Selling a Home in Pre-Foreclosure in Jackson County, MO
Selling a home in pre-foreclosure in Jackson County, MO. Financial hardships 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 a cash house-buying company that buys Jackson County, MO homes in foreclosure. Our team is cordial and discreet. We can offer you an estimate in as little as an hour, 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. Speak to a representative 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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How Foreclosure Happens in Jackson County, MO
Pre-foreclosure is the period between when you first miss a mortgage payment and when your bank or lender sells your Jackson County, MO house. It is a five-step process:
- Payment default — You’re technically in default after your first missed payment, or once you pass your lender’s grace period. 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 reach an agreement with you to bring your balance up to date. Federal law requires lenders to discuss loss mitigation options with you.
- Notice of default — After the third month of missed payments, the lender will send you a demand letter, notifying you of the amount past due 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 foreclosure proceedings.
- 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 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 law.
- Sale of the home — Whichever type of foreclosure the lender opts for, the home will will be sold in a public option. The lender will set a minimum bid which accounts for how much the home is worth, the amount owed, and any fees or unpaid taxes.
- Eviction — Once the home is sold, you’ll have a three to 30 day period to move out. If you don’t, the new owner can file an eviction lawsuit against you.
While the foreclosure process is not kind, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Jackson County, MO
You have a few options whenever you’re home is in pre-foreclosure or foreclosure in Jackson County, MO:
Reinstate the Loan
Reinstating a loan generally includes settling the late 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.
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 it will probably have an incredibly high interest rate, 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 exchange for discharging 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 home, or keep it as a rental property, 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 be responsible for paying off the mortgage, but with a more realistic payment structure. 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 have to pay off your remaining debt if your home completes foreclosure, and you can remain in the home during the process without having to pay the mortgage. 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. It involves coming up with 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.
There are many reasons that bankruptcy may not be a good choice. 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 for bankruptcy lawyers. If you’re not able to keep up with mortgage payments, you may not be able to afford filing for bankruptcy.
Sell Your Home in Pre-Foreclosure
The last option 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 — Lenders are obligated to consider any offer made on your Jackson County, MO property. In a short sale, the offer on your Jackson County, 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 can negatively impact your credit score, but not as much as a foreclosure.
- Traditional sale — If your home is worth 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 mortgage, and pocket the rest.
You can choose to hire a real estate agent to sell your home in pre-foreclosure, but foreclosure only lasts for 45 to 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 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. We can agree to an offer and close on your house within a month of our initial conversation.
How Our Jackson County, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers buys homes with all cash offers, and always want to give Jackson County, MO residents a stress-free home selling experience. We’ve bought everything from properties of people who owe back taxes to houses with mold issues.
We purchase homes “as-is,” which means that the condition of the property doesn’t matter to us as it would to traditional home buyer. 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 you a fair offer fast — If you send us pictures of your home, we can give you an estimate within an hour. In the following days, one of our buyers will carry out their own inspection. You don’t even have to wash the dishes before we come over. We always strive to offer as much as we can for a house in Jackson County, MO while still being able to profit off it after we repair it.
- Making the home selling experience stress-free — We know that your Jackson County, MO home being in pre-foreclosure is not the best time in your life, and you may be emotional about leaving your home. We’ll make everything as simple as we can so you don’t experience any added stress. Unlike other cash home buying companies, we have never written a contract that didn’t close because we backed out of it. 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. 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, 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 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 you won’t get to keep your home if you sell to us, we can help you avoid the financial perils of foreclosure.
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Selling Your Jackson County, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even lenders. Selling your home in pre-foreclosure is often the best option for everybody involved. Our buyers are personable 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 deal fast, and help you with the legal and financial aspects of the sale. If your Jackson County, MO home is in pre-foreclosure, call Evervest Home Buyers today at (816) 368-8508 or tell us about your property online.