Selling a Home in Pre-Foreclosure in Nixa, MO
Selling a home in pre-foreclosure in Nixa, 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 not a situation anyone wants to be in, you do have options if you find yourself there. Evervest Home Buyers is a cash house-buying company that buys Nixa, MO homes in foreclosure. Our buyers are amiable and nonjudgmental. We can offer you an estimate in as little as an hour, have our official offer in a matter of days, and close as quickly as you need us to – before the mortgage holder officially foreclosures on your home. Call us at (417) 815-3889 or get your offer 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.
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How Foreclosure Happens in Nixa, 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 — Payment default begins when you’ve missed at least one mortgage payment. After each of the first two missed payments, your bank will likely reach out via letter or telephone. At this point, the lender will likely be willing to work something out with you to pay off the delinquent debt. Federal law requires lenders to discuss loss mitigation options with you.
- Notice of default — After the third month of missed payments, you’ll receive a notice of default, 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 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 will file a lawsuit in 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 — In either case, the property will then be auctioned off to the public. The lender will set a minimum bid which accounts for their appraisal of the home, the amount owed, 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 remain in the house, 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 mitigate the consequences for yourself.
How to Stop Foreclosure in Nixa, MO
The following are the main ways you can deal with pre-foreclosure or foreclosure in Nixa, MO:
Reinstate the Loan
Reinstating a loan usually involves 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 making regular payments as outlined in the loan agreement.
You need to be aware that reinstating a loan does not erase the past-due payments and penalties that were incurred, it merely brings the loan current. If you cannot 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 give your home to the lender 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 property, or keep it as a rental property, but you would still likely have to move out.
Bankruptcy
The goal of bankruptcy is to provide a fresh start for you by either eliminating or reducing your debt. If you file for bankruptcy, 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 several types of bankruptcy, but the most common for individuals are Chapter 7 and Chapter 13.:
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 plan your future.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may permit you to hold onto 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.
Bankruptcy has several drawbacks, however. 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 many court costs and fees for bankruptcy lawyers. If you’re having difficulty keeping 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 two different ways to do this:
- Short sale — If a prospective buyer makes an offer on your Nixa, 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 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 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 house on the traditional market, but foreclosure only lasts for 45 to 60 days. Based on data from 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 include the work put in for making a home appealing to a traditional buyer. If you’re in pre-foreclosure, selling your home to an as-is, cash home buyer is likely preferable to a traditional buyer. 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 Nixa, MO Cash Home Buyers
Evervest Home Buyers pays all cash for properties, and always want to give Nixa, MO homeowners a stress-free home selling experience. We’ve bought everything from properties of people who owe back taxes to homes with considerable fire or water damage.
We purchase homes “as-is,” which means that homeowners do not have to make expensive renovations 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:
- Giving you a fair offer quickly — If you upload photos of your house, 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 wash the dishes before we come over. We always try to offer as much as we can for a house in Nixa, MO while still seeing it as an investment for ourselves.
- Giving you a stress-free home sale — We know that your Nixa, MO home being in pre-foreclosure is not the best time in your life, and you may be nostalgic about leaving your home. We’ll make everything as simple as we can so you don’t feel any additional stress. Unlike other cash home buying companies, we have no contingences 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. 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, 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 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 pitfalls of it getting foreclosed on.
Other properties we buy in Nixa, 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 Nixa, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even lenders. Selling your home in pre-foreclosure can be an agreeable solution for both you and your mortgage lender. Our buyers are cordial 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 help you with the legal and financial aspects of the sale. If your Nixa, MO home is in pre-foreclosure, call Evervest Home Buyers today at (417) 815-3889 or tell us about your property online.