deal with pre-foreclosure or foreclosure in Fenton, MO:
Reinstate the Loan
Reinstating a loan typically involves settling the late payments and any other penalties or fees. Once you have paid off all the past due amounts, the loan is considered to be current again and you will be required to continue with the monthly payments as previously agreed.
It’s important to note. If you cannot stay but to date. It’s possible to take out a loan with a different lender, but it will likely 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 unpaid debt. Your credit score would not take a hit, and the lender wouldn’t have to deal with the nuisance 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 your debt, but with a more realistic payment structure. There are two types of bankruptcy you can file:
Chapter 7 Bankruptcy
If you file for Chapter 7 bankruptcy, you will not be required to pay off your remaining debt if the lender completes foreclosure, and you can still remain in the home before foreclosure without having to pay anything monthly. This is usually a way to simply delay foreclosure for several months while you figure out what to do.
Chapter 13 Bankruptcy
If you choose Chapter 13 bankruptcy, you may be able to hold onto your property. 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 maintain the payment plan under the supervision of a court-appointed trustee.
Bankruptcy has severe downsides, however. First, your entire financial life will be analyzed to see if you’re eligible. You’ll also have to pay considerable court fees and pay for expensive bankruptcy attorneys. 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 find a buyer and pay off your debt with the funds you get from the sale. There are a couple different types of sales for a pre-foreclosure home:
- Short sale — If a prospective buyer makes an offer on your Fenton, MO home, the lender must 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 would be higher than what they’d get at auction. A short sale does lower your credit score, but not as much as a foreclosure.
- Traditional sale — If a potential buyer offers more than the amount of debt you owe, you can simply sell your home to an interested buyer, use the money to pay off your debt, and keep the rest to fund your next move.
You can try to sell your home through a real-estate agent, but the foreclosure process takes between 45 and 60 days. Based on 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 your home to an as-is, cash home buyer may be your best option. Once you accept our offer, we can close as quickly as you need us to.
How Our Fenton, 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 Fenton, MO homeowners a hassle-free home sale. 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 for us to want to buy 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 you a fair offer fast — If you upload photos of your property, we can give you an estimate within an hour. In the following days, a member of our team will perform their own inspection. You don’t even have to wash the dishes before we come over. We always try to offer the most we can for a home in Fenton, MO while still being able to profit off it after we repair it.
- Making the home selling experience stress-free — We know that your Fenton, MO home being in pre-foreclosure is difficult, and you may not want to leave your 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. There’s no waiting for inspections, appraisals, or to find a buyer. 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 effect your credit score. However, if the foreclosure is completed, 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 pitfalls of it getting foreclosed on.
Other services we offer in Fenton, 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 Fenton, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even banks. Selling your home in pre-foreclosure can be an agreeable solution for everybody involved. Our buyers are amiable 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 your home fast, and help you with the legal and financial aspects of the sale. If your Fenton, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.