Selling a Home in Pre-Foreclosure in Harrisonville, MO
Selling a home in pre-foreclosure in Harrisonville, 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 not a situation anyone wants to be in, you do have options if you find yourself there. Evervest Home Buyers is a cash property-buying company that buys Harrisonville, MO homes in foreclosure. Our buyers are cordial and discreet. We can have an estimate ready for you in as little as an hour, have a full offer for you once we do our own inspection, and close as quickly as you need us to – before the lender sells your house. Call us at (816) 368-8508 or get your offer online to get out from under your debt. 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 Harrisonville, 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 your first missed payment, 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, the lender will send you a demand letter, telling you 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 start official action.
- 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 abide by 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 the value of the house, the amount owed, 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 don’t, 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 Harrisonville, MO
The following are the main ways you can deal with pre-foreclosure or foreclosure in Harrisonville, MO:
Reinstate the Loan
Reinstating a loan usually includes paying off the past due payments, late fees, and any other charges associated with the delinquency. Once the mortgage is current you will be required to continue making regular payments as outlined in the loan agreement.
You need to be aware that reinstating a loan does not erase the late payments and subsequent late fees, it simply brings the loan current. If you fail to keep up with the monthly payments the home may go into foreclosure again. You could consider taking 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 discharging your obligation to pay the mortgage. Your credit score would not take a hit, and the lender wouldn’t have to deal with the nuisance the foreclosure process. The lender can then sell the home, or keep it and have tenants in it, but you would still be evicted.
Bankruptcy
Filing for bankruptcy is a way to get relief from overwhelming debt. If you go the bankruptcy route, you’ll still be responsible for paying off your debt, but with a more realistic payment structure. There are two types of bankruptcy you can file:
Chapter 7 Bankruptcy
If you file for Chapter 7 bankruptcy, you will not be required to pay off your remaining debt if your home completes foreclosure, and you can remain in the home during the process for free. The goal of this is to simply stall foreclosure for several months while you figure out what to do.
Chapter 13 Bankruptcy
If you choose Chapter 13 bankruptcy, you may be able to hold onto your property. You’ll have to stick to a payment plan – under supervision of a court-appointed trustee – that allows you to become current in three or five years.
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 significant court costs and fees and pay for expensive 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
Another possibility is to find a buyer and settle your outstanding debts with the money. There are two different ways to do this:
- Short sale — If an interested buyer makes an offer on your Harrisonville, MO home, the lender is required to consider it. In a short sale, the offer on your Harrisonville, 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 believe the short sale offer is more than they’ll 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, use the money to pay off your debt, and pocket the rest.
You can try to sell your property through a real-estate agent, but foreclosure only lasts for 45 to 60 days. Based on research by the St. Louis Federal Reserve, selling a house on the traditional market takes over 90 days, and that doesn’t include the repairs and upgrades most traditional buyers will want you to make. If you’re in pre-foreclosure, selling your home to an as-is, cash home buyer is likely preferable to a traditional buyer. We can agree to an offer and close on your house within 30 days of our initial conversation.
How Our Harrisonville, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers pays all cash for homes, and always want to give Harrisonville, MO homeowners a hassle-free home sale. We’ve bought everything from properties of houses in probate to homes with extensive wind or hail damage.
We buy properties “as-is,” which means that homeowners do not have to make costly repairs 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 house, we can give you an estimate within an hour. Then, we’ll schedule an inspection, where one of our buyers will perform their own inspection. You don’t even have to pick up the socks off the floor before we show up. We always try to offer as much as we can for a house in Harrisonville, MO while still being able to profit off it after we repair it.
- Making the home selling experience stress-free — We know that your Harrisonville, MO home being in pre-foreclosure is stressful, and you may be nostalgic about having to move out of 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 banks prefer not having to go through the foreclosure process, they’re not going to wait around to collect their debt. We can help you 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, as soon as you need us to after you agree to our offer.
- 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 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.
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Selling Your Harrisonville, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even banks. Selling your home in pre-foreclosure can be an agreeable solution for both you and your mortgage lender. Our buyers are friendly 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 the sale fast, and assist with the legal and financial aspects of the sale. If your Harrisonville, MO home is in pre-foreclosure, call Evervest Home Buyers today at (816) 368-8508 or tell us about your property online.