Selling a Home in Pre-Foreclosure in Greene County, MO
Selling a home in pre-foreclosure in Greene County, MO. if you’ve been given a notice of default, you do have options. Evervest Home Buyers is a cash home-buying company that purchases Greene County, MO homes in foreclosure. Our team is amiable and nonjudgmental. We can have an estimate ready for you right when you upload 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 officially foreclosures on your home. Speak to a representative at (417) 815-3889 or get your offer online to get free of your debt. Depending on how much you owe, you may even be able to have some cash left over.
How Foreclosure Happens in Greene County, MO
Pre-foreclosure is the period between when you first miss a mortgage payment and when your bank or lender sells your Greene County, 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 the third month of missed payments, you’ll receive a notice of default, notifying you of the amount past due 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 the process of taking your home.
- The lender officially begins foreclosure — If, after 120 days 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 sue you in civil court. In a nonjudicial foreclosure, they’ll proceed out of court, but they must follow the regulations set by Missouri law.
- Sale of the home — Whichever type of foreclosure the lender opts for, the property 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 fees or unpaid taxes.
- Eviction — Once the property has a new owner, you’ll have between three and 30 days to leave. If you don’t, the new owner can file an eviction lawsuit in court.
While the foreclosure process may seem harsh, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Greene County, MO
Below are the main ways you can handle pre-foreclosure or foreclosure in Greene County, MO:
Reinstate the Loan
Reinstating a loan generally includes paying off 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 can continue making regular payments as outlined in the loan agreement.
reinstating a loan is not a permanent solution. If you are unable to stay but to date. You could consider taking out a loan with a different bank, but it will probably have an incredibly high interest rate, and then you’ll have two monthly loans to keep up with.
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 the lender wouldn’t have to deal with the hassle the foreclosure process. The lender can then sell the home, or keep it and have tenants in it, but you would still be evicted.
The goal of bankruptcy is to provide a fresh start for you by either eliminating or reducing your debt. If you file for bankruptcy, you’ll still have to pay 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 your home completes foreclosure, and you can remain in the home during the process for free. This is usually a way to simply delay foreclosure for several months while you figure out what to do.
Chapter 13 Bankruptcy
If you file for Chapter 13 bankruptcy, you may be able to not give up your property. You’ll have to stick to a payment plan – overseen by a court-appointed trustee – that allows you to pay off your debt in three or five years.
There are many reasons that bankruptcy may not be a good choice. First, your entire financial life will be analyzed to see if you qualify. You’ll also incur many court fees for bankruptcy lawyers. 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 sell your home and pay off the remainder of your mortgage with the money you get from the sale. There are two different ways to do this:
- Short sale — Lenders are required to consider any offer made on your Greene County, MO home. 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 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 choose to hire a real estate agent to sell your home in pre-foreclosure, but foreclosure only lasts for 45 to 60 days. Based on data from 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 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 a month of you contacting us.
How Our Greene County, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers pays all cash for properties, and strive to give Greene County, MO residents a hassle-free home selling experience. 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 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:
- Getting you a fair offer fast — If you send us pictures of your home, we can give you a same-day estimate. In the following 24-48 hours, one of our buyers will carry out 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 house in Greene County, MO while still being able to profit off it ourselves.
- Giving you a stress-free home sale — We understand that your Greene County, MO home being in pre-foreclosure is not the best time in your life, and you may be nostalgic about leaving your home. We’ll make everything as simple as we can so you don’t feel any additional stress. Unlike other cash home buying companies, we always keep our word.. 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 a month if not sooner.
- Saving your credit score — Having a home in pre-foreclosure won’t lower 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 save you from the financial perils of foreclosure.
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Selling Your Greene County, MO Home in Pre-Foreclosure | Evervest Home Buyers
Everyone hates foreclosure – even mortgage companies. Selling your home in pre-foreclosure is often the best option for both you and your mortgage lender. Our buyers are friendly 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 deal quickly, and help you with the legal and financial aspects of the sale. If your Greene County, MO home is in pre-foreclosure, call Evervest Home Buyers today at (417) 815-3889 or tell us about your property online.