Selling a Home in Pre-Foreclosure in Pleasant Hill, MO
Selling a home in pre-foreclosure in Pleasant Hill, MO. if your home is about to be foreclosed on, you do have options. Evervest Home Buyers is a cash home-buying company that purchases Pleasant Hill, 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 in a matter of days, and close in as little as month – before the lender officially foreclosures on your home. Call us at (816) 368-8508 or contact us online to start the process of getting out from under the bank’s thumb today. 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 Pleasant Hill, 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 — Payment default begins when you’ve missed paying one month of your mortgage. 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 work something out with you to pay off the delinquent debt. 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, notifying you of how much you owe and informing you that, to avoid foreclosure, you must pay it off within 30 days. Federal law states that lenders must wait 120 days from the first missed payment to begin official action.
- 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 regulations in by Missouri statutes.
- Sale of the home — Whichever type of foreclosure the lender opts for, 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 property has a new owner, you’ll have between three and 30 days to leave. If you don’t, 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 Pleasant Hill, MO
The following are the main ways you can handle pre-foreclosure or foreclosure in Pleasant Hill, MO:
Reinstate the Loan
Reinstating a loan generally includes paying off the late payments and any other penalties or fees. Once you have paid off all the past due amounts, the loan is considered to be current again and you can continue with the monthly payments as previously agreed.
reinstating a loan is not a permanent solution. If you fail to keep up with the monthly payments the home may go into foreclosure again. It’s possible to take out a loan with a different lender, but it will likely have an incredibly high interest rate, 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 return they will release your unpaid debt. Your credit score would not take a hit, and it allows the lender to avoid the time and expense of the foreclosure process. The lender can then sell the home, 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 cannot pay their debts to either have those debts restructured or discharged. If you file for bankruptcy, you’ll still have to pay off your debt, but you’ll have more time to and will have a different payment plan. There are two types of bankruptcy you can file:
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 without having to pay the mortgage. 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 not give up your property. 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 follow the payment plan under the supervision of a court-appointed trustee.
There are many reasons that bankruptcy may not be a good option. 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 have to pay considerable court fees and hire expensive bankruptcy lawyers. If you’re already struggling with money, you may not be able to afford filing for bankruptcy.
Sell Your Home in Pre-Foreclosure
The last option is to find a buyer and settle your outstanding debts with the money. There are a couple different ways to do this:
- Short sale — Lenders are required to consider any offer made on your Pleasant Hill, MO home. In a short sale, the offer is not enough money to pay off all your debts. The lender can then decide if getting less than the remainder of the mortgage 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 the amount of debt you owe, you can simply sell your home to an interested buyer, use the money to pay off your debt, and pocket the rest.
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 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 time it takes to prepare the house for sale. If you’re in pre-foreclosure, selling your home to an as-is, cash home buyer is likely preferable to the traditional market. Once you accept our offer, we can close as quickly as you need us to.
How Our Pleasant Hill, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers pays all cash for homes, and strive to give Pleasant Hill, MO homeowners a stress-free home selling experience. We’ve bought everything from properties of houses in probate to homes with asbestos.
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:
- Giving our best possible offer fast — If you upload photos of your property, we can give you a same-day estimate. In the following days, a member of our team will perform 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 Pleasant Hill, MO while still seeing it as an investment for ourselves.
- Making the home selling experience stress-free — We understand that your Pleasant Hill, MO home being in pre-foreclosure is difficult, and you may not want to leave your home. We’ll won’t make things any more stressful than they already are. Unlike other cash home buying companies, we have no loopholes in our contract. We’ll show you proof of funds so you can feel at ease.
- 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’re not going to wait around to collect their debt. When you sell to us, 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, 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 won’t go away for 7 years. While selling to us won’t allow you to keep your home, we can help you avoid the financial pitfalls of foreclosure.
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Selling Your Pleasant Hill, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even lenders. Selling your home in pre-foreclosure is often the best option for everybody involved. Our buyers are cordial and nonjudgmental, 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 your home quickly, and assist with the legal and financial aspects of the sale. If your Pleasant Hill, MO home is in pre-foreclosure, call Evervest Home Buyers today at (816) 368-8508 or tell us about your property online.