Selling a Home in Pre-Foreclosure in Richmond Heights, MO
St. Louis County
Evervest Home Buyers
3015 Salena St #201
St. Louis, MO 63118
Cash Home Buyer Richmond Heights, MO
Selling a home in pre-foreclosure in Richmond Heights, 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 Richmond Heights, 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 in as little as 30 days – before the mortgage holder officially foreclosures on your home. Call us at (314) 730-0366 or contact us online to get out from under your debt. Depending on how much you owe, you may even be able to have some cash left over.
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The Pre-Foreclosure Process in Richmond Heights, 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 — You’re technically in default after the first month you missed a payment on, or once you pass your lender’s grace period. 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, 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 taking action.
- 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, 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 brought your mortgage up to date, the lender will begin 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 law.
- Sale of the home — In either case, the home will will be sold in a public option. The lender will set a minimum bid which accounts for how much the home is worth, the debt that remains unpaid, and any fees or unpaid taxes.
- Eviction — Once the home is sold, you’ll have a three to 30 day period to leave. If you don’t, the new owner can file an eviction lawsuit in court.
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
You have a few options whenever you’re house is in pre-foreclosure or foreclosure in Richmond Heights, MO:
Reinstate the Loan
Reinstating a loan usually includes paying off the past due payments and any other penalties or fees. Once the mortgage is current you will be expected to continue making regular payments as outlined in the loan agreement.
reinstating a loan is not a permanent solution. 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 then you’ll have two monthly debts to keep up with.
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 the release of your obligation to pay the mortgage. This reduces some of the negative consequences of a foreclosure, such as a damaged credit score, and it allows the lender to avoid the time and expense of the foreclosure process. The lender can then sell the house, or keep it as a rental property, but you would still be evicted.
Bankruptcy
Filing for bankruptcy is a way to get relief from debilitating debt. If you go the bankruptcy route, 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 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 be required to pay off the rest of your mortgage if the lender completes foreclosure, and you can remain in the home during the process for free. The goal of this is to simply stall foreclosure for several months while you figure out what to do.
Chapter 13 Bankruptcy
If you choose Chapter 13 bankruptcy, you may be able to not give up your home. You’ll have to stick to a payment plan – under supervision of 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 choice. 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 incur significant court fees and hire expensive bankruptcy attorneys. If you’re having difficulty keeping up with mortgage payments, you may not be able to afford filing for bankruptcy.
Sell Your Home in Pre-Foreclosure
Another possibility is to sell your home and settle your outstanding debts with the money. There are a couple different ways to do this:
- Short sale — If an interested buyer makes an offer on your Richmond Heights, MO home, the lender legally obligated to consider it. In a short sale, the offer on your Richmond Heights, 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 believe the short sale offer is more than they’ll get at auction. A short sale can negatively impact your credit score, but not to the extent that a foreclosure does.
- 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, use the money to pay off your debt, and keep the rest for new housing.
You can choose to hire a real estate agent to sell your home in pre-foreclosure, 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 time it takes to prepare the house for sale. If you’re in pre-foreclosure, selling to an as-is, cash home buyer is likely preferable to the traditional market. We can agree to an offer and close on your house within a month of our initial conversation.
How Our Richmond Heights, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers pays all cash for houses, and strive to give Richmond Heights, MO residents a hassle-free home sale. We buy all types of properties, from people who owe back taxes to homes with asbestos.
We purchase homes “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:
- Getting our best possible 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 a member of our team will do their own inspection. You don’t even have to sweep, mop, or vacuum before we come over. We always intend to offer as much as we can for a home in Richmond Heights, MO while still seeing it as an investment for ourselves.
- Making the home selling experience stress-free — We know that your Richmond Heights, MO home being in pre-foreclosure is not the best time in your life, and you may be emotional about having to move out of home. We’ll make everything as simple as we can so you don’t experience any added stress. We differ from other cash 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 the bank would likely prefer it if you sold your home instead of them having to foreclose on it, 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, usually within 30 days if not sooner.
- Saving your credit score — Having a home in pre-foreclosure does not effect your credit score. However, if your house is foreclosed on, it has a huge negative impact on 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 pitfalls of it getting foreclosed on.
Other services we offer in Richmond Heights, MO include:
- Sell a Property With Tenants – Fast, Easy, Hassle-Free
- Selling Your House Off-Market
- Local Home Buyers
- Sell Vacant House (For Cash)
- Selling a Fixer Upper Home
- Cash for Ugly Houses
- Sell Your House During a Divorce
- Selling a Rental Property
- Selling a Home with a Reverse Mortgage
- Selling a House Without a Realtor
- Selling a House in Poor Condition
- How to Sell a House That Needs Major Repairs
- Home Investors
- Sell My House
- Cash for Homes
- Sell My House As-Is
- Sell My Probate House
- Sell My Outdated House
- Sell My Inherited House in Greater St. Louis
- How to Sell Your House
- Investment Property Buyers
- Foreclosed House Buyer
- Fast House Buyer
- Condemned Property Buyer
- Cash Home Buyer
- Sell My Home For Cash
Selling Your Richmond Heights, MO Home in Pre-Foreclosure | Evervest Home Buyers
Everyone hates foreclosure – even lenders. Selling your home in pre-foreclosure can be an agreeable solution for everybody involved. Our buyers are cordial 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 sale fast, and assist 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.