Selling a Home in Pre-Foreclosure in Independence, MO
Selling a home in pre-foreclosure in Independence, 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 a difficult situation to be in, you do have options if you find yourself there. Evervest Home Buyers is an as-is property-buying company that buys Independence, MO homes in foreclosure. Our buyers are personable and discreet. We can have an estimate ready for you in as little as an hour, have a full offer for you in as little as 48 hours, and close as quickly as you need us to – before the lender auctions off your home. Call us at (816) 368-8508 or contact us online to get free of your debt. 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 account to fund your next move.
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How Foreclosure Happens in Independence, 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 — Payment default begins when you’ve missed paying one month of your mortgage. Banks are required to reach out to by the time you’re 45 days late on a payment. At this point, you may be able to work something out with the lender to get up to date on payments. Federal law requires lenders to discuss loss mitigation options with you.
- Notice of default — After 90 days of missed payments, the lender will send you a notice of default, notifying you of how much you owe and informing you that you have 30 days to pay it off. Federal law stipulates that lenders must wait 120 days from the first missed payment to begin official action.
- The lender officially begins foreclosure — If, after that period has ended you haven’t caught up, 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, you won’t have any official court proceedings, but they must abide by the rules in by Missouri law.
- Sale of the home — In either case, the house 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 fees or unpaid taxes.
- Eviction — Once the property has a new owner, you’ll have a three to 30 day period to move out. If you remain in the house, the new owner can file an eviction lawsuit in court.
While the foreclosure process may seem cruel, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Independence, MO
You have a few options whenever you’re house is in pre-foreclosure or foreclosure in Independence, MO:
Reinstate the Loan
Reinstating a loan usually involves settling the late payments, late fees, and any other charges associated with the delinquency. Once the loan is current you can continue making regular payments as outlined in the loan agreement.
reinstating a loan is not a permanent solution. If you fall behind again the home may go into foreclosure again. It’s possible to take 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. This reduces some of the negative consequences of a foreclosure, such as a damaged credit score, and it allows the lender to avoid the time and expense of the foreclosure process. The lender can then sell the home, or keep it and have tenants in it, but you would still likely have to move out.
Bankruptcy
Bankruptcy is a legal process that allows individuals or businesses who are unable to keep up with their debts to either have those debts restructured or discharged. If you go the bankruptcy route, you’ll still have to pay off your debt, but the timeline will be extended 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 be required 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 plan your future.
Chapter 13 Bankruptcy
If you choose Chapter 13 bankruptcy, you may be able to not give up your home. 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’re eligible. You’ll also have to pay many court fees and hire expensive bankruptcy attorneys. If you’re already struggling with money, bankruptcy still may be too expensive.
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 ways to do this:
- Short sale — Lenders are required to consider any offer made on your Independence, MO home. In a short sale, the offer on your Independence, MO home in pre-foreclosure is less than the amount you owe. The lender can then decide if getting less than what you owe is worth not having to deal with the hassle of a foreclosure. A short sale does lower your credit score, but not as much as a foreclosure.
- Traditional sale — If your home is worth more than your remaining mortgage, you can simply sell your home to an interested buyer, use the money to pay off your debt, and keep the rest for new housing.
You can try to sell your property on the traditional market, but foreclosure only lasts for 45 to 60 days. According to data from the St. Louis Federal Reserve, selling a house on the traditional market takes over 90 days, and that doesn’t account for 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 may be your best option. Once you accept our offer, we can close as quickly as you need us to.
How Our Independence, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers pays all cash for properties, and always want to give Independence, MO residents a hassle-free home selling experience. We’ve bought everything from properties of houses in probate to condemned properties.
We purchase homes “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:
- Getting our best possible offer quickly — If you upload photos of your property, we can give you a same-day estimate. In the following 24-48 hours, a member of our team will perform their own inspection. You don’t even have to sweep, mop, or vacuum before we show up. We always try to offer as much as we can for a property in Independence, MO while still seeing it as an investment for ourselves.
- Giving you a stress-free home sale — We know that your Independence, MO home being in pre-foreclosure is difficult, 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. We differ from 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 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. 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 we agree on a price.
- 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 help you avoid the financial perils of it getting foreclosed on.
Other properties we buy in Independence, 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 Independence, 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 personable 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 Independence, MO home is in pre-foreclosure, call Evervest Home Buyers today at (816) 368-8508 or tell us about your property online.