Selling a Home in Pre-Foreclosure in Grain Valley, MO
Selling a home in pre-foreclosure in Grain Valley, 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 buys Grain Valley, MO homes in foreclosure. Our team is cordial and nonjudgmental. We can offer you an estimate in as little as an hour, have a full offer for you in as little as 48 hours, and close in as little as 30 days – before the bank sells your house. Call us at (816) 368-8508 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 Grain Valley, MO
Pre-foreclosure is the time between when you first miss a mortgage payment and when your Grain Valley, MO lender auctions off your home off to the highest bidder. It typically happens in five stages:
- 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. If you’ve only missed a month or two, you may be able to reach an agreement with the lender to catch up 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 notice of default, notifying you of how much you owe and informing you that, to avoid foreclosure, you must pay it off within 30 days. Federal law requires lenders to wait 120 days from the first missed payment to start 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 sue you in civil court. In a nonjudicial foreclosure, you won’t have any official court proceedings, but they must follow the regulations in 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 taking into account their appraisal of the home, 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 move out. If you remain in the home, the new owner can file an eviction lawsuit in court.
While the foreclosure process may seem harsh, there are multiple ways you can mitigate the consequences for yourself.
How to Stop Foreclosure in Grain Valley, MO
You have a few options whenever you’re house is in pre-foreclosure or foreclosure in Grain Valley, 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 you have paid off all the past due amounts, the loan is considered to be current again and you can continue making regular payments as outlined in the loan agreement.
You need to remember that reinstating a loan does not erase the past-due payments and penalties that were incurred, it simply brings the loan current. If you fall behind again the home may go into foreclosure again. 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 return they will release your obligation to pay the mortgage. 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
Filing for bankruptcy is a way to get relief from debilitating debt. If you go the bankruptcy route, you’ll still have to pay off your debt, but the timeline will be extended 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 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. This is usually a way to give you a few more months to plan your future.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may allow you to hold onto your home. 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 stick to the payment plan under the supervision of a court-appointed trustee.
Bankruptcy has severe downsides, 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 have to pay many court fees for bankruptcy lawyers. If you’re having difficulty keeping up with mortgage payments, bankruptcy still may be too expensive.
Sell Your Home in Pre-Foreclosure
The last option is to sell your home and pay off the remainder of your mortgage with the funds you get from the sale. There are a couple different types of sales for a pre-foreclosure home:
- Short sale — Lenders are required to consider any offer made on your Grain Valley, MO house. 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 can negatively impact your credit score, but not as much as a foreclosure.
- Standard sale — If a potential buyer offers more than the amount of debt you owe, you can simply sell your home to an interested buyer, pay off your debt with the money from the sale, 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. According to data from the St. Louis Federal Reserve, selling a house on the traditional market takes more than three months, and that doesn’t include the time it takes to prepare the house for sale. 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.
Selling Your Home in Pre-Foreclosure to Our Grain Valley, MO Cash Home Buyers
Evervest Home Buyers buys homes with all cash offers, and always want to give Grain Valley, MO homeowners a stress-free home sale. We buy all types of properties, from houses in probate to homes with significant wind or hail damage.
We purchase homes “as-is,” which means that homeowners do not have to make expensive renovations 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 quickly — If you upload photos of your house, we can give you a same-day estimate. In the following 24-48 hours, a member of our team will do 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 Grain Valley, MO while still seeing it as an investment for ourselves.
- Giving you a stress-free home sale — We know that your Grain Valley, MO home being in pre-foreclosure is difficult, and you may be emotional about leaving 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 always keep our word.. 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’re not going to wait around to collect their debt. When you sell to Evervest, you can 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 does not effect 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 you won’t get to keep your home if you sell to us, we can help you avoid the financial perils of foreclosure.
Other services we offer in Grain Valley, 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 Grain Valley, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even mortgage companies. Selling your home in pre-foreclosure can be an agreeable solution for both you and your mortgage lender. Our buyers are personable 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 your home fast, and assist with the legal and financial aspects of the sale. If your Grain Valley, MO home is in pre-foreclosure, call Evervest Home Buyers today at (816) 368-8508 or tell us about your property online.