Selling a Home in Pre-Foreclosure in Riverside, MO
Selling a home in pre-foreclosure in Riverside, MO. Tough times can fall on the best of us, but foreclosure is not the end of the road for homeowners. While losing your home and facing an enormous hit on your credit score is not a situation anyone wants to be in, you do have options if you find yourself there. Evervest Home Buyers is a cash home-buying company that purchases Riverside, MO homes in foreclosure. Our buyers are cordial and nonjudgmental. We can offer you an estimate right when you upload pictures, have a full offer for you in a matter of days, and close as quickly as you need us to – before the bank officially foreclosures on your home. Speak to a representative 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, you may even be able to have some cash left over.
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How Foreclosure Happens in Riverside, 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 — 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 point, the lender will likely be willing to reach an agreement with you to bring your balance up to date. Federal law requires lenders to discuss loss mitigation options with you.
- Notice of default — After the third month of missed payments, you’ll receive a demand letter, telling you how much you owe and informing you that, to avoid foreclosure, you must bring the mortgage up to date within 30 days. Federal law dictates that lenders must 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 caught up, 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 regulations in by Missouri law.
- Sale of the home — Whichever type of foreclosure they pursue, 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 home is sold, you’ll have between three and 30 days to leave. If you don’t, the new owner can file an eviction lawsuit in court.
While the foreclosure process is not kind, there are a few different ways you can lessen the consequences for yourself.
How to Stop Foreclosure in Riverside, MO
You have a few options whenever you’re home is in pre-foreclosure or foreclosure in Riverside, 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 you have paid off all the past due amounts, the loan is considered to be current again and you will be required to 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 it will likely have an incredibly high interest rate, and then you’ll have two monthly debts to keep up with.
Deed in Lieu of Foreclosure
In a “deed in lieu,” you can give your home to the lender 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 property, 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 debilitating 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 two types of bankruptcy you can file:
Chapter 7 Bankruptcy
If you choose 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 anything monthly. This is usually a way to give you a few more months to plan your future.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may allow you to keep your house. 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.
Bankruptcy has severe downsides, however. First, your entire financial life will be evaluated to see if you qualify. You’ll also incur significant court fees for 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 sell your home and pay off the remainder of your mortgage with the money 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 Riverside, MO home. In a short sale, the offer on your Riverside, MO home in pre-foreclosure is less than the amount you owe. The lender can then consider if getting less than the remainder of the mortgage is worth avoiding the hassle of a foreclosure. A short sale does lower your credit score, but not as much as a foreclosure.
- Traditional sale — If a potential buyer offers more than your remaining mortgage, you can accept that offer, pay off your debt with the money from the sale, and pocket the rest.
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 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 our initial conversation.
Selling Your Home in Pre-Foreclosure to Our Riverside, MO Cash Home Buyers
Evervest Home Buyers buys homes with all cash offers, and always want to give Riverside, MO residents a stress-free home selling experience. We buy all types of properties, from people who owe back taxes to homes with significant wind or hail damage.
We buy properties “as-is,” which means that homeowners do not have to make expensive 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 our best possible offer quickly — If you upload photos of your house, we can give you a same-day estimate. In the following 24-48 hours, 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 strive to offer as much as we can for a home in Riverside, MO while still seeing it as an investment for ourselves.
- Making the home selling experience stress-free — We know that your Riverside, 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 won’t make things any more stressful than they already are. We differ from 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 banks prefer not having to go through the foreclosure process, they’re not going to wait around to collect their debt. When you sell to Evervest, 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, usually within a month if not sooner.
- Saving your credit score — Having a home in pre-foreclosure does not 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 you won’t get to keep your home if you sell to us, we can save you from the financial pitfalls of it getting foreclosed on.
Other services we offer in Riverside, MO include:
- Selling a House in Poor Condition
- How to Sell a House That Needs Major Repairs
- Selling a House As Is
- Home Investors
- Cash For Houses
- Buy My House
- We Buy Houses For Cash
- Sell My House
- Cash for Homes
- Cash Home Buying Company
- House Buyers
- Cash Home Buyer
Selling Your Riverside, 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 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 your home quickly, and assist with the legal and financial aspects of the sale. If your Riverside, MO home is in pre-foreclosure, call Evervest Home Buyers today at (816) 368-8508 or tell us about your property online.