Selling a Home in Pre-Foreclosure in Platte County, MO
Selling a home in pre-foreclosure in Platte County, MO. if you’ve been given a notice of default, you do have options. Evervest Home Buyers is an as-is property-buying company that buys Platte County, MO homes in foreclosure. Our team is amiable and nonjudgmental. We can have an estimate ready for you in as little as an hour, have our official offer in as little as 48 hours, and close in as little as 30 days – before the lender sells your house. Call us at (816) 368-8508 or get your offer online to start the process of getting out from under the bank’s thumb today. Depending on how much you owe, we may even be able to put enough cash in your account to fund your next move.
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The Pre-Foreclosure Process in Platte County, 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 — You’re technically in default after your first missed payment, 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 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 90 days of missed payments, you’ll receive a demand letter, telling you how much you owe and informing you that, to avoid foreclosure, you must bring the mortgage up to date within 30 days. Federal law requires lenders to wait 120 days from the first missed payment to start foreclosure proceedings.
- The lender officially begins foreclosure — If, after that period has ended 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 — In either case, the home will then be auctioned off to the public. The lender will set a minimum bid which accounts for the value of the house, 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 remain in the home, 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 County, MO
Below are the main ways you can deal with pre-foreclosure or foreclosure in Platte County, MO:
Reinstate the Loan
Reinstating a loan usually 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.
You need to remember that reinstating a loan does not forgive the past-due payments and subsequent late fees, it simply brings the loan current. If you are unable to stay but to date. You could consider taking out a loan with a different lender, but the interest rates will likely be high, and you’ll have to keep up with the payments in addition to your mortgage.
Deed in Lieu of Foreclosure
In a “deed in lieu,” you can give your home to the lender in exchange for discharging 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 house, or keep it as a rental property, but you would still likely have to move out.
Bankruptcy
Filing for bankruptcy is a way to get relief from overwhelming debt. If you file for bankruptcy, 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 file for Chapter 7 bankruptcy, you will not have to pay off your remaining debt if the lender completes foreclosure, and you can still remain in the home before foreclosure for free. The goal of this is to simply stall foreclosure for several months while you plan your future.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may allow you to hold onto your house. You’ll have to stick to a payment plan – overseen by a court-appointed trustee – that allows you to become current in three or five years.
There are many reasons that bankruptcy may not be a good option. 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 having difficulty keeping up with mortgage payments, bankruptcy still may be too expensive.
Sell Your Home in Pre-Foreclosure
Another possibility is to sell your home and pay off the remainder of your mortgage with the funds you get from the sale. There are two different types of sales for a pre-foreclosure home:
- Short sale — If an interested buyer makes an offer on your Platte County, MO home, the lender is required to consider it. 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 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 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. 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 account for the time it takes to prepare the house for sale. 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 County, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers pays all cash for properties, and always want to give Platte County, MO homeowners a stress-free home sale. We buy all types of properties, from people who owe back taxes to homes with asbestos.
We buy properties “as-is,” which means that homeowners do not have to make expensive renovations to the property for us to want to buy 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:
- Giving you a fair offer fast — If you send us pictures of your home, we can give you an estimate within an hour. Then, we’ll schedule an inspection, where a member of our team will do their own inspection. You don’t even have to wash the dishes before we come over. 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 understand that your Platte County, 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. Unlike other cash home buying companies, we have no contingences in our contract. 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’re not going to wait around to collect their debt. 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, 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 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 perils of foreclosure.
Other properties we buy in Platte County, 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 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 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 assist 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.