Selling a Home in Pre-Foreclosure in Ladue, MO
Selling a home in pre-foreclosure in Ladue, MO. Tough times 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 a difficult situation to be in, you do have options if you find yourself there. Evervest Home Buyers is a cash home-buying company that buys Ladue, 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 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 (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 pay for your next move.
The Pre-Foreclosure Process in Ladue, MO
Pre-foreclosure is the time between when you first miss a mortgage payment and when your Ladue, MO lender auctions off your home off to the highest bidder. It is a five-step process:
- 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. 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, you may be able to work something out with the lender to catch up on payments. 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 notice of default, telling you the amount past due and informing you that you have 30 days to pay it off. Federal law dictates that lenders must wait 120 days from the first missed payment to begin foreclosure proceedings.
- The lender officially begins foreclosure — If, after that period has ended you haven’t caught up, the lender will begin 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 abide by the regulations in by Missouri law.
- Sale of the home — Whichever type of foreclosure they pursue, the house 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 between three and 30 days to leave. If you don’t, the new owner can file an eviction lawsuit in court.
While the foreclosure process is not kind, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Ladue, MO
The following are the main ways you can handle pre-foreclosure or foreclosure in Ladue, MO:
Reinstate the Loan
Reinstating a loan generally includes paying off the late payments, late fees, and any other charges associated with the delinquency. Once the loan is current you will be expected to continue making regular payments as outlined in the loan agreement.
It’s important to note. If you cannot 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 give your home to the lender in exchange for the release of 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 as a rental property, but you would still be evicted.
The goal of bankruptcy is to provide a fresh start for you by either eliminating or reducing your debt. If you file for bankruptcy, you’ll still have to pay off the mortgage, but with a more realistic payment structure. There are two types of bankruptcy you can file:
Chapter 7 Bankruptcy
If you choose Chapter 7 bankruptcy, you will not have to pay off the rest of your mortgage if your home completes foreclosure, and you can remain in the home during the process without having to pay the mortgage. This is usually a way to give you a few more months to plan your future.
Chapter 13 Bankruptcy
If you file for Chapter 13 bankruptcy, you may be able to hold onto your house. You’ll have to stick to a payment plan – overseen by a court-appointed trustee – that allows you to pay off your debt 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 many court costs and fees and pay for expensive 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
The last option 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 types of sales for a pre-foreclosure home:
- Short sale — If a prospective buyer makes an offer on your Ladue, MO home, the lender legally obligated to consider it. In a short sale, the offer on your Ladue, MO home in pre-foreclosure is less than the amount you owe. The lender can then decide if getting less than the remainder of the mortgage is worth avoiding the hassle of a foreclosure. A short sale can negatively impact your credit score, but not to the extent that a foreclosure does.
- Standard sale — If your home is worth more than your remaining mortgage, you can accept that offer, use the money to pay off your mortgage, and keep the rest for new housing.
You can try to sell your property through a real-estate agent, but the foreclosure process takes between 45 and 60 days. According to 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 your home to an as-is, cash home buyer may be your best option. Once you accept our offer, we can close as quickly as you need us to.
How Our Ladue, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers buys homes with all cash offers, and strive to give Ladue, MO homeowners a stress-free home selling experience. We’ve bought everything from properties of houses in probate to homes with significant wind or hail damage.
We purchase homes “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 upload photos of your home, we can give you an estimate within an hour. In the following 24-48 hours, a member of our team will perform their own inspection. You don’t even have to pick up the socks off the floor before we come over. We always intend to offer as much as we can for a house in Ladue, MO while still seeing it as an investment for ourselves.
- Giving you a stress-free home sale — We understand that your Ladue, MO home being in pre-foreclosure is a trying time, and you may be emotional about leaving your home. We’ll won’t make things any more stressful than they already are. We differ from other cash home buying companies we have no contingences in our contract. We’ll show you proof of funds so you don’t have to worry.
- 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 we agree on a price.
- 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 will stay there for 7 years. While selling to us won’t allow you to keep your home, we can help you avoid the financial pitfalls of it getting foreclosed on.
Other services we offer in Ladue, MO include:
- Selling a House in Poor Condition
- How to Sell a House That Needs Major Repairs
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- Sell My Outdated House
- Sell My Inherited House in Greater St. Louis
- Sell Your House Fast
- How to Sell Your House
- Sell My Home Preforeclosure
- Sell My Home Now
- Rental Property Buyer
- Cash Home Buying Company
- Investment Property Buyers
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- House Buying Company
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- Condemned Property Buyer
- House Buyers
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- We Buy Houses in Greater St. Louis
Selling Your Ladue, MO Home in Pre-Foreclosure | Evervest Home Buyers
Everyone hates foreclosure – even banks. Selling your home in pre-foreclosure can be an agreeable solution for both you and your mortgage lender. Our buyers are personable 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 help you with the legal and financial aspects of the sale. If your Ladue, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.