Selling a Home in Pre-Foreclosure in Lake Winnebago, MO
Selling a home in pre-foreclosure in Lake Winnebago, MO. If you are facing foreclosure and are upset at the prospect of losing your home and severely damaging your credit score, know that there are options available to you. Evervest Home Buyers is an as-is house-buying company that purchases Lake Winnebago, MO homes in foreclosure. Our buyers are personable and nonjudgmental. We can have an estimate ready for you just by looking at 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 the value of your home and what’s left on the mortgage, you may even be able to have some cash left over.
How Foreclosure Happens in Lake Winnebago, MO
Pre-foreclosure is the time between when you first miss a mortgage payment and when your Lake Winnebago, MO lender auctions off your home off to the highest bidder. It is a five-step process:
- 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 bring your balance up to date. 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, 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 start the process of taking your home.
- The lender officially begins foreclosure — If, after that period has ended you haven’t made your mortgage current, 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 statutes.
- Sale of the home — Whichever type of foreclosure they pursue, the home 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 court costs or unpaid taxes.
- Eviction — Once the property has a new owner, you’ll have a three to 30 day period to leave. If you remain in the home, 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 Lake Winnebago, MO
You have a few options whenever you’re home is in pre-foreclosure or foreclosure in Lake Winnebago, MO:
Reinstate the Loan
Reinstating a loan usually includes settling 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.
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 lender, but it will likely 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 exchange for discharging 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 home, or keep it and have tenants in it, but you would still be evicted.
Bankruptcy is a legal process that allows individuals or businesses who cannot pay their debts to either have those debts restructured or discharged. 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 have to pay off your remaining debt if the lender completes foreclosure, and you can remain in the home during the process for free. This is usually a way to give you a few more months to figure out what to do.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may allow you to keep your home. 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 analyzed to see if you’re eligible. You’ll also have to pay considerable court 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
An alternative to the above options is to find a buyer and pay off the remainder of your mortgage with the funds 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 Winnebago, MO house. In a short sale, the offer on your Lake Winnebago, MO home in pre-foreclosure is less than the amount you owe. 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 does lower your credit score, but not as much as a foreclosure.
- Traditional sale — If a potential buyer offers more than your remaining mortgage, 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 home on the traditional market, but the foreclosure process takes between 45 and 60 days. Based on research by the St. Louis Federal Reserve, selling a house on the traditional market takes more than 90 days, and that doesn’t include the time it takes to prepare the house for sale. 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 Lake Winnebago, 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 Lake Winnebago, MO homeowners a stress-free home sale. We’ve bought everything from properties of people who owe back taxes to homes with asbestos.
We buy properties “as-is,” which means that homeowners do not have to make expensive repairs to the property for us to want to buy 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:
- Getting our best possible offer fast — If you send us pictures of your house, we can give you an estimate within an hour. In the following days, 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 try to offer as much as we can for a house in Lake Winnebago, MO while still being able to profit off it ourselves.
- Giving you a stress-free home sale — We understand that your Lake Winnebago, MO home being in pre-foreclosure is difficult, and you may be emotional about having to move out of home. We’ll won’t make things any more stressful than they already are. Unlike other cash home buying companies, we have never written a contract that didn’t close because we backed out of it. 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. When you sell to Evervest, you can 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 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 save you from the financial perils of foreclosure.
Other services we offer in Lake Winnebago, MO include:
- Selling a House in Poor Condition
- How to Sell a House That Needs Major Repairs
- Selling a House As Is
- Home Investors
- Cash For Houses
- Buy My House
- We Buy Houses For Cash
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Selling Your Lake Winnebago, MO Home in Pre-Foreclosure | Evervest Home Buyers
Everyone hates foreclosure – even lenders. Selling your home in pre-foreclosure can be an agreeable solution for everybody involved. Our buyers are personable 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 help you with the legal and financial aspects of the sale. If your Lake Winnebago, MO home is in pre-foreclosure, call Evervest Home Buyers today at (816) 368-8508 or tell us about your property online.