Selling a Home in Pre-Foreclosure in Kansas City, MO
Selling a home in pre-foreclosure in Kansas City, 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 house-buying company that buys Kansas City, MO homes in foreclosure. Our buyers are cordial and discreet. We can have an estimate ready for you right when you upload pictures, have a full offer for you in a matter of days, and close as quickly as you need us to – before the mortgage holder sells your house. Call us at (816) 368-8508 or get your offer 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 Kansas City, 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, 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 90 days of missed payments, you’ll receive a notice of default, notifying you of the amount past due and informing you that you have 30 days to pay it off. Federal law obligates lenders to 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 made your mortgage current, 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 regulations set by Missouri statutes.
- Sale of the home — In either case, the home will will be sold in a public option. The lender will set a minimum bid taking into account the value of the house, the debt that remains unpaid, and any court costs or unpaid taxes.
- Eviction — Once the home is sold, you’ll have between three and 30 days to leave. If you remain in the home, 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 Kansas City, MO
The following are the main ways you can deal with pre-foreclosure or foreclosure in Kansas City, MO:
Reinstate the Loan
Reinstating a loan typically includes paying off the late payments and any other penalties or fees. Once the loan is current you can continue making regular payments as outlined in the loan agreement.
It’s important to note. If you cannot stay but to date. It’s possible to take out a loan with a different lender, 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 the release of your obligation to pay the mortgage. 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
Bankruptcy is a legal process that allows individuals or businesses who are unable to 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 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 be required to pay off your remaining debt if your home completes foreclosure, and you can remain in the home during the process for free. This is usually a way to simply delay foreclosure for several months while you figure out what to do.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may allow you to not give up your property. You’ll have to stick to a payment plan – overseen by a court-appointed trustee – that allows you to become current in three or five years.
There are many reasons that bankruptcy may not be a good choice. First, your entire financial life will be evaluated to see if you qualify. You’ll also incur significant court costs and 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 pay off the remainder of your mortgage with the money you get from the sale. There are two different ways to do this:
- Short sale — Lenders are obligated to consider any offer made on your Kansas City, MO house. In a short sale, the offer on your Kansas City, 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 believe the short sale offer is more than they’ll get at auction. A short sale does lower your credit score, but not to the extent that a foreclosure does.
- 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 mortgage, and keep the rest to fund your next move.
You can choose to hire a real estate agent to sell your home in pre-foreclosure, but the foreclosure process takes between 45 and 60 days. Based on data from the St. Louis Federal Reserve, selling a house on the traditional market takes over three months, and that doesn’t account for 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 a traditional buyer. Once you accept our offer, we can close as quickly as you need us to.
Selling Your Home in Pre-Foreclosure to Our Kansas City, MO Cash Home Buyers
Evervest Home Buyers buys homes with all cash offers, and strive to give Kansas City, MO residents a hassle-free home selling experience. We buy all types of properties, from people who owe back taxes to homes with extensive termite damage.
We purchase homes “as-is,” which means that the condition of the property isn’t important 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 house, we can give you an estimate within an hour. Then, we’ll schedule an inspection, where a member of our team will carry out their own inspection. You don’t even have to pick up the socks off the floor before we come over. We always try to offer as much as we can for a house in Kansas City, MO while still being able to profit off it after we repair it.
- Making the home selling experience stress-free — We know that your Kansas City, MO home being in pre-foreclosure is stressful, and you may be nostalgic about leaving your home. We’ll make everything as simple as we can so you don’t feel any additional 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 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. When you sell to Evervest, you will 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, as soon as you need us to after you agree to our offer.
- 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 you won’t get to keep your home if you sell to us, we can save you from the financial pitfalls of it getting foreclosed on.
Other properties we buy in Kansas City, 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 Kansas City, 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 everybody involved. Our buyers are amiable 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 fast, and assist with the legal and financial aspects of the sale. If your Kansas City, MO home is in pre-foreclosure, call Evervest Home Buyers today at (816) 368-8508 or tell us about your property online.