Selling a Home in Pre-Foreclosure in Harrisonville, MO
Selling a home in pre-foreclosure in Harrisonville, MO. If you are facing foreclosure and are upset at the prospect of 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 property-buying company that buys Harrisonville, MO homes in foreclosure. Our buyers are cordial and nonjudgmental. We can offer you an estimate just by looking at pictures, have our official offer in as little as 48 hours, and close in as little as month – before the lender auctions off your home. Call us at (816) 368-8508 or get your offer 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.
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How Foreclosure Happens in Harrisonville, MO
Pre-foreclosure begins when you first miss a payment, and ends when your lender takes official action. It usually 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 work something out with the lender to catch up on payments. Federal law requires lenders to offer you an opportunity to catch up before proceeding to foreclosure.
- Notice of default — After the third month of missed payments, the lender will send you a notice of default, telling you how much you owe and informing you that, to avoid foreclosure, you must bring the mortgage up to date within 30 days. Federal law obligates lenders to 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 an agreement with your lender, the lender will begin either a judicial foreclosure or a nonjudicial foreclosure. In a judicial foreclosure, the lender sue you in civil court. In a nonjudicial foreclosure, you won’t have any official court proceedings, but they must follow the regulations in by Missouri law.
- Sale of the home — Whichever type of foreclosure they pursue, the house will will be sold in a public option. The lender will set a minimum bid taking into account their appraisal of the home, 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 don’t, the new owner can file an eviction lawsuit in court.
While the foreclosure process is not kind, there are multiple ways you can lessen the consequences for yourself.
How to Stop Foreclosure in Harrisonville, MO
The following are the main ways you can handle pre-foreclosure or foreclosure in Harrisonville, MO:
Reinstate the Loan
Reinstating a loan generally includes 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.
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. You could consider taking out a loan with a different company, but the interest rates will likely be high, and then you’ll have two monthly loans to stay current on.
Deed in Lieu of Foreclosure
In a “deed in lieu,” you can give your home to the lender in exchange for discharging your unpaid debt. 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 property, 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 significant debt. If you go the bankruptcy route, 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 two types of bankruptcy you can file:
Chapter 7 Bankruptcy
If you file for Chapter 7 bankruptcy, you will not have to pay off the rest of your mortgage if your home completes foreclosure, and you can still remain in the home before foreclosure without having to pay anything monthly. The goal of this is to simply delay foreclosure for several months while you 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 follow the payment plan under the supervision of a court-appointed trustee.
Bankruptcy has severe drawbacks, 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 fees for bankruptcy lawyers. If you’re already struggling with money, bankruptcy still may be too expensive.
Sell Your Home in Pre-Foreclosure
The last option is to sell your home and pay off your debt with the money you get from the sale. There are a couple different ways to do this:
- Short sale — Lenders are obligated to consider any offer made on your Harrisonville, MO house. 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 your home is worth more than your remaining mortgage, you can accept that offer, use the money to pay off your mortgage, and pocket the rest.
You can try to sell your house on the traditional market, 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 50 days to close, 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 to an as-is, cash home buyer is likely preferable to the traditional market. 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 buys homes with all cash offers, and strive to give Harrisonville, MO residents a hassle-free home sale. We buy all types of properties, from houses in probate to homes with asbestos.
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:
- Getting our best possible offer quickly — If you upload photos of your home, we can give you a same-day estimate. In the following 24-48 hours, a member of our team will do their own inspection. You don’t even have to sweep, mop, or vacuum before we come over. We always intend to offer as much as we can for a home in Harrisonville, MO while still seeing it as an investment for ourselves.
- Making the home selling experience stress-free — We know that your Harrisonville, MO home being in pre-foreclosure is not the best time in your life, and you may be nostalgic 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 loopholes 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, 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 your house is foreclosed on, it has a huge negative impact on your credit score, that will stay there for 7 years. While selling to us won’t allow you to keep your home, we can save you from the financial pitfalls of foreclosure.
Other services we offer in Harrisonville, 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 Harrisonville, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even mortgage companies. Selling your home in pre-foreclosure can be an agreeable solution for both you and your mortgage lender. Our buyers are amiable and nonjudgmental, 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 Harrisonville, MO home is in pre-foreclosure, call Evervest Home Buyers today at (816) 368-8508 or tell us about your property online.