Selling a Home in Pre-Foreclosure in Pleasant Valley, MO
Selling a home in pre-foreclosure in Pleasant Valley, MO. If you are facing foreclosure and are worried about losing your home and having an enormous hit on your credit score, know that there are options available to you. Evervest Home Buyers is an as-is home-buying company that purchases Pleasant Valley, MO homes in foreclosure. Our team is amiable and nonjudgmental. We can have an estimate ready for you just by looking at pictures, have our official offer in a matter of days, and close as quickly as you need us to – before the bank sells your house. 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 Valley, MO
Pre-foreclosure begins when you first miss a payment, and ends when your lender takes official action. It is a five-stage 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. Banks are required to reach out to by the time you’re 45 days late on a payment. At this juncture, you may be able to work something out 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, the lender will send you a demand letter, detailing how much you owe and informing you that you have 30 days to pay it off. Federal law requires lenders to 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 brought your mortgage up to date, the lender will begin either a judicial foreclosure or a nonjudicial foreclosure. In a judicial foreclosure, the lender will file a lawsuit in court. In a nonjudicial foreclosure, they’ll proceed out of court, but they must follow the rules in by Missouri law.
- Sale of the home — In either case, the property will then be auctioned off to the public. The lender will set a minimum bid taking into account 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 leave. If you don’t, the new owner can file an eviction lawsuit against you.
While the foreclosure process may seem cruel, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Pleasant Valley, MO
The following are the main ways you can handle pre-foreclosure or foreclosure in Pleasant Valley, MO:
Reinstate the Loan
Reinstating a loan generally includes paying off the past due payments and any other penalties or fees. Once the mortgage is current you can continue with the monthly payments as previously agreed.
reinstating a loan is not a permanent solution. If you fall behind again the home may go into foreclosure again. You could consider taking out a loan with a different bank, 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 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 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
Filing for bankruptcy is a way to get relief from overwhelming debt. If you file for bankruptcy, you’ll still have to pay off the mortgage, but with a more realistic payment structure. 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 the rest of your mortgage if the lender completes foreclosure, and you can remain in the home during the process without having to pay the mortgage. This is usually a way to simply stall foreclosure for several months while you plan your future.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may allow you to keep 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.
Bankruptcy has several downsides, however. First, your entire financial life will be analyzed to see if you’re eligible. 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 find a buyer and pay off your debt with the money you get from the sale. There are a couple different types of sales for a pre-foreclosure home:
- Short sale — If a prospective buyer makes an offer on your Pleasant Valley, MO home, the lender is required to consider it. In a short sale, the offer on your Pleasant Valley, MO home in pre-foreclosure is less than the amount you owe. The lender can then consider if getting less than what you owe is worth not having to deal with the hassle of a foreclosure. A short sale can negatively impact your credit score, but not as much as a foreclosure.
- Standard sale — If a potential buyer offers more than the amount of debt you owe, you can accept that offer, use the money to pay off your debt, and keep the rest for new housing.
You can try to sell your house on the traditional market, but foreclosure only lasts for 45 to 60 days. Based on 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 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. We can agree to an offer and close on your house within 30 days of you contacting us.
Selling Your Home in Pre-Foreclosure to Our Pleasant Valley, MO Cash Home Buyers
Evervest Home Buyers buys homes with all cash offers, and strive to give Pleasant Valley, MO homeowners a stress-free home selling experience. We’ve bought everything from properties of people who owe back taxes to houses with mold issues.
We buy properties “as-is,” which means that the condition of the property doesn’t matter 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 fast — If you send us pictures of your home, we can give you a same-day estimate. Then, we’ll schedule an inspection, where one of our buyers will do their own inspection. You don’t even have to wash the dishes before we come over. We always try to offer as much as we can for a property in Pleasant Valley, MO while still seeing it as an investment for ourselves.
- Giving you a stress-free home sale — We know that your Pleasant Valley, MO home being in pre-foreclosure is a trying time, and you may be emotional about having to move out of home. We’ll won’t make things any more stressful than they already are. We differ from 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 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 us, you can sell your house fast. There’s no waiting for inspections, appraisals, or to find a buyer. 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 the foreclosure is completed, 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 perils of foreclosure.
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Selling Your Pleasant Valley, MO Home in Pre-Foreclosure | Evervest Home Buyers
Everyone hates foreclosure – even mortgage companies. Selling your home in pre-foreclosure is often the best option 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 Pleasant Valley, MO home is in pre-foreclosure, call Evervest Home Buyers today at (816) 368-8508 or tell us about your property online.