Selling a Home in Pre-Foreclosure in Ladue, MO
St. Louis County
Evervest Home Buyers
3015 Salena St #201
St. Louis, MO 63118
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 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 purchases Ladue, MO homes in foreclosure. Our buyers are friendly and discreet. We can offer you an estimate in as little as an hour, have a full offer for you once we do our own inspection, and close in as little as month – before the mortgage holder officially foreclosures on your home. Speak to a representative at (314) 730-0366 or get your offer online to get free of your debt. 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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The Pre-Foreclosure Process in Ladue, 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 via letter or telephone. 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 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 notice of default, notifying you of the amount past due and informing you that you have 30 days to pay it off. Federal law requires 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 brought your mortgage up to date, 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 follow the rules in by Missouri law.
- Sale of the home — Whichever type of foreclosure the lender opts for, the house will then be auctioned off to the public. The lender will set a minimum bid taking into account their appraisal of the home, 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 don’t, the new owner can file an eviction lawsuit against you.
While the foreclosure process is not kind, there are multiple ways you can mitigate the consequences for yourself.
How to Stop Foreclosure in Ladue, MO
You have a few options whenever you’re property is in pre-foreclosure or foreclosure in Ladue, MO:
Reinstate the Loan
Reinstating a loan typically involves settling the late payments and any other penalties or fees. Once the loan is current you will be expected to continue making regular payments as outlined in the loan agreement.
reinstating a loan is not a permanent solution. If you fall behind again the home may go into foreclosure again. You could consider taking out a loan with a different lender, but the interest rates will likely be high, 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 return they will release 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 home, or keep it and have tenants in it, but you would still be evicted.
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 have to pay off the mortgage, 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 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 without having to pay anything monthly. 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 not give up your house. 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 follow the payment plan under the supervision of a court-appointed trustee.
There are many reasons that bankruptcy may not be a good option. First, your entire financial life will be analyzed to see if you qualify. You’ll also incur significant court costs and fees for bankruptcy lawyers. If you’re having difficulty keeping up with mortgage payments, bankruptcy still may be too expensive.
Sell Your Home in Pre-Foreclosure
The last option is to sell your home and pay off your debt with the funds you get from the sale. There are two different ways to do this:
- Short sale — If a prospective buyer makes an offer on your Ladue, MO home, the lender is required 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 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.
- Standard sale — If a potential buyer offers more than your remaining mortgage, you can simply sell your home to an interested buyer, pay off your debt with the money from the sale, 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 foreclosure only lasts for 45 to 60 days. Based on research by 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 repairs and upgrades most traditional buyers will want you to make. 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 Ladue, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers buys homes with all cash offers, and always want to give Ladue, MO homeowners a stress-free home sale. We’ve bought everything from properties of houses in probate to homes with extensive plumbing issues.
We purchase homes “as-is,” which means that homeowners do not have to make costly repairs to the property in order to sell 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 you a fair offer fast — If you upload photos of your property, we can give you a same-day estimate. Then, we’ll schedule an inspection, where one of our buyers will do their own inspection. You don’t even have to wash the dishes before we come over. We always intend to offer as much as we can for a home in Ladue, MO while still seeing it as an investment for ourselves.
- Making the home selling experience stress-free — We know that your Ladue, MO home being in pre-foreclosure is difficult, and you may not want to move out of your home. We’ll make everything as simple as we can so you don’t experience any additional stress. We differ from other as-is home buying companies we always keep our word.. 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’ll still move to take over and sell the house as quickly as possible. 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, 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 effect 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 you won’t get to keep your home if you sell to us, we can help you avoid the financial pitfalls of it getting foreclosed on.
Other services we offer in Ladue, 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 Ladue, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even lenders. Selling your home in pre-foreclosure can be an agreeable solution for both you and your mortgage lender. Our buyers are amiable 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 sale fast, and assist 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.