Selling a Home in Pre-Foreclosure in O’Fallon, MO
Selling a home in pre-foreclosure in O’Fallon, 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 purchases O’Fallon, MO homes in foreclosure. Our team is amiable and nonjudgmental. We can offer you an estimate right when you upload pictures, have our official offer in a matter of days, and close in as little as month – before the lender sells your house. Speak to a representative at (314) 730-0366 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 pocket to fund your next move.
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How Foreclosure Happens in O’Fallon, MO
Pre-foreclosure is the time between when you first miss a mortgage payment and when your bank or lender sells your O’Fallon, MO house. 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 with a letter or phone call. If you’ve only missed a month or two, you may be able to reach an agreement with the lender to catch up on payments. Federal law requires lenders to discuss loss mitigation options with you.
- Notice of default — After 90 days of missed payments, the lender will send you a demand letter, notifying you of the amount past due and informing you that you have 30 days to bring the mortgage current. Federal law obligates lenders to wait 120 days from the first missed payment to begin foreclosure proceedings.
- The lender officially begins foreclosure — If, after 120 days you haven’t made your mortgage current, 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 abide by the rules in by Missouri statutes.
- 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 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 a three to 30 day period 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, you do have options before the bank takes your home from you.
How to Stop Foreclosure in O’Fallon, MO
The following are the main ways you can handle pre-foreclosure or foreclosure in O’Fallon, MO:
Reinstate the Loan
Reinstating a loan typically involves settling the past due payments and any other penalties or fees. Once the mortgage is current you will be expected to continue with the monthly payments as previously agreed.
It’s important to note. If you fail to keep up with the monthly payments the home may go into foreclosure again. It’s possible to take out a loan with a different lender, 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 exchange for the release of 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 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 two types of bankruptcy you can file:
Chapter 7 Bankruptcy
If you file for 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. The goal of this is to simply stall foreclosure for several months while you plan your future.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may permit you to hold onto your house. 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.
There are many reasons that bankruptcy may not be a good option. First, your entire financial life will be analyzed to see if you qualify. You’ll also incur significant 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
Another possibility is to sell your home and settle your outstanding debts with the money. There are two different types of sales for a pre-foreclosure home:
- Short sale — If an interested buyer makes an offer on your O’Fallon, 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 decide if getting less than what you owe is worth avoiding the hassle of a foreclosure. A short sale does lower your credit score, but not as much as a foreclosure.
- Traditional sale — If a prospective buyer offers more than your remaining mortgage, you can simply sell your home to an interested buyer, use the money to pay off your mortgage, 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, selling a house on the traditional market takes more than three months, 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. Once you accept our offer, we can close as quickly as you need us to.
Selling Your Home in Pre-Foreclosure to Our O’Fallon, MO Cash Home Buyers
Evervest Home Buyers pays all cash for houses, and always want to give O’Fallon, MO residents a stress-free home selling experience. We’ve bought everything from properties of people who owe back taxes to condemned properties.
We buy properties “as-is,” which means that the condition of the property isn’t important to us as it would to traditional home buyer. 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 upload photos of your property, we can give you a same-day estimate. In the following days, one of our buyers will carry out their own inspection. You don’t even have to sweep, mop, or vacuum before we come over. We always strive to offer as much as we can for a home in O’Fallon, MO while still seeing it as an investment for ourselves.
- Giving you a stress-free home sale — We understand that your O’Fallon, 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 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 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 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 pitfalls of it getting foreclosed on.
Other services we offer in O’Fallon, MO include:
- 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 an Inherited House
- Selling a House in Poor Condition
- How to Sell a House That Needs Major Repairs
- Selling a House As Is
- Home Investors
- Cash For Houses
- Buy My House
- We Buy Houses For Cash
- Sell My House
- Cash for Homes
- Sell My House As-Is
- Sell My House For Cash
- Sell My Probate House
- Sell My As-Is House
- Sell My Outdated House
- Sell My Inherited House in Greater St. Louis
- Sell Your House Fast
- How to Sell Your House
- Sell My Home Preforeclosure
- Sell My Home Now
- Rental Property Buyer
- Cash Home Buying Company
- Investment Property Buyers
- Foreclosed House Buyer
- House Buying Company
- Fast House Buyer
- Probate House Buyer
- Condemned Property Buyer
- House Buyers
- Property Buyers
- Cash Home Buyer
- We Buy Houses in Greater St. Louis
Selling Your O’Fallon, 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 everybody involved. Our buyers are friendly 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 help you with the legal and financial aspects of the sale. If your O’Fallon, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.