Selling a Home in Pre-Foreclosure in Oakville, MO
St. Louis County
Evervest Home Buyers
3015 Salena St #201
St. Louis, MO 63118
Selling a home in pre-foreclosure in Oakville, 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 a cash house-buying company that buys Oakville, MO homes in foreclosure. Our buyers are friendly and discreet. We can have an estimate ready for you just by looking at pictures, have our official offer once we do our own inspection, and close as quickly as you need us to – before the bank sells your house. Speak to a representative at (314) 730-0366 or get your offer 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 pocket to fund your next move.
Call & Get a Fast, FREE Cash Offer!
We pay a FAIR price. Text us photos of your home and get a fast, free cash offer in as little as 60 minutes. We make it easy to get a fast, free estimate.
Link will dial Evervest's number.
How Foreclosure Happens in Oakville, MO
Pre-foreclosure is the time between when you fall behind on your mortgage payments and when your Oakville, MO lender auctions off your home off to the highest bidder. It typically happens in five stages:
- 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. If you’ve only missed a month or two, the lender will likely be willing to reach an agreement 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, detailing how much you owe and informing you that, to avoid foreclosure, you must pay it off within 30 days. Federal law states that lenders must wait 120 days from the first missed payment to start official action.
- The lender officially begins foreclosure — If, after that period has ended 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 will file a lawsuit in court. In a nonjudicial foreclosure, they’ll proceed out of court, but they must follow the regulations in 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 fees or unpaid taxes.
- Eviction — Once the home is sold, you’ll have between three and 30 days to leave. If you remain in the house, the new owner can file an eviction lawsuit against you.
While the foreclosure process is not kind, there are a few different ways you can mitigate the consequences for yourself.
How to Stop Foreclosure in Oakville, MO
You have a few options whenever you’re house is in pre-foreclosure or foreclosure in Oakville, MO:
Reinstate the Loan
Reinstating a loan generally involves settling the late payments and any other penalties or fees. Once the loan is current you will be required to continue making regular payments as outlined in the loan agreement.
It’s important to note. 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 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 unpaid debt. 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 home, or keep it and have tenants in it, but you would still likely have to move out.
Bankruptcy
Filing for bankruptcy is a way to get relief from overwhelming debt. If you file for bankruptcy, you’ll still be responsible for paying off your debt, 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 be required to pay off the rest of your mortgage if your home 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 keep your property. You’ll have to stick to a payment plan – overseen by a court-appointed trustee – that allows you to pay off your debt in three or five years.
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 incur considerable court fees and pay for expensive bankruptcy lawyers. If you’re already struggling with money, 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 your debt with the funds you get from the sale. There are two different types of sales for a pre-foreclosure home:
- Short sale — Lenders are required to consider any offer made on your Oakville, MO house. In a short sale, the offer on your Oakville, MO home in pre-foreclosure is less than the amount you owe. A short sale can only happen if the lender agrees. In some cases, the bank may think the short sale offer is more than they’ll get at auction. A short sale does lower your credit score, but not as much as a foreclosure.
- Standard sale — If a potential buyer offers more than your remaining mortgage, you can accept that offer, use the money to pay off your mortgage, and pocket the rest.
You can try to sell your house through a real-estate agent, but foreclosure only lasts for 45 to 60 days. According to data from the St. Louis Federal Reserve, selling a house on the traditional market takes more than three months, and that doesn’t include the repairs and upgrades most traditional buyers will want you to make. If you’re in pre-foreclosure, selling to an as-is, cash home buyer is likely preferable to the traditional market. We can agree to an offer and close on your house within 30 days of you contacting us.
Selling Your Home in Pre-Foreclosure to Our Oakville, MO Cash Home Buyers
Evervest Home Buyers buys homes with all cash offers, and always want to give Oakville, MO homeowners a stress-free home sale. We’ve bought everything from properties of houses in probate 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 fast — If you upload photos of your house, we can give you a same-day estimate. 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 show up. We always strive to offer the most we can for a home in Oakville, MO while still being able to profit off it ourselves.
- Making the home selling experience stress-free — We know that your Oakville, MO home being in pre-foreclosure is difficult, and you may not want to move out of your home. We’ll make everything as simple as we can so you don’t feel any additional stress. We differ from other cash home buying companies we have no loopholes 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’re not going to wait around to collect their debt. We can help you 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 effect 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 help you avoid the financial perils of it getting foreclosed on.
Other properties we buy in Oakville, MO include:
- Sell a Property With Tenants – Fast, Easy, Hassle-Free
- Selling Your House Off-Market
- Local Home Buyers
- Sell Vacant House (For Cash)
- Selling a Fixer Upper Home
- Cash for Ugly Houses
- Sell Your House During a Divorce
- Selling a Rental Property
- Selling a Home with a Reverse Mortgage
- Selling a House Without a Realtor
- Selling a House in Poor Condition
- How to Sell a House That Needs Major Repairs
- Home Investors
- Sell My House
- Cash for Homes
- Sell My House As-Is
- Sell My Probate House
- Sell My Outdated House
- Sell My Inherited House in Greater St. Louis
- How to Sell Your House
- Investment Property Buyers
- Foreclosed House Buyer
- Fast House Buyer
- Condemned Property Buyer
- Cash Home Buyer
- Sell My Home For Cash
Selling Your Oakville, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even lenders. Selling your home in pre-foreclosure is often the best option for both you and your mortgage lender. Our buyers are cordial and nonjudgmental, 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 your home fast, and assist with the legal and financial aspects of the sale. If your Oakville, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.