Selling a Home in Pre-Foreclosure in Greenwood, MO
Selling a home in pre-foreclosure in Greenwood, 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 Greenwood, MO homes in foreclosure. Our buyers are friendly and nonjudgmental. We can offer you an estimate right when you upload pictures, have our official offer once we do our own inspection, 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 start the process of getting out from under the bank’s thumb today. Depending on the value of your home and what’s left on the mortgage, we may even be able to put enough cash in your pocket to pay for your next move.
Call & Get a Fast, FREE Cash Offer!
We pay a FAIR price. Text us photos of your home and get a fast, free cash offer in as little as 60 minutes. We make it easy to get a fast, free estimate.
Link will dial Evervest's number.
How Foreclosure Happens in Greenwood, MO
Pre-foreclosure is the period between when you first miss a mortgage payment and when your bank or lender sells your Greenwood, MO house. It is a five-step process:
- 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. 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 90 days of missed payments, you’ll receive a demand letter, detailing how much you owe and informing you that you have 30 days to bring the mortgage current. Federal law states that lenders must wait 120 days from the first missed payment to begin foreclosure proceedings.
- The lender officially begins foreclosure — If, after 120 days you haven’t made an agreement with your lender, 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, you won’t have any official court proceedings, but they must abide by the rules set by Missouri statutes.
- Sale of the home — In either case, the home will will be sold in a public option. The lender will set a minimum bid taking into account how much the home is worth, the amount owed, and any fees or unpaid taxes.
- Eviction — Once the home is sold, you’ll have between three and 30 days to move out. If you remain in the house, the new owner can file an eviction lawsuit against you.
While the foreclosure process may seem cruel, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Greenwood, MO
The following are the main ways you can handle pre-foreclosure or foreclosure in Greenwood, MO:
Reinstate the Loan
Reinstating a loan usually involves paying off the past due payments and any other penalties or fees. Once the loan is current you will be expected to continue making regular payments as outlined in the loan agreement.
It’s important to note. If you fall behind again the home may go into foreclosure again. You could consider taking out a loan with a different company, 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 unpaid debt. 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 house, or keep it and have tenants in it, but you would still likely have to move out.
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 the mortgage, 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 the rest of your mortgage if your home 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
If you file for Chapter 13 bankruptcy, you may be able to hold onto 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 qualify. You’ll also have to pay significant 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
Another possibility is to find a buyer and pay off your debt with the funds you get from the sale. There are a couple different ways to do this:
- Short sale — Lenders are required to consider any offer made on your Greenwood, 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 believe the short sale offer would be higher than what they’d get at auction. A short sale does lower your credit score, but not to the extent that a foreclosure does.
- Standard sale — If a potential buyer offers more than your remaining mortgage, you can accept that offer, use the money to pay off your mortgage, and pocket the rest.
You can choose to hire a real estate agent to sell your home in pre-foreclosure, 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 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 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 pays all cash for properties, and strive to give Greenwood, MO residents a stress-free home selling experience. We’ve bought everything from properties of people who owe back taxes to houses with lead or asbestos.
We buy properties “as-is,” which means that homeowners do not have to make expensive renovations to the property in order to sell 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 fast — If you upload photos of your property, we can give you an estimate within an hour. In the following days, a member of our team will perform their own inspection. You don’t even have to sweep, mop, or vacuum before we come over. We always try to offer the most we can for a house in Greenwood, MO while still seeing it as an investment for ourselves.
- Making the home selling experience stress-free — We know that your Greenwood, MO home being in pre-foreclosure is difficult, and you may be emotional about having to move out of 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 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. 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 you agree to our offer.
- Saving your credit score — Having a home in pre-foreclosure won’t lower your credit score. However, if your house is foreclosed on, it can have massive consequences for 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 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
- Home Investors
- Sell My House
- Cash for Homes
- Cash Home Buyer
Selling Your Greenwood, MO Home in Pre-Foreclosure | Evervest Home Buyers
Everyone hates foreclosure – even lenders. Selling your home in pre-foreclosure is often the best option for everybody involved. Our buyers are cordial 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 your home fast, 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.