Selling a Home in Pre-Foreclosure in Polk County, MO
Selling a home in pre-foreclosure in Polk County, MO. if you’ve been given a notice of default, you do have options. Evervest Home Buyers is a cash home-buying company that buys Polk County, MO homes in foreclosure. Our team is friendly and nonjudgmental. We can offer you an estimate right when you upload pictures, have our official offer once we do our own inspection, and close in as little as 30 days – before the lender auctions off your home. Speak to a representative at (417) 815-3889 or get your offer online to get out from under your debt. 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 fund your next move.
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How Foreclosure Happens in Polk County, MO
Pre-foreclosure is the time between when you fall behind on your mortgage payments and when your Polk County, MO lender auctions off your home off to the highest bidder. It usually 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. If you’ve only missed a month or two, you may be able to reach an agreement with the lender to get up to date 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 notice of default, telling you the amount past due 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 begin foreclosure proceedings.
- The lender officially begins foreclosure — If, after that period has ended you haven’t made your mortgage current, 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, they’ll proceed out of court, but they must abide by the regulations in by Missouri statutes.
- Sale of the home — Whichever type of foreclosure they pursue, the house 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 debt that remains unpaid, and any court costs or unpaid taxes.
- Eviction — Once the home is sold, you’ll have between three and 30 days to move out. If you remain in the home, the new owner can file an eviction lawsuit in court.
While the foreclosure process is not kind, there are multiple ways you can lessen the consequences for yourself.
How to Stop Foreclosure in Polk County, MO
Below are the main ways you can handle pre-foreclosure or foreclosure in Polk County, MO:
Reinstate the Loan
Reinstating a loan generally includes paying off the late payments, late fees, and any other charges associated with the delinquency. Once the loan is current you will be expected to continue making regular payments as outlined in the loan agreement.
You need to remember that reinstating a loan does not forgive the late payments and penalties that were incurred, it simply brings the loan current. 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 company, 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 agree with the lender to voluntarily transfer ownership of the property to them, in return they will discharge 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 as a rental property, but you would still likely have to move out.
Bankruptcy
The goal of bankruptcy is to provide a fresh start for you by either eliminating or reducing your debt. If you file for bankruptcy, you’ll still have to pay off your debt, but the timeline will be extended 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 the rest of your mortgage if the lender completes foreclosure, and you can still remain in the home before foreclosure without having to pay anything monthly. 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 not give up your house. 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.
There are many reasons that bankruptcy may not be a good choice. First, your entire financial life will be evaluated to see if you qualify. You’ll also incur many court costs and fees and pay for expensive bankruptcy lawyers. If you’re already struggling with money, bankruptcy still may be too expensive.
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 ways to do this:
- Short sale — If an interested buyer makes an offer on your Polk County, 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. The lender can then decide 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 to the extent that a foreclosure does.
- Standard sale — If a potential buyer offers 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 to fund your next move.
You can try to sell your property through a real-estate agent, but foreclosure only lasts for 45 to 60 days. According to research by the St. Louis Federal Reserve, it takes an average of 50 days to find a buyer and 30-45 days to close, and that doesn’t account for the repairs and upgrades most traditional buyers will want you to make. If you’re in pre-foreclosure, selling your home to an as-is, cash home buyer may be your best option. We can agree to an offer and close on your house within a month of you contacting us.
How Our Polk County, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers pays all cash for houses, and always want to give Polk County, MO homeowners a hassle-free home sale. We buy all types of properties, from people who owe back taxes to houses with mold issues.
We purchase homes “as-is,” which means that homeowners do not have to make costly repairs to the property in order to sell 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:
- Getting you a fair offer fast — If you upload photos of your property, we can give you an estimate within an hour. Then, we’ll schedule an inspection, where a member of our team will carry out their own inspection. You don’t even have to sweep, mop, or vacuum before we show up. We always strive to offer as much as we can for a property in Polk County, MO while still being able to profit off it ourselves.
- Giving you a stress-free home sale — We understand that your Polk County, MO home being in pre-foreclosure is stressful, and you may be nostalgic 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 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. 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 lower 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 you won’t get to keep your home if you sell to us, we can help you avoid the financial perils of foreclosure.
Other properties we buy in Polk 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 Polk County, 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 discreet, 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 quickly, and assist with the legal and financial aspects of the sale. If your Polk County, MO home is in pre-foreclosure, call Evervest Home Buyers today at (417) 815-3889 or tell us about your property online.