Selling a Home in Pre-Foreclosure in Ozark, MO
Selling a home in pre-foreclosure in Ozark, MO. If you are facing foreclosure and are upset at the prospect of losing your home and having an enormous hit on your credit score, know that there are options available to you. Evervest Home Buyers is a cash property-buying company that purchases Ozark, MO homes in foreclosure. Our team is amiable and nonjudgmental. We can have an estimate ready for you just by looking at pictures, have a full offer for you once we do our own inspection, and close as quickly as you need us to – before the lender sells your house. Call us at (417) 815-3889 or get your offer online to avoid foreclosure. 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 account to pay for your next move.
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The Pre-Foreclosure Process in Ozark, MO
Pre-foreclosure begins when you first miss a payment, and ends when your lender takes official action. 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. 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 work something out with the lender to catch up on payments. 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, notifying you of how much you owe and informing you that you have 30 days to pay it off. Federal law stipulates that lenders must wait 120 days from the first missed payment to start the process of taking your home.
- 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 sue you in civil court. In a nonjudicial foreclosure, they’ll proceed out of court, but they must abide by the regulations in by Missouri law.
- Sale of the home — Whichever type of foreclosure they pursue, the home 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 court costs 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 is not kind, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Ozark, MO
You have a few options whenever you’re house is in pre-foreclosure or foreclosure in Ozark, MO:
Reinstate the Loan
Reinstating a loan typically involves settling the past due 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 will be required to continue making regular payments as outlined in the loan agreement.
It’s important to note. 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 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 give your home to the lender, 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 and have tenants in it, but you would still be evicted.
Bankruptcy
Filing for bankruptcy is a way to get relief from debilitating debt. If you file for bankruptcy, you’ll still be responsible for paying 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 choose Chapter 7 bankruptcy, you will not have to pay off your remaining debt if your home 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 not give up your home. 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.
There are many reasons that bankruptcy may not be a good choice. First, your entire financial life will be evaluated to see if you qualify. You’ll also incur significant court costs and 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
An alternative to the above options is to sell your home and pay off the remainder of your mortgage with the money you get from the sale. There are two different ways to do this:
- Short sale — If a prospective buyer makes an offer on your Ozark, MO home, the lender must consider it. In a short sale, the offer on your Ozark, 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 believe the short sale offer would be higher than what they’d get at auction. A short sale can negatively impact your credit score, but not as much as a foreclosure.
- Standard sale — If your home is worth more than the amount of debt you owe, you can simply sell your home to an interested buyer, 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 the foreclosure process takes between 45 and 60 days. Based on research by 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. Once you accept our offer, we can close as quickly as you need us to.
Selling Your Home in Pre-Foreclosure to Our Ozark, MO Cash Home Buyers
Evervest Home Buyers buys homes with all cash offers, and always want to give Ozark, MO homeowners a stress-free home selling experience. We’ve bought everything from properties of people who owe back taxes to homes with extensive fire or water damage.
We purchase homes “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 you a fair offer fast — If you send us pictures of your home, we can give you an estimate within an hour. 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 show up. We always try to offer the most we can for a home in Ozark, MO while still being able to profit off it after we repair it.
- Making the home selling experience stress-free — We understand that your Ozark, MO home being in pre-foreclosure is difficult, and you may not want to leave your home. We’ll make everything as simple as we can so you don’t feel any additional stress. We differ from other as-is home buying companies we have no loopholes in our contract. 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. 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 you agree to our offer.
- Saving your credit score — Having a home in pre-foreclosure does not effect your credit score. However, if the foreclosure is completed, it can have massive consequences for 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 perils of foreclosure.
Other services we offer in Ozark, MO include:
- Selling a House in Poor Condition
- How to Sell a House That Needs Major Repairs
- Home Investors
- Sell My House
- Cash for Homes
- Cash Home Buyer
Selling Your Ozark, MO Home in Pre-Foreclosure | Evervest Home Buyers
Everyone hates foreclosure – even lenders. Selling your home in pre-foreclosure is often the best option for everybody involved. Our buyers are amiable and discreet, 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 the deal fast, and help you with the legal and financial aspects of the sale. If your Ozark, MO home is in pre-foreclosure, call Evervest Home Buyers today at (417) 815-3889 or tell us about your property online.