Selling a Home in Pre-Foreclosure in Lake Lotawana, MO
Selling a home in pre-foreclosure in Lake Lotawana, 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 an as-is house-buying company that buys Lake Lotawana, MO homes in foreclosure. Our buyers are amiable and nonjudgmental. We can offer you an estimate right when you upload pictures, have a full offer for you in a matter of days, and close in as little as month – before the mortgage holder sells your house. Speak to a representative at (816) 368-8508 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 account to pay for your next move.
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How Foreclosure Happens in Lake Lotawana, MO
Pre-foreclosure is the time between when you first miss a mortgage payment and when your bank or lender sells your Lake Lotawana, MO house. It usually happens in five stages:
- 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 via letter or telephone. At this point, you may be able to work something out with the lender to get up to date on payments. Federal law requires lenders to offer you an opportunity to catch up before taking action.
- Notice of default — After 90 days of missed payments, the lender will send you a demand letter, telling you the amount past due and informing you that, to avoid foreclosure, you must pay it off within 30 days. Federal law obligates lenders to wait 120 days from the first missed payment to begin official action.
- The lender officially begins foreclosure — If, after 120 days 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 sue you in civil 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 then be auctioned off to the public. The lender will set a minimum bid taking into account the value of the house, the amount owed, and any court costs or unpaid taxes.
- Eviction — Once the home is sold, you’ll have between three and 30 days to move out. If you don’t, the new owner can file an eviction lawsuit in court.
While the foreclosure process may seem cruel, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Lake Lotawana, MO
Below are the main ways you can handle pre-foreclosure or foreclosure in Lake Lotawana, MO:
Reinstate the Loan
Reinstating a loan generally includes settling the past due payments, late fees, and any other charges associated with the delinquency. Once the loan is current you can continue with the monthly payments as previously agreed.
reinstating a loan is not a permanent solution. If you are unable to stay but to date. It’s possible to take out a loan with a different company, but it will likely have an incredibly high interest rate, and then you’ll have two monthly loans to keep up with.
Deed in Lieu of Foreclosure
In a “deed in lieu,” you can give your home to the lender, in return they will release 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
Filing for bankruptcy is a way to get relief from debilitating debt. If you file for bankruptcy, you’ll still be responsible for paying 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 file for Chapter 7 bankruptcy, you will not have to pay off your remaining debt if your home completes foreclosure, and you can still remain in the home before foreclosure for free. This is usually a way to simply stall foreclosure for several months while you plan your future.
Chapter 13 Bankruptcy
If you choose Chapter 13 bankruptcy, you may be able 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 option. First, your entire financial life will be evaluated to see if you qualify. You’ll also have to pay considerable court costs and fees for bankruptcy lawyers. If you’re not able to keep up with mortgage payments, you may not be able to afford filing for bankruptcy.
Sell Your Home in Pre-Foreclosure
Another possibility is to find a buyer and pay off the remainder of your mortgage with the money you get from the sale. There are a couple different ways to do this:
- Short sale — Lenders are obligated to consider any offer made on your Lake Lotawana, MO home. 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 does lower your credit score, but not to the extent that a foreclosure does.
- Standard sale — If your home is worth more than the amount of debt you owe, you can accept that offer, pay off your debt with the money from the sale, and pocket the rest.
You can try to sell your house on the traditional market, 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 30-45 days to close, 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 the traditional market. We can agree to an offer and close on your house within 30 days of our initial conversation.
Selling Your Home in Pre-Foreclosure to Our Lake Lotawana, MO Cash Home Buyers
Evervest Home Buyers buys homes with all cash offers, and strive to give Lake Lotawana, MO residents a hassle-free home sale. We buy all types of properties, from people who owe back taxes to condemned properties.
We purchase homes “as-is,” which means that the condition of the property doesn’t matter 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 you a fair offer fast — If you upload photos of your house, we can give you a same-day estimate. Then, we’ll schedule an inspection, where a member of our team will perform their own inspection. You don’t even have to sweep, mop, or vacuum before we come over. We always strive to offer the most we can for a house in Lake Lotawana, MO while still seeing it as an investment for ourselves.
- Giving you a stress-free home sale — We understand that your Lake Lotawana, MO home being in pre-foreclosure is difficult, 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 experience any additional stress. We differ from other as-is home buying companies we have no loopholes 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’ll still move to take over and sell the house as quickly as possible. 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 30 days if not sooner.
- Saving your credit score — Having a home in pre-foreclosure won’t effect your credit score. However, if your house is foreclosed on, it has a huge negative impact on 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 Lake Lotawana, 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 Lake Lotawana, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even banks. Selling your home in pre-foreclosure is often the best option for everybody involved. Our buyers are friendly 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 your home quickly, 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.