Selling a Home in Pre-Foreclosure in Lake Lotawana, MO
Selling a home in pre-foreclosure in Lake Lotawana, MO. if you’ve been given a notice of default, you do have options. Evervest Home Buyers is an as-is house-buying company that purchases Lake Lotawana, MO homes in foreclosure. Our buyers are friendly and nonjudgmental. We can have an estimate ready for you right when you upload pictures, have a full offer for you once we do our own inspection, and close in as little as month – before the bank auctions off your home. Speak to a representative at (816) 368-8508 or contact us online to get free of 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 Lake Lotawana, MO
Pre-foreclosure is the period between when you first miss a mortgage payment and when your bank or lender sells your Lake Lotawana, MO house. It typically happens in five stages:
- Payment default — Payment default begins when you’ve missed at least one mortgage payment. Banks are required to reach out to by the time you’re 45 days late on a payment. 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 the third month of missed payments, you’ll receive a notice of default, detailing the amount past due and informing you that you have 30 days to bring the mortgage current. Federal law stipulates that lenders must wait 120 days from the first missed payment to begin the process of taking your home.
- The lender officially begins foreclosure — If, after that period has ended 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, they’ll proceed out of court, but they must follow the rules set by Missouri law.
- Sale of the home — In either case, the house 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 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 Lake Lotawana, MO
The following are the main ways you can handle pre-foreclosure or foreclosure in Lake Lotawana, MO:
Reinstate the Loan
Reinstating a loan generally involves paying off the past due payments and any other penalties or fees. Once the loan is current you will be required to continue with the monthly payments as previously agreed.
You need to be aware that reinstating a loan does not forgive the late payments and subsequent late fees, it merely brings the loan current. If you are unable to stay but to date. It’s possible to take out a loan with a different company, but the interest rates will likely be high, and then you’ll have two monthly debts to keep up with.
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 discharging 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 likely have to move out.
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 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 be required to pay off your remaining debt if your home completes foreclosure, and you can still remain in the home before foreclosure for free. The goal of this is 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 home. 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 choice. 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 considerable court costs and fees for 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
An alternative to the above options is to find a buyer and settle your outstanding debts with the money. There are a couple different ways to do this:
- Short sale — If a prospective buyer makes an offer on your Lake Lotawana, 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 is more than they’ll get at auction. A short sale can negatively impact your credit score, but not to the extent that a foreclosure does.
- Traditional sale — If a prospective buyer offers more than the amount of debt you owe, 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 try to sell your house through a real-estate agent, but foreclosure only lasts for 45 to 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 repairs and upgrades most traditional buyers will want you to make. If you’re in pre-foreclosure, selling to an as-is, cash home buyer is likely preferable to the traditional market. Once you accept our offer, we can close as quickly as you need us to.
How Our Lake Lotawana, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers pays all cash for homes, and always want to give Lake Lotawana, MO residents a hassle-free home selling experience. 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 the condition of the property isn’t important 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 quickly — If you upload photos of your house, 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 try to offer as much as we can for a property in Lake Lotawana, MO while still seeing it as an investment for ourselves.
- Making the home selling experience stress-free — We understand that your Lake Lotawana, MO home being in pre-foreclosure is difficult, and you may be emotional about leaving your home. We’ll won’t make things any more stressful than they already are. 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. There’s no waiting for inspections, appraisals, or open house. 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 won’t effect your credit score. However, if the foreclosure is completed, 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 save you from the financial pitfalls of foreclosure.
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Selling Your Lake Lotawana, 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 both you and your mortgage lender. Our buyers are cordial and discreet, and can help you pay off 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 Lake Lotawana, MO home is in pre-foreclosure, call Evervest Home Buyers today at (816) 368-8508 or tell us about your property online.