Selling a Home in Pre-Foreclosure in Overland, MO
Selling a home in pre-foreclosure in Overland, MO. Financial hardships 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 home-buying company that purchases Overland, MO homes in foreclosure. Our buyers are amiable and nonjudgmental. We can have an estimate ready for you in as little as an hour, have a full offer for you in a matter of days, and close as quickly as you need us to – before the mortgage holder officially foreclosures on your home. Speak to a representative at (314) 730-0366 or get your offer online to get out from under 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.
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 Overland, MO
Pre-foreclosure is the time between when you fall behind on your mortgage payments and when your Overland, MO lender auctions off your home off to the highest bidder. It is a five-step 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. At this juncture, 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 the third month of missed payments, the lender will send you a notice of default, telling you the amount past due and informing you that, to avoid foreclosure, you must pay it off within 30 days. Federal law requires lenders to wait 120 days from the first missed payment to begin official action.
- The lender officially begins foreclosure — If, after 120 days 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 abide by the rules in by Missouri law.
- Sale of the home — In either case, the home will will be sold in a public option. 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 move out. If you don’t, the new owner can file an eviction lawsuit in court.
While the foreclosure process may seem cruel, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Overland, MO
The following are the main ways you can deal with pre-foreclosure or foreclosure in Overland, MO:
Reinstate the Loan
Reinstating a loan typically involves paying off the past due payments and any other penalties or fees. Once the mortgage is current you will be expected to continue making regular payments as outlined in the loan agreement.
You need to remember that reinstating a loan does not erase the late payments and subsequent late fees, it simply brings the loan current. If you cannot stay but to date. It’s possible to take out a loan with a different company, but the interest rates will likely be high, and then you’ll have two monthly loans 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 exchange for discharging your unpaid debt. This reduces some of the negative consequences of a foreclosure, such as a damaged credit score, and the lender wouldn’t have to deal with the hassle the foreclosure process. The lender can then sell the property, or keep it as a rental property, but you would still be evicted.
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 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 file for Chapter 7 bankruptcy, you will not have to pay off the rest of your mortgage if your home completes foreclosure, and you can still remain in the home before foreclosure 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 permit you to keep your property. It involves coming up with 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 several drawbacks, however. First, your entire financial life will be analyzed to see if you’re eligible. You’ll also have to pay significant court fees and pay for expensive bankruptcy attorneys. If you’re already struggling with money, you may not be able to afford filing for bankruptcy.
Sell Your Home in Pre-Foreclosure
An alternative to the above options is to find a buyer and pay off the remainder of your mortgage with the funds you get from the sale. There are a couple different types of sales for a pre-foreclosure home:
- Short sale — Lenders are required to consider any offer made on your Overland, MO property. In a short sale, the offer on your Overland, MO home in pre-foreclosure is less than the amount you owe. The lender can then decide if getting less than what you owe is worth not having to deal with the hassle of a foreclosure. A short sale can negatively impact 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, use the money to pay off your mortgage, and keep the rest for new housing.
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. Based on data from the St. Louis Federal Reserve, it takes an average of 50 days to find a buyer and 50 days to close, and that doesn’t account for 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 may be your best option. We can agree to an offer and close on your house within a month of our initial conversation.
Selling Your Home in Pre-Foreclosure to Our Overland, MO Cash Home Buyers
Evervest Home Buyers pays all cash for houses, and always want to give Overland, MO residents a hassle-free home sale. We buy all types of properties, from houses in probate to houses with lead or asbestos.
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 our best possible offer fast — If you send us pictures of your house, we can give you a same-day estimate. In the following 24-48 hours, a member of our team will do their own inspection. You don’t even have to sweep, mop, or vacuum before we come over. We always strive to offer the most we can for a property in Overland, MO while still seeing it as an investment for ourselves.
- Making the home selling experience stress-free — We understand that your Overland, 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 experience any added 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 don’t have to worry.
- 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. We can help you 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 does not effect your credit score. However, if your house is foreclosed on, 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 save you from the financial pitfalls of foreclosure.
Other services we offer in Overland, 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 Overland, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even mortgage companies. Selling your home in pre-foreclosure can be an agreeable solution for both you and your mortgage lender. Our buyers are friendly and nonjudgmental, 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 help you with the legal and financial aspects of the sale. If your Overland, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.