Selling a Home in Pre-Foreclosure in Greenwood, MO
Selling a home in pre-foreclosure in Greenwood, 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 Greenwood, MO homes in foreclosure. Our team is friendly and nonjudgmental. We can have an estimate ready for you right when you upload pictures, have our official offer in a matter of days, and close as quickly as you need us to – before the bank officially foreclosures on your home. Call us at (816) 368-8508 or contact us online to avoid foreclosure. Depending on how much you owe, you may even be able to have some cash left over.
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The Pre-Foreclosure Process in Greenwood, MO
Pre-foreclosure is the period between when you fall behind on your mortgage payments and when your Greenwood, MO lender auctions off your home off to the highest bidder. It is a five-step process:
- Payment default — Payment default begins when you’ve missed paying one month of your mortgage. 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 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, the lender will send you a demand letter, notifying you of how much you owe 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 start foreclosure proceedings.
- The lender officially begins foreclosure — If, after 120 days you haven’t caught up, 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 abide by the rules in 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 taking into account how much the home is worth, the debt that remains unpaid, and any fees or unpaid taxes.
- Eviction — Once the home is sold, you’ll have between three and 30 days to leave. 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 lessen the consequences for yourself.
How to Stop Foreclosure in Greenwood, MO
Below are the main ways you can handle pre-foreclosure or foreclosure in Greenwood, MO:
Reinstate the Loan
Reinstating a loan usually includes settling the past due 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 with the monthly payments as previously agreed.
It’s important to note. If you are unable to stay but to date. 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 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. 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 house, or keep it and have tenants in it, but you would still be evicted.
Bankruptcy
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 your debt, but with a more realistic payment structure. There are two types of bankruptcy you can file:
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 simply delay foreclosure for several months while you figure out what to do.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may permit you to not give up your property. You’ll have to stick to a payment plan – under supervision of 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 evaluated to see if you’re eligible. You’ll also have to pay many court costs and fees and hire 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 find a buyer and settle your outstanding debts with the money. There are two different types of sales for a pre-foreclosure home:
- Short sale — If a prospective buyer makes an offer on your Greenwood, MO home, the lender legally obligated to consider it. In a short sale, the offer on your Greenwood, MO home in pre-foreclosure is less than the amount you owe. 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 as much as a foreclosure.
- Traditional sale — If a potential buyer offers more than your remaining mortgage, you can simply sell your home to an interested buyer, use the money to pay off your mortgage, and keep the rest to fund your next move.
You can try to sell your home on the traditional market, but the foreclosure process takes between 45 and 60 days. According to research by the St. Louis Federal Reserve, selling a house on the traditional market takes more than three months, and that doesn’t account for the time it takes to prepare the house for sale. If you’re in pre-foreclosure, selling 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.
Selling Your Home in Pre-Foreclosure to Our Greenwood, MO Cash Home Buyers
Evervest Home Buyers buys homes with all cash offers, and always want to give Greenwood, MO homeowners a stress-free home selling experience. We’ve bought everything from properties of people who owe back taxes to homes with considerable fire or water damage.
We buy properties “as-is,” which means that the condition of the property isn’t important 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 quickly — If you send us pictures of your house, we can give you a same-day estimate. Then, we’ll schedule an inspection, where one of our buyers will perform their own inspection. You don’t even have to wash the dishes before we show up. We always try to offer as much as we can for a house in Greenwood, MO while still seeing it as an investment for ourselves.
- Giving you a stress-free home sale — We know that your Greenwood, MO home being in pre-foreclosure is difficult, and you may be emotional about leaving your home. We’ll make everything as simple as we can so you don’t experience any additional stress. Unlike other cash home buying companies, we have never written a contract that didn’t close because we didn’t fulfill its terms. 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. When you sell to Evervest, you can 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, usually within a month if not sooner.
- Saving your credit score — Having a home in pre-foreclosure does not lower your credit score. However, if the foreclosure is completed, 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 save you from the financial pitfalls of it getting foreclosed on.
Other services we offer in Greenwood, 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 Greenwood, 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 everybody involved. Our buyers are amiable 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 help you with the legal and financial aspects of the sale. If your Greenwood, MO home is in pre-foreclosure, call Evervest Home Buyers today at (816) 368-8508 or tell us about your property online.