Selling a Home in Pre-Foreclosure in Gladstone, MO
Selling a home in pre-foreclosure in Gladstone, MO. if you’ve been given a notice of default, you do have options. Evervest Home Buyers is an as-is property-buying company that purchases Gladstone, MO homes in foreclosure. Our buyers are friendly and discreet. We can offer you an estimate just by looking at pictures, have a full offer for you in as little as 48 hours, and close as quickly as you need us to – before the mortgage holder auctions off your home. Call us at (816) 368-8508 or get your offer 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 Gladstone, MO
Pre-foreclosure is the period between when you fall behind on your mortgage payments and when your bank or lender sells your Gladstone, MO house. It is a five-stage 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. At this juncture, the lender will likely be willing to work something out with you to pay off the delinquent debt. Federal law requires lenders to offer you an opportunity to catch up before taking action.
- Notice of default — After 90 days of missed payments, you’ll receive a demand letter, telling you 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 official action.
- The lender officially begins foreclosure — If, after that period has ended you haven’t made your mortgage current, 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, they’ll proceed out of court, but they must follow the regulations set by Missouri statutes.
- Sale of the home — Whichever type of foreclosure the lender opts for, the home will then be auctioned off to the public. The lender will set a minimum bid which accounts for the value of the house, the debt that remains unpaid, and any court costs or unpaid taxes.
- Eviction — Once the property has a new owner, you’ll have a three to 30 day period to move out. If you remain in the house, the new owner can file an eviction lawsuit in court.
While the foreclosure process is not kind, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Gladstone, MO
Below are the main ways you can handle pre-foreclosure or foreclosure in Gladstone, MO:
Reinstate the Loan
Reinstating a loan generally involves paying off 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 will be expected to continue with the monthly payments as previously agreed.
reinstating a loan is not a permanent solution. If you cannot maintain the payments. It’s possible to take out a loan with a different lender, but it will probably 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 exchange for the release of your obligation to pay the mortgage. 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 property, or keep it and have tenants in it, but you would still be evicted.
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 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 have to pay off the rest of your mortgage if the lender completes foreclosure, and you can remain in the home during the process for free. The goal of this is to give you a few more months to figure out what to do.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may allow you to keep your property. You’ll have to stick to a payment plan – overseen by a court-appointed trustee – that allows you to become current in three or five years.
There are many reasons that bankruptcy may not be a good option. First, your entire financial life will be evaluated to see if you’re eligible. You’ll also have to pay considerable 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
An alternative to the above options is to find a buyer and pay off the remainder of your mortgage with the funds you get from the sale. There are two different ways to do this:
- Short sale — If an interested buyer makes an offer on your Gladstone, 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 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 accept that offer, use the money to pay off your debt, and keep the rest to fund your next move.
You can try to sell your property on the traditional market, but the foreclosure process takes between 45 and 60 days. Based on research by the St. Louis Federal Reserve, it takes an average of 50 days to find a buyer and 50 days to close, and that doesn’t include the work put in for making a home appealing to a traditional buyer. 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 Gladstone, 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 Gladstone, MO residents a stress-free home selling experience. We buy all types of properties, from people who owe back taxes to houses with lead or asbestos.
We purchase homes “as-is,” which means that the condition of the property doesn’t matter 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:
- Giving our best possible offer fast — 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 do their own inspection. You don’t even have to wash the dishes before we show up. We always intend to offer the most we can for a home in Gladstone, MO while still being able to profit off it ourselves.
- Making the home selling experience stress-free — We know that your Gladstone, MO home being in pre-foreclosure is a trying time, and you may not want to move out of your home. We’ll won’t make things any more stressful than they already are. Unlike other cash home buying companies, we have never written a contract that didn’t close because we backed out of it. 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’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 you agree to our offer.
- Saving your credit score — Having a home in pre-foreclosure does not effect your credit score. However, if your house is foreclosed on, 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 perils of it getting foreclosed on.
Other properties we buy in Gladstone, MO include:
- Selling a House in Poor Condition
- How to Sell a House That Needs Major Repairs
- Home Investors
- Sell My House
- Cash for Homes
- Cash Home Buyer
Selling Your Gladstone, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even lenders. Selling your home in pre-foreclosure can be an agreeable solution for both you and your mortgage lender. Our buyers are cordial 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 Gladstone, MO home is in pre-foreclosure, call Evervest Home Buyers today at (816) 368-8508 or tell us about your property online.