Selling a Home in Pre-Foreclosure in Maryland Heights, MO
Selling a home in pre-foreclosure in Maryland Heights, MO. if your home is about to be foreclosed on, you do have options. Evervest Home Buyers is a cash property-buying company that purchases Maryland Heights, 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 as little as 48 hours, and close in as little as month – before the mortgage holder sells your house. Speak to a representative at (314) 730-0366 or get your offer online to get free of your debt. Depending on how much you owe, we may even be able to put enough cash in your account to fund your next move.
How Foreclosure Happens in Maryland Heights, MO
Pre-foreclosure is the period between when you fall behind on your mortgage payments and when your Maryland Heights, MO lender auctions off your home off to the highest bidder. It is a five-stage process:
- Payment default — Payment default begins when you’ve missed paying one month of your mortgage. 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 reach an agreement with the lender to catch up on payments. Federal law requires lenders to offer you an opportunity to catch up before proceeding to foreclosure.
- Notice of default — After the third month of missed payments, the lender will send you a notice of default, 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 begin the process of taking your home.
- 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 follow the rules in by Missouri law.
- Sale of the home — Whichever type of foreclosure the lender opts for, the property will then be auctioned off to the public. The lender will set a minimum bid which accounts for the value of the house, 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 move out. If you don’t, the new owner can file an eviction lawsuit against you.
While the foreclosure process may seem harsh, there are a few different ways you can lessen the consequences for yourself.
How to Stop Foreclosure in Maryland Heights, MO
You have a few options whenever you’re house is in pre-foreclosure or foreclosure in Maryland Heights, MO:
Reinstate the Loan
Reinstating a loan usually involves settling the late payments and any other penalties or fees. Once the mortgage is current you can continue with the monthly payments as previously agreed.
You need to be aware that reinstating a loan does not forgive 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. It’s possible to take out a loan with a different bank, but it will probably 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 unpaid debt. Your credit score would not take a hit, and the lender wouldn’t have to deal with the hassle the foreclosure process. The lender can then sell the property, or keep it and have tenants in it, but you would still likely have to move out.
Bankruptcy is a legal process that allows individuals or businesses who are unable to keep up with their debts to either have those debts restructured or discharged. 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 file for 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 simply stall foreclosure for several months while you plan your future.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may allow you to hold onto your house. 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, 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 significant court costs and fees and hire expensive bankruptcy attorneys. If you’re already struggling with money, bankruptcy still may be too expensive.
Sell Your Home in Pre-Foreclosure
Another possibility is to find a buyer and pay off your debt with the funds you get from the sale. There are two different types of sales for a pre-foreclosure home:
- Short sale — If an interested buyer makes an offer on your Maryland Heights, MO home, the lender legally obligated to consider it. In a short sale, the offer is not enough money to pay off all your debts. 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.
- Standard sale — If a prospective buyer offers 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 choose to hire a real estate agent to sell your home in pre-foreclosure, 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 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. 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 Maryland Heights, MO Cash Home Buyers
Evervest Home Buyers buys homes with all cash offers, and strive to give Maryland Heights, MO residents a hassle-free home selling experience. We buy all types of properties, from houses in probate to homes with considerable plumbing issues.
We buy properties “as-is,” which means that homeowners do not have to make costly 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 quickly — If you upload photos of your house, we can give you a same-day estimate. In the following 24-48 hours, 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 try to offer as much as we can for a home in Maryland Heights, MO while still being able to profit off it after we repair it.
- Giving you a stress-free home sale — We know that your Maryland Heights, MO home being in pre-foreclosure is a trying time, and you may not want to leave your home. We’ll won’t make things any more stressful than they already are. We differ from 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 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 Evervest, you will 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 lower your credit score. However, if your house is foreclosed on, it can have massive consequences for your credit score, that won’t go away 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 it getting foreclosed on.
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Selling Your Maryland Heights, 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 personable and discreet, 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 quickly, and assist with the legal and financial aspects of the sale. If your Maryland Heights, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.