Selling a Home in Pre-Foreclosure in Kirkwood, MO
St. Louis County
Evervest Home Buyers
3015 Salena St #201
St. Louis, MO 63118
Selling a home in pre-foreclosure in Kirkwood, MO. if you’ve been given a notice of default, you do have options. Evervest Home Buyers is a cash home-buying company that buys Kirkwood, MO homes in foreclosure. Our team is personable and nonjudgmental. We can have an estimate ready for you right when you upload pictures, have a full offer for you in as little as 48 hours, and close in as little as 30 days – before the lender auctions off your home. Call us at (314) 730-0366 or get your offer online to avoid foreclosure. 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.
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How Foreclosure Happens in Kirkwood, 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. After each of the first two missed payments, your bank will likely reach out via letter or telephone. At this point, the lender will likely be willing to reach an agreement with you to pay off the delinquent debt. 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 demand letter, telling you how much you owe and informing you that, to avoid foreclosure, you must bring the mortgage up to date within 30 days. Federal law obligates lenders to wait 120 days from the first missed payment to start 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 will file a lawsuit in court. In a nonjudicial foreclosure, they’ll proceed out of court, but they must follow the rules in by Missouri statutes.
- Sale of the home — In either case, the home will then be auctioned off to the public. 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 property has a new owner, you’ll have between three and 30 days to move out. If you remain in the house, the new owner can file an eviction lawsuit against you.
While the foreclosure process may seem cruel, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Kirkwood, MO
You have a few options whenever you’re property is in pre-foreclosure or foreclosure in Kirkwood, MO:
Reinstate the Loan
Reinstating a loan typically includes paying off the past due payments and any other penalties or fees. Once the loan is current you can continue with the monthly payments as previously agreed.
It’s important to note. If you are unable to stay but to date. You could consider taking 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 return they will discharge your unpaid debt. This reduces some of the negative consequences of a foreclosure, such as a damaged credit score, and the lender wouldn’t have to deal with the hassle the foreclosure process. The lender can then sell the property, or keep it as a rental property, but you would still likely have to move out.
Bankruptcy
The goal of bankruptcy is to provide a fresh start for you by either eliminating or reducing your debt. If you go the bankruptcy route, 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 two types of bankruptcy you can file:
Chapter 7 Bankruptcy
If you file for Chapter 7 bankruptcy, you will not be required to pay off your remaining debt if the lender completes foreclosure, and you can still remain in the home before foreclosure without having to pay anything monthly. The goal of this is to give you a few more months to plan your future.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may permit you 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 stick to the payment plan under the supervision of a court-appointed trustee.
Bankruptcy has several downsides, however. 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 considerable 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
The last option is to find a buyer and pay off your debt with the funds you get from the sale. There are a couple different types of sales for a pre-foreclosure home:
- Short sale — If a prospective buyer makes an offer on your Kirkwood, MO home, the lender legally obligated to consider it. In a short sale, the offer is not enough money to pay off all your debts. A short sale can only happen if the lender agrees. In some cases, the bank may believe 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.
- Standard 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 debt, and pocket the rest.
You can try to sell your house through a real-estate agent, but the foreclosure process takes between 45 and 60 days. According to research by the St. Louis Federal Reserve, selling a house on the traditional market takes more than 90 days, 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 Kirkwood, MO Cash Home Buyers
Evervest Home Buyers pays all cash for houses, and always want to give Kirkwood, MO residents a stress-free home sale. We’ve bought everything from properties of people who owe back taxes to condemned properties.
We buy properties “as-is,” which means that the condition of the property doesn’t matter to us as it would to a typical homeowner. 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 property, we can give you an estimate within an hour. In the following 24-48 hours, a member of our team will do their own inspection. You don’t even have to wash the dishes before we come over. We always strive to offer the most we can for a property in Kirkwood, MO while still seeing it as an investment for ourselves.
- Giving you a stress-free home sale — We know that your Kirkwood, MO home being in pre-foreclosure is not the best time in your life, and you may be nostalgic about having to move out of home. We’ll make everything as simple as we can so you don’t feel any added stress. Unlike other cash home buying companies, we have no contingences in our contract. 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, 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 can have massive consequences for your credit score, that won’t go away for 7 years. While selling to us won’t allow you to keep your home, we can save you from the financial perils of foreclosure.
Other properties we buy in Kirkwood, 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 Kirkwood, 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 cordial 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 Kirkwood, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.