Selling a Home in Pre-Foreclosure in Jennings, MO
Selling a home in pre-foreclosure in Jennings, MO. If you are facing foreclosure and are upset at the prospect of losing your home and severely damaging your credit score, know that there are options available to you. Evervest Home Buyers is an as-is home-buying company that purchases Jennings, MO homes in foreclosure. Our team is amiable and nonjudgmental. 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 in as little as month – before the lender sells your house. Call us at (314) 730-0366 or get your offer 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, you may even be able to have some cash left over.
The Pre-Foreclosure Process in Jennings, MO
Pre-foreclosure begins when you first miss a payment, and ends when your lender takes official action. It is a five-stage process:
- Payment default — Payment default begins when you’ve missed at least one mortgage payment. 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 work something out with you to bring your balance up to date. 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, detailing the amount past due and informing you that, to avoid foreclosure, you must pay it off within 30 days. Federal law dictates that lenders must wait 120 days from the first missed payment to begin the process of taking your home.
- 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 sue you in civil 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 they pursue, the property will will be sold in a public option. 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 home is sold, 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 against you.
While the foreclosure process is not kind, there are a few different ways you can lessen the consequences for yourself.
How to Stop Foreclosure in Jennings, MO
The following are the main ways you can handle pre-foreclosure or foreclosure in Jennings, MO:
Reinstate the Loan
Reinstating a loan typically involves settling the past due payments, late fees, and any other charges associated with the delinquency. Once you have paid off all the past due amounts, the loan is considered to be current again and you can continue with the monthly payments as previously agreed.
You need to be aware that reinstating a loan does not forgive the past-due payments and subsequent late fees, it simply brings the loan current. If you fall behind again the home may go into foreclosure again. It’s possible to take out a loan with a different lender, but the interest rates will likely be high, and then you’ll have two monthly loans to keep up with.
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. 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 be evicted.
Bankruptcy is a legal process that allows individuals or businesses who cannot pay their debts to either have those debts restructured or discharged. If you file for bankruptcy, you’ll still be responsible for paying off your debt, 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 file for Chapter 7 bankruptcy, you will not be required to pay off your remaining debt if your home completes foreclosure, and you can still remain in the home before foreclosure for free. The goal of this is to give you a few more months to figure out what to do.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may allow you to keep your house. 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 several downsides, however. First, your entire financial life will be evaluated to see if you qualify. You’ll also have to pay many court costs and fees for bankruptcy lawyers. If you’re already struggling with money, you may not be able to afford filing for bankruptcy.
Sell Your Home in Pre-Foreclosure
Another possibility is to sell your home and pay off the remainder of your mortgage with the money you get from the sale. There are a couple different types of sales for a pre-foreclosure home:
- Short sale — Lenders are obligated to consider any offer made on your Jennings, MO home. In a short sale, the offer on your Jennings, 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 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.
- Traditional sale — If a potential buyer offers more than the amount of debt you owe, you can simply sell your home to an interested buyer, pay off your debt with the money from the sale, and pocket the rest.
You can try to sell your house through a real-estate agent, but foreclosure only lasts for 45 to 60 days. Based on data from 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 time it takes to prepare the house for sale. 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 Jennings, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers pays all cash for properties, and strive to give Jennings, MO homeowners a hassle-free home selling experience. We’ve bought everything from properties of people who owe back taxes to homes with asbestos.
We buy properties “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 our best possible offer quickly — If you send us pictures of your property, 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 sweep, mop, or vacuum before we come over. We always try to offer as much as we can for a property in Jennings, MO while still seeing it as an investment for ourselves.
- Giving you a stress-free home sale — We know that your Jennings, MO home being in pre-foreclosure is not the best time in your life, and you may be nostalgic about leaving your home. We’ll won’t make things any more stressful than they already are. Unlike 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 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, 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 perils of it getting foreclosed on.
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Selling Your Jennings, MO Home in Pre-Foreclosure | Evervest Home Buyers
Everyone hates foreclosure – even mortgage companies. Selling your home in pre-foreclosure can be an agreeable solution for both you and your mortgage lender. 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 Jennings, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.