Selling a Home in Pre-Foreclosure in Platte City, MO
Selling a home in pre-foreclosure in Platte City, 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 a difficult situation to be in, you do have options if you find yourself there. Evervest Home Buyers is a cash home-buying company that buys Platte City, MO homes in foreclosure. Our team is amiable and discreet. We can offer you an estimate in as little as an hour, have our official offer in a matter of days, and close as quickly as you need us to – before the lender officially foreclosures on your home. Speak to a representative at (816) 368-8508 or contact us 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 fund your next move.
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The Pre-Foreclosure Process in Platte City, MO
Pre-foreclosure begins when you first miss a payment, and ends when your lender takes official action. It typically happens in five stages:
- 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. At this point, you may be able to reach an agreement with the lender to catch up on payments. Federal law requires lenders to offer you an opportunity to catch up before proceeding to foreclosure.
- Notice of default — After the third month of missed payments, the lender will send you a demand letter, telling you the amount past due and informing you that you have 30 days to bring the mortgage current. Federal law requires lenders to wait 120 days from the first missed payment to begin the process of taking your home.
- 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 — In either case, the home will then be auctioned off to the public. The lender will set a minimum bid taking into account how much the home is worth, the amount owed, and any court costs 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, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Platte City, MO
You have a few options whenever you’re house is in pre-foreclosure or foreclosure in Platte City, MO:
Reinstate the Loan
Reinstating a loan usually includes paying off 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 expected to continue making regular payments as outlined in the loan agreement.
reinstating a loan is not a permanent solution. If you are unable to stay but to date. 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 give your home to the lender 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 property, 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 pay 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 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 be required 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 stall foreclosure for several months while you figure out what to do.
Chapter 13 Bankruptcy
If you choose Chapter 13 bankruptcy, you may be able to hold onto 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 maintain the payment plan under the supervision of a court-appointed trustee.
Bankruptcy has several drawbacks, however. 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 hire expensive bankruptcy attorneys. 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 find a buyer and settle your outstanding debts with the money. There are two different types of sales for a pre-foreclosure home:
- Short sale — If a prospective buyer makes an offer on your Platte City, 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. 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 to the extent that a foreclosure does.
- Standard sale — If a prospective buyer offers more than the amount of debt you owe, you can accept that offer, pay off your debt with the money from the sale, 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. According to 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 include the work put in for making a home appealing to a traditional buyer. 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.
How Our Platte City, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers pays all cash for homes, and strive to give Platte City, MO homeowners a stress-free home sale. We buy all types of properties, from people who owe back taxes to homes with extensive plumbing issues.
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:
- Giving you a fair offer quickly — If you send us pictures of your property, we can give you an estimate within an hour. In the following days, one of our buyers will perform their own inspection. You don’t even have to pick up the socks off the floor before we come over. We always try to offer the most we can for a property in Platte City, MO while still being able to profit off it ourselves.
- Making the home selling experience stress-free — We know that your Platte City, MO home being in pre-foreclosure is a trying time, and you may be emotional 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. When you sell to Evervest, you can 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 a month if not sooner.
- Saving your credit score — Having a home in pre-foreclosure does not 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 save you from the financial pitfalls of it getting foreclosed on.
Other properties we buy in Platte City, 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 Platte City, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even banks. Selling your home in pre-foreclosure can be an agreeable solution for both you and your mortgage lender. Our buyers are cordial 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 sale quickly, and help you with the legal and financial aspects of the sale. If your Platte City, MO home is in pre-foreclosure, call Evervest Home Buyers today at (816) 368-8508 or tell us about your property online.