Selling a Home in Pre-Foreclosure in Frontenac, MO
Selling a home in pre-foreclosure in Frontenac, MO. If you are facing foreclosure and are worried about losing your home and having an enormous hit on your credit score, know that there are options available to you. Evervest Home Buyers is a cash home-buying company that purchases Frontenac, MO homes in foreclosure. Our buyers are friendly and nonjudgmental. We can have an estimate ready for you right when you upload pictures, have our official offer once we do our own inspection, and close as quickly as you need us to – before the bank sells your house. Speak to a representative at (314) 730-0366 or contact us online to avoid foreclosure. Depending on how much you owe, we may even be able to put enough cash in your account to pay for your next move.
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The Pre-Foreclosure Process in Frontenac, MO
Pre-foreclosure is the time between when you first miss a mortgage payment and when your bank or lender sells your Frontenac, MO house. It is a five-step process:
- 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 via letter or telephone. If you’ve only missed a month or two, you may be able to work something out 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 the third month of missed payments, the lender will send you a notice of default, detailing how much you owe and informing you that you have 30 days to pay it off. Federal law dictates that lenders must wait 120 days from the first missed payment to begin foreclosure proceedings.
- 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 abide by the rules set by Missouri statutes.
- Sale of the home — In either case, the home 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 debt that remains unpaid, and any fees or unpaid taxes.
- Eviction — Once the property has a new owner, you’ll have a three to 30 day period to leave. If you remain in the house, 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 Frontenac, MO
The following are the main ways you can deal with pre-foreclosure or foreclosure in Frontenac, MO:
Reinstate the Loan
Reinstating a loan typically includes paying off the late payments, late fees, and any other charges associated with the delinquency. Once the mortgage is current you will be expected to continue with the monthly payments as previously agreed.
You need to remember that reinstating a loan does not erase the late payments and subsequent late fees, it merely brings the loan current. If you fall behind again the home may go into foreclosure again. It’s possible to take out a loan with a different bank, 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 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 the lender wouldn’t have to deal with the hassle 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
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 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 have to pay off your remaining debt if the lender completes foreclosure, and you can still remain in the home before foreclosure for free. The goal of this is to give you a few more months to plan your future.
Chapter 13 Bankruptcy
If you choose 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 become current in three or five years.
Bankruptcy has several 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 fees and pay for expensive bankruptcy lawyers. If you’re already struggling with money, 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 money 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 Frontenac, 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 think the short sale offer is more than they’ll get at auction. 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, pay off your debt with the money from the sale, and keep the rest for new housing.
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. According to research by 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 account for the work put in for making a home appealing to a traditional buyer. 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 you contacting us.
How Our Frontenac, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers buys homes with all cash offers, and strive to give Frontenac, MO residents a hassle-free home selling experience. We buy all types of properties, from houses in probate to homes with asbestos.
We purchase homes “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 you a fair offer fast — If you send us pictures of your property, we can give you a same-day estimate. Then, we’ll schedule an inspection, where a member of our team will do their own inspection. You don’t even have to pick up the socks off the floor before we show up. We always strive to offer the most we can for a home in Frontenac, MO while still being able to profit off it after we repair it.
- Giving you a stress-free home sale — We understand that your Frontenac, MO home being in pre-foreclosure is stressful, and you may not want to move out of your home. We’ll make everything as simple as we can so you don’t experience any added stress. We differ from other cash 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 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 to find a buyer. 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 won’t lower your credit score. However, if your house is foreclosed on, it can have massive consequences for your credit score, that will stay there for 7 years. While selling to us won’t allow you to keep your home, we can help you avoid the financial pitfalls of it getting foreclosed on.
Other properties we buy in Frontenac, MO include:
- Selling Your House Off-Market
- Local Home Buyers
- Sell Vacant House (For Cash)
- Sell My House Fast for Cash
- Selling a Fixer Upper Home
- Cash for Ugly Houses
- Sell Your House During a Divorce
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- Selling a House Without a Realtor
- Selling an Inherited House
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- 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 Frontenac, 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 personable and discreet, 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 assist with the legal and financial aspects of the sale. If your Frontenac, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.