Selling a Home in Pre-Foreclosure in Northwoods, MO
Selling a home in pre-foreclosure in Northwoods, MO. Tough times can fall on the best of us, 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 a cash property-buying company that buys Northwoods, MO homes in foreclosure. Our buyers are personable and discreet. We can have an estimate ready for you just by looking at pictures, have a full offer for you in a matter of days, and close in as little as 30 days – before the lender sells your house. Speak to a representative at (314) 730-0366 or contact us online to avoid foreclosure. Depending on how much you owe, you may even be able to have some cash left over.
How Foreclosure Happens in Northwoods, 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 — You’re technically in default after your first missed payment, or once you pass your lender’s grace period. 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 work something out with the lender to get up to date on payments. 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, telling you how much you owe and informing you that, to avoid foreclosure, you must bring the mortgage up to date within 30 days. Federal law dictates that lenders must wait 120 days from the first missed payment to begin foreclosure proceedings.
- The lender officially begins foreclosure — If, after that period has ended you haven’t brought your mortgage up to date, 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 regulations in by Missouri law.
- Sale of the home — In either case, the property will will be sold in a public option. The lender will set a minimum bid taking into account the value of the house, the amount owed, and any fees or unpaid taxes.
- Eviction — Once the property has a new owner, you’ll have between three and 30 days to leave. If you don’t, 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 Northwoods, MO
Below are the main ways you can handle pre-foreclosure or foreclosure in Northwoods, MO:
Reinstate the Loan
Reinstating a loan typically involves paying off the past due payments and any other penalties or fees. 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.
You need to be aware that reinstating a loan does not erase the past-due payments and subsequent late fees, it simply brings the loan current. If you are unable to stay but to date. It’s possible to take out a loan with a different bank, but the interest rates will likely be high, and then you’ll have two monthly debts to keep up with.
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 return they will release 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.
Filing for bankruptcy is a way to get relief from significant debt. If you file for bankruptcy, you’ll still be responsible for paying off the mortgage, but with a more realistic payment structure. 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 simply delay foreclosure for several months while you plan your future.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may permit you to hold onto your home. You will have to agree to a plan to pay off all or some of your debts over a three to five year period. You’ll have to follow the payment plan under the supervision of a court-appointed trustee.
Bankruptcy has severe downsides, however. First, your entire financial life will be evaluated to see if you qualify. You’ll also have to pay significant court fees and pay for expensive bankruptcy attorneys. If you’re not able to keep up with mortgage payments, bankruptcy still may be too expensive.
Sell Your Home in Pre-Foreclosure
The last option 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 Northwoods, MO home, the lender must consider it. In a short sale, the offer is not enough money to pay off all your debts. The lender can then decide if getting less than the remainder of the mortgage is worth avoiding the hassle of a foreclosure. A short sale does lower your credit score, but not to the extent that a foreclosure does.
- Traditional sale — If a prospective buyer offers more than your remaining mortgage, 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 house on the traditional market, but the foreclosure process takes between 45 and 60 days. According to research by the St. Louis Federal Reserve, selling a house on the traditional market takes more than three months, 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 a traditional buyer. Once you accept our offer, we can close as quickly as you need us to.
How Our Northwoods, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers pays all cash for homes, and strive to give Northwoods, MO homeowners a hassle-free home sale. We’ve bought everything from properties of people who owe back taxes to homes with significant wind or hail damage.
We purchase homes “as-is,” which means that homeowners do not have to make expensive renovations to the property in order to sell 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 property, we can give you a same-day estimate. Then, we’ll schedule an inspection, where 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 strive to offer as much as we can for a house in Northwoods, MO while still being able to profit off it after we repair it.
- Making the home selling experience stress-free — We understand that your Northwoods, MO home being in pre-foreclosure is not the best time in your life, 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. 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 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 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 we agree on a price.
- Saving your credit score — Having a home in pre-foreclosure won’t lower your credit score. However, if the foreclosure is completed, 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 help you avoid the financial perils of foreclosure.
Other services we offer in Northwoods, MO include:
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Selling Your Northwoods, 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 everybody involved. Our buyers are friendly 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 your home fast, and assist with the legal and financial aspects of the sale. If your Northwoods, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.