Selling a Home in Pre-Foreclosure in Grandview, MO
Selling a home in pre-foreclosure in Grandview, MO. Tough times can fall on the best of us, but foreclosure is not the end of the road for homeowners. While losing your home and facing an enormous hit on your credit score is a difficult situation to be in, you do have options if you find yourself there. Evervest Home Buyers is an as-is home-buying company that purchases Grandview, MO homes in foreclosure. Our buyers are personable and nonjudgmental. 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 in as little as 30 days – before the mortgage holder auctions off your home. Call us at (816) 368-8508 or contact us online to get out from under your debt. Depending on how much you owe, we may even be able to put enough cash in your account to fund your next move.
The Pre-Foreclosure Process in Grandview, 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 — You’re technically in default after the first month you missed a payment on, or once you pass your lender’s grace period. After each of the first two missed payments, your bank will likely reach out with a letter or phone call. If you’ve only missed a month or two, the lender will likely be willing to reach an agreement with you to bring your balance up to date. Federal law requires lenders to discuss loss mitigation options with you.
- Notice of default — After 90 days of missed payments, you’ll receive a notice of default, telling you the amount past due and informing you that, to avoid foreclosure, you must pay it off within 30 days. Federal law obligates lenders to wait 120 days from the first missed payment to begin foreclosure proceedings.
- The lender officially begins foreclosure — If, after that period has ended 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 will file a lawsuit in court. In a nonjudicial foreclosure, you won’t have any official court proceedings, but they must follow the rules 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 how much the home is worth, the debt that remains unpaid, 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 remain in the home, the new owner can file an eviction lawsuit in court.
While the foreclosure process may seem cruel, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Grandview, MO
You have a few options whenever you’re home is in pre-foreclosure or foreclosure in Grandview, MO:
Reinstate the Loan
Reinstating a loan typically involves settling the late payments and any other penalties or fees. Once the mortgage is current you can continue with the monthly payments as previously agreed.
reinstating a loan is not a permanent solution. If you fail to keep up with the monthly payments the home may go into foreclosure again. It’s possible to take out a loan with a different bank, but the interest rates will likely be high, and then you’ll have two monthly debts to stay current on.
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 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 is a legal process that allows individuals or businesses who are unable to pay their debts to either have those debts restructured or discharged. If you go the bankruptcy route, you’ll still have to pay off the mortgage, but with a more realistic payment structure. There are several types of bankruptcy, but the most common for individuals are Chapter 7 and Chapter 13.:
Chapter 7 Bankruptcy
If you file for Chapter 7 bankruptcy, you will not have to pay off your remaining debt if the lender completes foreclosure, and you can remain in the home during the process 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 keep 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.
There are many reasons that bankruptcy may not be a good option. 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 costs and fees for bankruptcy lawyers. If you’re not able to keep up with mortgage payments, you may not be able to afford filing for bankruptcy.
Sell Your Home in Pre-Foreclosure
Another possibility is to sell your home and settle your outstanding debts with the money. There are a couple different ways to do this:
- Short sale — If an interested buyer makes an offer on your Grandview, 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. The lender can then decide if getting less than the remainder of the mortgage is worth not having to deal with the hassle of a foreclosure. A short sale does lower your credit score, but not to the extent that a foreclosure does.
- Standard sale — If a prospective buyer offers more than your remaining mortgage, 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 choose to hire a real estate agent to sell your home in pre-foreclosure, 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 over three months, 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 is likely preferable to a traditional buyer. Once you accept our offer, we can close as quickly as you need us to.
How Our Grandview, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers pays all cash for properties, and always want to give Grandview, MO homeowners a hassle-free home sale. We’ve bought everything from properties of people who owe back taxes to houses with lead or asbestos.
We purchase homes “as-is,” which means that homeowners do not have to make costly 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:
- Getting our best possible offer fast — If you upload photos of your home, we can give you a same-day estimate. 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 show up. We always intend to offer the most we can for a home in Grandview, MO while still seeing it as an investment for ourselves.
- Making the home selling experience stress-free — We understand that your Grandview, MO home being in pre-foreclosure is stressful, and you may not want to leave your home. We’ll won’t make things any more stressful than they already are. Unlike other cash 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 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. When you sell to us, 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, as soon as you need us to after we agree on a price.
- Saving your credit score — Having a home in pre-foreclosure does not effect 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 Grandview, 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
- Cash for Homes
- Cash Home Buying Company
- House Buyers
- Cash Home Buyer
Selling Your Grandview, MO Home in Pre-Foreclosure | Evervest Home Buyers
Everyone hates foreclosure – even lenders. Selling your home in pre-foreclosure can be an agreeable solution for both you and your mortgage lender. 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 the sale fast, and assist with the legal and financial aspects of the sale. If your Grandview, MO home is in pre-foreclosure, call Evervest Home Buyers today at (816) 368-8508 or tell us about your property online.