Selling a Home in Pre-Foreclosure in O’Fallon, MO
St. Charles County
Evervest As-Is Home Buyers St Charles
3324 Rue Royale
St Charles, MO 63301
Selling a home in pre-foreclosure in O’Fallon, MO. If you are facing foreclosure and are upset at the prospect of losing your home and severely damaging your credit score, know that there are options available to you. Evervest Home Buyers is a cash home-buying company that buys O’Fallon, MO homes in foreclosure. Our buyers are amiable and discreet. We can have an estimate ready for you in as little as an hour, have our official offer in a matter of days, 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 out from under your debt. Depending on how much you owe, we may even be able to put enough cash in your pocket to pay for your next move.
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The Pre-Foreclosure Process in O’Fallon, MO
Pre-foreclosure is the time between when you fall behind on your mortgage payments and when your O’Fallon, MO lender auctions off your home off to the highest bidder. It is a five-stage process:
- 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 pay off the delinquent debt. Federal law requires lenders to offer you an opportunity to catch up before taking action.
- Notice of default — After 90 days of missed payments, the lender will send you a notice of default, detailing how much you owe 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 an agreement with your lender, the lender will begin 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 law.
- Sale of the home — Whichever type of foreclosure the lender opts for, the property will will be sold in a public option. The lender will set a minimum bid which accounts for their appraisal of the home, the amount owed, and any fees or unpaid taxes.
- Eviction — Once the property has a new owner, you’ll have a three to 30 day period to move out. If you don’t, the new owner can file an eviction lawsuit in court.
While the foreclosure process may seem harsh, you do have options before the bank takes your home from you.
How to Stop Foreclosure in O’Fallon, MO
You have a few options whenever you’re house is in pre-foreclosure or foreclosure in O’Fallon, MO:
Reinstate the Loan
Reinstating a loan generally includes paying off 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.
reinstating a loan is not a permanent solution. If you fail to keep up with the monthly payments the home may go into foreclosure again. You could consider taking out a loan with a different bank, but the interest rates will likely be high, and then you’ll have two monthly debts to stay current on.
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. 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 home, or keep it as a rental property, but you would still likely have to move out.
Bankruptcy
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 go the bankruptcy route, 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 have to pay off the rest of your mortgage if the lender completes foreclosure, and you can remain in the home during the process for free. The goal of this is to give you a few more months to plan your future.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may permit you to not give up 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 stick to the payment plan under the supervision of a court-appointed trustee.
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 significant court fees for bankruptcy lawyers. If you’re not able to keep up with mortgage payments, you may not be able to afford filing for bankruptcy.
Sell Your Home in Pre-Foreclosure
Another possibility is to sell your home and pay off your debt with the money you get from the sale. There are two different ways to do this:
- Short sale — Lenders are required to consider any offer made on your O’Fallon, MO house. 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 as much as a foreclosure.
- Standard sale — If your home is worth more than your remaining mortgage, you can simply sell your home to an interested buyer, use the money to pay off your debt, and pocket the rest.
You can choose to hire a real estate agent to sell your home in pre-foreclosure, but foreclosure only lasts for 45 to 60 days. According to research by the St. Louis Federal Reserve, selling a house on the traditional market takes over 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 a month of you contacting us.
How Our O’Fallon, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers buys homes with all cash offers, and strive to give O’Fallon, MO residents a stress-free home selling experience. We buy all types of properties, from people who owe back taxes to homes with asbestos.
We buy properties “as-is,” which means that the condition of the property doesn’t matter 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:
- Getting our best possible offer fast — If you send us pictures of your house, we can give you an estimate within an hour. In the following 24-48 hours, one of our buyers will do their own inspection. You don’t even have to sweep, mop, or vacuum before we come over. We always intend to offer the most we can for a property in O’Fallon, MO while still seeing it as an investment for ourselves.
- Making the home selling experience stress-free — We understand that your O’Fallon, MO home being in pre-foreclosure is a trying time, and you may be nostalgic about leaving your home. We’ll won’t make things any more stressful than they already are. Unlike other cash home buying companies, we always keep our word.. 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’ll still move to take over and sell the house as quickly as possible. 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, usually within 30 days if not sooner.
- Saving your credit score — Having a home in pre-foreclosure does not effect your credit score. However, if the foreclosure is completed, it has a huge negative impact on your credit score, that will stay there for 7 years. While selling to us won’t allow you to keep your home, we can help you avoid the financial perils of foreclosure.
Other services we offer in O’Fallon, 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 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 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 the deal fast, and assist 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.