Selling a Home in Pre-Foreclosure in Platte County, MO
Selling a home in pre-foreclosure in Platte County, 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 property-buying company that purchases Platte County, MO homes in foreclosure. Our buyers are cordial and nonjudgmental. 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 as quickly as you need us to – before the mortgage holder auctions off your home. Call us at (816) 368-8508 or get your offer online to get free of your debt. Depending on how much you owe, you may even be able to have some cash left over.
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The Pre-Foreclosure Process in Platte County, MO
Pre-foreclosure is the time between when you first miss a mortgage payment and when your bank or lender sells your Platte County, MO house. It usually 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 via letter or telephone. 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 taking action.
- Notice of default — After the third month of missed payments, the lender will send you a notice of default, telling you 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 120 days you haven’t made an agreement with your lender, 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 — Whichever type of foreclosure the lender opts for, 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 Platte County, MO
The following are the main ways you can deal with pre-foreclosure or foreclosure in Platte County, MO:
Reinstate the Loan
Reinstating a loan usually includes settling the late payments and any other penalties or fees. Once the mortgage is current you will be required to continue with the monthly payments as previously agreed.
You need to be aware that reinstating a loan does not forgive the past-due payments and penalties that were incurred, it merely brings the loan current. If you cannot maintain the payments. You could consider taking out a loan with a different bank, but it will likely have an incredibly high interest rate, and then you’ll have two monthly loans 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 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 nuisance the foreclosure process. The lender can then sell the house, or keep it and have tenants in it, 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 the mortgage, but with a more realistic payment structure. There are two types of bankruptcy you can file:
Chapter 7 Bankruptcy
If you choose Chapter 7 bankruptcy, you will not have to pay off your remaining debt if the lender completes foreclosure, and you can remain in the home during the process without having to pay anything monthly. This is usually a way to simply delay foreclosure for several months while you figure out what to do.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may permit you to keep your home. 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 maintain the payment plan under the supervision of a court-appointed trustee.
Bankruptcy has severe 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 many court fees and pay for expensive bankruptcy attorneys. If you’re having difficulty keeping up with mortgage payments, bankruptcy still may be too expensive.
Sell Your Home in Pre-Foreclosure
An alternative to the above options is to find a buyer 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 obligated to consider any offer made on your Platte County, MO home. In a short sale, the offer on your Platte County, 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 think the short sale offer is more than they’ll get at auction. A short sale does lower 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 simply sell your home to an interested buyer, pay off your debt with the money from the sale, and keep the rest for new housing.
You can try to sell your home on the traditional market, but foreclosure only lasts for 45 to 60 days. According to data from the St. Louis Federal Reserve, selling a house on the traditional market takes over three months, and that doesn’t account for the work put in for making a home appealing to a traditional buyer. If you’re in pre-foreclosure, selling your home to an as-is, cash home buyer is likely preferable to a traditional buyer. Once you accept our offer, we can close as quickly as you need us to.
How Our Platte County, 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 Platte County, MO homeowners a hassle-free home selling experience. We’ve bought everything from properties of people who owe back taxes to condemned properties.
We purchase homes “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 our best possible offer quickly — If you upload photos of your house, we can give you a same-day estimate. Then, we’ll schedule an inspection, where one of our buyers will perform their own inspection. You don’t even have to pick up the socks off the floor before we show up. We always try to offer the most we can for a house in Platte County, MO while still seeing it as an investment for ourselves.
- Giving you a stress-free home sale — We know that your Platte County, MO home being in pre-foreclosure is difficult, and you may not want to move out of 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. 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 has a huge negative impact on your credit score, that won’t go away for 7 years. While selling to us won’t allow you to keep your home, we can save you from the financial pitfalls of it getting foreclosed on.
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Selling Your Platte County, MO Home in Pre-Foreclosure | Evervest Home Buyers
Everyone hates foreclosure – even mortgage companies. Selling your home in pre-foreclosure can be an agreeable solution for everybody involved. 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 Platte County, MO home is in pre-foreclosure, call Evervest Home Buyers today at (816) 368-8508 or tell us about your property online.