Selling a Home in Pre-Foreclosure in Jennings, MO
St. Louis County
Evervest Home Buyers
3015 Salena St #201
St. Louis, MO 63118
Selling a home in pre-foreclosure in Jennings, MO. Financial hardships can happen to anyone, 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 home-buying company that buys Jennings, MO homes in foreclosure. Our buyers are cordial and discreet. We can have an estimate ready for you just by looking at pictures, have a full offer for you in as little as 48 hours, and close in as little as 30 days – before the mortgage holder officially foreclosures on your home. Speak to a representative at (314) 730-0366 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 pocket to fund your next move.
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How Foreclosure Happens in Jennings, MO
Pre-foreclosure is the time between when you fall behind on your mortgage payments and when your bank or lender sells your Jennings, MO house. It usually happens in five stages:
- Payment default — You’re technically in default after the first month you missed a payment on, 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. 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 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 demand letter, notifying you of the amount past due and informing you that, to avoid foreclosure, you must pay it off within 30 days. Federal law requires lenders to wait 120 days from the first missed payment to start foreclosure proceedings.
- The lender officially begins foreclosure — If, after 120 days you haven’t made an agreement with your lender, 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 follow the rules in 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 taking into account how much the home is worth, the amount owed, and any court costs 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 harsh, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Jennings, MO
The following are the main ways you can deal with pre-foreclosure or foreclosure in Jennings, MO:
Reinstate the Loan
Reinstating a loan generally involves paying off the past due payments and any other penalties or fees. Once you have paid off all the past due amounts, the loan is considered to be current again and you will be required to continue making regular payments as outlined in the loan agreement.
You need to remember that reinstating a loan does not forgive the past-due payments and subsequent late fees, it just brings the loan current. If you fail to keep up with the monthly payments the home may go into foreclosure again. It’s possible to take out a loan with a different lender, but it will likely have an incredibly high interest rate, and then you’ll have two monthly loans to stay current on.
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 return they will discharge your unpaid debt. Your credit score would not take a hit, and it allows the lender to avoid the time and expense of the foreclosure process. The lender can then sell the house, or keep it and have tenants in it, but you would still be evicted.
Bankruptcy
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 have to pay off your debt, but you’ll have more time to 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 have to pay off your remaining debt if the lender completes foreclosure, and you can remain in the home during the process without having to pay the mortgage. The goal of this is to simply delay foreclosure for several months while you plan your future.
Chapter 13 Bankruptcy
If you file for Chapter 13 bankruptcy, you may be able to not give up your property. 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 stick to the payment plan under the supervision of a court-appointed trustee.
There are many reasons that bankruptcy may not be a good option. 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 incur many court 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
An alternative to the above options is to sell your home and settle your outstanding debts with the money. There are two different types of sales for a pre-foreclosure home:
- Short sale — If an interested buyer makes an offer on your Jennings, MO home, the lender is required to consider it. In a short sale, the offer on your Jennings, MO home in pre-foreclosure is less than the amount you owe. The lender can then consider if getting less than the remainder of the mortgage is worth not having to deal with the hassle of a foreclosure. 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 accept that offer, pay off your debt with the money from the sale, 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 data from the St. Louis Federal Reserve, selling a house on the traditional market takes more than 90 days, 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 may be your best option. 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 houses, and always want to give Jennings, MO residents a stress-free home sale. We buy all types of properties, from people who owe back taxes to houses with mold issues.
We buy properties “as-is,” which means that homeowners do not have to make costly renovations to the property for us to want to buy 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 our best possible offer quickly — If you send us pictures of your house, we can give you a same-day estimate. Then, we’ll schedule an inspection, where one of our buyers will carry out their own inspection. You don’t even have to sweep, mop, or vacuum before we show up. We always strive to offer the most we can for a house in Jennings, MO while still being able to profit off it after we repair it.
- Making the home selling experience stress-free — We know that your Jennings, MO home being in pre-foreclosure is not the best time in your life, and you may not want to leave your 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 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. 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 30 days if not sooner.
- Saving your credit score — Having a home in pre-foreclosure does not effect 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 you won’t get to keep your home if you sell to us, we can help you avoid the financial perils of it getting foreclosed on.
Other properties we buy in Jennings, MO include:
- Sell a Property With Tenants – Fast, Easy, Hassle-Free
- Selling Your House Off-Market
- Local Home Buyers
- Sell Vacant House (For Cash)
- Selling a Fixer Upper Home
- Cash for Ugly Houses
- Sell Your House During a Divorce
- Selling a Rental Property
- Selling a Home with a Reverse Mortgage
- Selling a House Without a Realtor
- Selling a House in Poor Condition
- How to Sell a House That Needs Major Repairs
- Home Investors
- Sell My House
- Cash for Homes
- Sell My House As-Is
- Sell My Probate House
- Sell My Outdated House
- Sell My Inherited House in Greater St. Louis
- How to Sell Your House
- Investment Property Buyers
- Foreclosed House Buyer
- Fast House Buyer
- Condemned Property Buyer
- Cash Home Buyer
- Sell My Home For Cash
Selling Your Jennings, 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 both you and your mortgage lender. Our buyers are friendly and discreet, 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 your home quickly, 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.