Selling a Home in Pre-Foreclosure in Richmond Heights, MO
Selling a home in pre-foreclosure in Richmond Heights, MO. If you are facing foreclosure and are worried about losing your home and severely damaging your credit score, know that there are options available to you. Evervest Home Buyers is a cash property-buying company that buys Richmond Heights, MO homes in foreclosure. Our team is cordial and nonjudgmental. We can offer you an estimate in as little as an hour, have a full offer for you once we do our own inspection, and close as quickly as you need us to – before the lender auctions off your home. Call us at (314) 730-0366 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, you may even be able to have some cash left over.
How Foreclosure Happens in Richmond Heights, MO
Pre-foreclosure is the time between when you first miss a mortgage payment and when your Richmond Heights, MO lender auctions off your home off to the highest bidder. It is a five-step process:
- 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. If you’ve only missed a month or two, the lender will likely be willing to work something out with you to pay off the delinquent debt. Federal law requires lenders to discuss loss mitigation options with you.
- Notice of default — After 90 days of missed payments, you’ll receive a demand letter, 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 stipulates that lenders must wait 120 days from the first missed payment to start official action.
- The lender officially begins foreclosure — If, after that period has ended you haven’t caught up, the lender will take action with 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 abide by the regulations in by Missouri law.
- Sale of the home — In either case, the house will then be auctioned off to the public. The lender will set a minimum bid taking into account their appraisal of the home, the amount owed, 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 house, 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 Richmond Heights, MO
Below are the main ways you can deal with pre-foreclosure or foreclosure in Richmond Heights, MO:
Reinstate the Loan
Reinstating a loan generally involves settling the late payments, late fees, and any other charges associated with the delinquency. Once the loan is current you can continue with the monthly payments as previously agreed.
It’s important to note. If you fail to keep up with the monthly payments the home may go into foreclosure again. You could consider taking out a loan with a different lender, but it will likely have an incredibly high interest rate, and then you’ll have two monthly debts 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 exchange for discharging 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.
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 be responsible for paying off the mortgage, 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 be required 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
If you file for Chapter 13 bankruptcy, you may be able to not give up your property. 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 stick to the payment plan under the supervision of a court-appointed trustee.
Bankruptcy has severe downsides, 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 have to pay many court costs and fees for bankruptcy lawyers. If you’re not able to keep up with mortgage payments, bankruptcy still may be too expensive.
Sell Your Home in Pre-Foreclosure
The last option 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 ways to do this:
- Short sale — Lenders are required to consider any offer made on your Richmond Heights, MO property. 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 full amount back is worth avoiding the hassle of a foreclosure. A short sale can negatively impact your credit score, but not as much as a foreclosure.
- Traditional sale — If a potential 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 choose to hire a real estate agent to sell your home in pre-foreclosure, but the foreclosure process takes between 45 and 60 days. Based on data from 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 include the repairs and upgrades most traditional buyers will want you to make. If you’re in pre-foreclosure, selling 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 Richmond Heights, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers pays all cash for homes, and strive to give Richmond Heights, MO homeowners a hassle-free home sale. 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:
- Getting our best possible offer quickly — If you send us pictures 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 pick up the socks off the floor before we show up. We always try to offer the most we can for a property in Richmond Heights, MO while still being able to profit off it after we repair it.
- Giving you a stress-free home sale — We understand that your Richmond Heights, MO home being in pre-foreclosure is difficult, and you may be nostalgic about leaving your home. We’ll make everything as simple as we can so you don’t feel any additional stress. We differ from other as-is home buying companies we always keep our word.. 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 will 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 does not lower your credit score. However, if the foreclosure is completed, it can have massive consequences for 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 pitfalls of it getting foreclosed on.
Other properties we buy in Richmond Heights, MO include:
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- House Buyers
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- We Buy Houses in Greater St. Louis
Selling Your Richmond Heights, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even banks. Selling your home in pre-foreclosure is often the best option for both you and your mortgage lender. Our buyers are friendly 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 the sale fast, and help you with the legal and financial aspects of the sale. If your Richmond Heights, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.