Selling a Home in Pre-Foreclosure in Lawson, MO
Selling a home in pre-foreclosure in Lawson, MO. if your home is about to be foreclosed on, you do have options. Evervest Home Buyers is an as-is home-buying company that purchases Lawson, MO homes in foreclosure. Our buyers are friendly and nonjudgmental. We can have an estimate ready for you in as little as an hour, have our official offer once we do our own inspection, and close in as little as month – before the bank sells your house. Speak to a representative at (816) 368-8508 or contact us 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 fund your next move.
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The Pre-Foreclosure Process in Lawson, MO
Pre-foreclosure begins when you first miss a payment, and ends when your lender takes official action. 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, you may be able to work something out with the lender to catch up on payments. Federal law requires lenders to offer you an opportunity to catch up before taking action.
- Notice of default — After the third month of missed payments, you’ll receive a demand letter, detailing how much you owe and informing you that, to avoid foreclosure, you must bring the mortgage up to date 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 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 sue you in civil court. In a nonjudicial foreclosure, you won’t have any official court proceedings, but they must follow the rules set 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 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 may seem cruel, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Lawson, MO
Below are the main ways you can handle pre-foreclosure or foreclosure in Lawson, MO:
Reinstate the Loan
Reinstating a loan usually includes settling the late payments, late fees, and any other charges associated with the delinquency. Once you have paid off all the past due amounts, the loan is considered to be current again and you can continue with the monthly payments as previously agreed.
It’s important to note. If you fail to keep up with the monthly payments the home may go into foreclosure again. You could consider taking out a loan with a different bank, but the interest rates will likely be high, and then you’ll have two monthly debts to stay current on.
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 obligation to pay the mortgage. This reduces some of the negative consequences of a foreclosure, such as a damaged credit score, 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 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 with a more realistic payment structure. 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 remain in the home during the process for free. 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 permit 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 qualify. You’ll also have to pay considerable court costs and fees and pay for expensive bankruptcy attorneys. 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 sell your home and settle your outstanding debts with the money. There are two different types of sales for a pre-foreclosure home:
- Short sale — If a prospective buyer makes an offer on your Lawson, 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 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 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. According to 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 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. Once you accept our offer, we can close as quickly as you need us to.
How Our Lawson, 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 Lawson, 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 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 you a fair offer fast — If you send us pictures of your home, we can give you an estimate within an hour. Then, we’ll schedule an inspection, where a member of our team will carry out 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 home in Lawson, MO while still seeing it as an investment for ourselves.
- Making the home selling experience stress-free — We understand that your Lawson, 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 added stress. Unlike 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 banks prefer not having to go through the foreclosure process, they’re not going to wait around to collect their debt. When you sell to us, you will 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, 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 has a huge negative impact on 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 properties we buy in Lawson, 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 Lawson, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even mortgage companies. Selling your home in pre-foreclosure is often the best option 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 the deal quickly, and help you with the legal and financial aspects of the sale. If your Lawson, MO home is in pre-foreclosure, call Evervest Home Buyers today at (816) 368-8508 or tell us about your property online.