Selling a Home in Pre-Foreclosure in Liberty, MO
Selling a home in pre-foreclosure in Liberty, 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 purchases Liberty, MO homes in foreclosure. Our buyers are cordial and nonjudgmental. We can offer you an estimate right when you upload pictures, have a full offer for you in as little as 48 hours, and close in as little as 30 days – before the lender sells your house. Speak to a representative at (816) 368-8508 or contact us online to start the process of getting out from under the bank’s thumb today. Depending on the value of your home and what’s left on the mortgage, we may even be able to put enough cash in your account to pay for your next move.
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The Pre-Foreclosure Process in Liberty, 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 — You’re technically in default after the first month you missed a payment on, or once you pass your lender’s grace period. Banks are required to reach out to by the time you’re 45 days late on a payment. At this juncture, the lender will likely be willing to work something out 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, you’ll receive a demand letter, telling you 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 foreclosure proceedings.
- The lender officially begins foreclosure — If, after 120 days 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 home will then be auctioned off to the public. The lender will set a minimum bid which accounts for 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 a three to 30 day period 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, there are multiple ways you can mitigate the consequences for yourself.
How to Stop Foreclosure in Liberty, MO
You have a few options whenever you’re house is in pre-foreclosure or foreclosure in Liberty, MO:
Reinstate the Loan
Reinstating a loan typically 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 will be required to continue with the monthly payments as previously agreed.
You need to be aware that reinstating a loan does not erase the late payments and penalties that were incurred, it simply brings the loan current. If you fall behind again the home may go into foreclosure again. You could consider taking out a loan with a different company, 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 give your home to the lender, in return they will discharge 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 nuisance 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
Filing for bankruptcy is a way to get relief from significant debt. If you file for bankruptcy, you’ll still have to pay off your debt, 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 the lender completes foreclosure, and you can still remain in the home before foreclosure without having to pay the mortgage. The goal of this is to simply delay foreclosure for several months while you figure out what to do.
Chapter 13 Bankruptcy
If you file for Chapter 13 bankruptcy, you may be able to not give up your house. It involves coming up with a plan to pay off all or some of your debts over a three to five year period. You’ll have to maintain 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 have to pay considerable court costs and fees and pay for expensive bankruptcy attorneys. If you’re already struggling with money, 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 types of sales for a pre-foreclosure home:
- Short sale — If a prospective buyer makes an offer on your Liberty, MO home, the lender must consider it. In a short sale, the offer on your Liberty, MO home in pre-foreclosure is less than the amount you owe. The lender can then consider if getting less than the full amount back is worth avoiding the hassle of a foreclosure. A short sale can negatively impact your credit score, but not as much as a foreclosure.
- Traditional sale — If a potential buyer offers more than the amount of debt you owe, you can accept that offer, use the money to pay off your debt, and keep the rest for new housing.
You can try to sell your home through a real-estate agent, 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 time it takes to prepare the house for sale. If you’re in pre-foreclosure, selling 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.
Selling Your Home in Pre-Foreclosure to Our Liberty, MO Cash Home Buyers
Evervest Home Buyers pays all cash for homes, and strive to give Liberty, MO residents a stress-free home sale. We’ve bought everything from properties of 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:
- Giving our best possible offer quickly — If you upload photos of your property, we can give you a same-day estimate. In the following days, one of our buyers will do their own inspection. You don’t even have to pick up the socks off the floor before we come over. We always strive to offer the most we can for a home in Liberty, MO while still seeing it as an investment for ourselves.
- Giving you a stress-free home sale — We know that your Liberty, MO home being in pre-foreclosure is not the best time in your life, and you may not want to leave 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 have never written a contract that didn’t close because we backed out of it. We’ll show you proof of funds so you don’t have to worry.
- 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, 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 your house is foreclosed on, it can have massive consequences for your credit score, that will stay there for 7 years. While selling to us won’t allow you to keep your home, we can save you from the financial pitfalls of foreclosure.
Other properties we buy in Liberty, 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 Liberty, 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 amiable and nonjudgmental, 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 sale fast, and assist with the legal and financial aspects of the sale. If your Liberty, MO home is in pre-foreclosure, call Evervest Home Buyers today at (816) 368-8508 or tell us about your property online.