Selling a Home in Pre-Foreclosure in Riverview Gardens, MO
Selling a home in pre-foreclosure in Riverview Gardens, MO. if your home is about to be foreclosed on, you do have options. Evervest Home Buyers is an as-is home-buying company that buys Riverview Gardens, MO homes in foreclosure. Our team is friendly and nonjudgmental. We can offer you an estimate just by looking at pictures, have our official offer once we do our own inspection, and close as quickly as you need us to – before the bank sells your house. Call us at (314) 730-0366 or get your offer 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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How Foreclosure Happens in Riverview Gardens, MO
Pre-foreclosure is the period between when you fall behind on your mortgage payments and when your Riverview Gardens, 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 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 point, the lender will likely be willing to reach an agreement 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, notifying you of 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 begin the process of taking your home.
- 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, you won’t have any official court proceedings, but they must follow the regulations in by Missouri statutes.
- 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 the value of the house, 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 don’t, the new owner can file an eviction lawsuit in court.
While the foreclosure process may seem cruel, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Riverview Gardens, MO
You have a few options whenever you’re property is in pre-foreclosure or foreclosure in Riverview Gardens, 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 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. It’s possible to take out a loan with a different lender, but it will probably have an incredibly high interest rate, 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 exchange for discharging 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
Bankruptcy is a legal process that allows individuals or businesses who cannot keep up with their debts to either have those debts restructured or discharged. If you go the bankruptcy route, you’ll still be responsible for paying off your debt, 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 choose Chapter 7 bankruptcy, you will not have to pay off your remaining debt if the lender completes foreclosure, and you can still remain in the home before foreclosure for free. 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 hold onto your house. You’ll have to stick to a payment plan – overseen by a court-appointed trustee – that allows you to pay off your debt in three or five years.
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 fees for bankruptcy lawyers. If you’re already struggling with money, you may not be able to afford filing for bankruptcy.
Sell Your Home in Pre-Foreclosure
The last option is to find a buyer and pay off your debt with the money you get from the sale. There are a couple different ways to do this:
- Short sale — If an interested buyer makes an offer on your Riverview Gardens, MO home, the lender legally obligated to consider it. In a short sale, the offer on your Riverview Gardens, 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 think the short sale offer is more than they’ll get at auction. A short sale does lower your credit score, but not to the extent that a foreclosure does.
- Standard sale — If a prospective 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 to fund your next move.
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. 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 include the work put in for making a home appealing to a traditional buyer. If you’re in pre-foreclosure, selling your home to an as-is, cash home buyer may be your best option. Once you accept our offer, we can close as quickly as you need us to.
Selling Your Home in Pre-Foreclosure to Our Riverview Gardens, MO Cash Home Buyers
Evervest Home Buyers buys homes with all cash offers, and strive to give Riverview Gardens, MO residents a hassle-free home sale. We’ve bought everything from properties of people who owe back taxes to homes with significant wind or hail damage.
We buy properties “as-is,” which means that the condition of the property isn’t important 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 our best possible offer quickly — 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 perform their own inspection. You don’t even have to sweep, mop, or vacuum before we come over. We always try to offer as much as we can for a property in Riverview Gardens, MO while still seeing it as an investment for ourselves.
- Making the home selling experience stress-free — We know that your Riverview Gardens, MO home being in pre-foreclosure is a trying time, and you may not want to leave your home. We’ll make everything as simple as we can so you don’t experience any added stress. Unlike other cash home buying companies, we have no contingences 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 Evervest, you will sell your house fast. There’s no waiting for inspections, appraisals, or open house. 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 your house is foreclosed on, it can have massive consequences for 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 help you avoid the financial perils of foreclosure.
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Selling Your Riverview Gardens, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even mortgage companies. Selling your home in pre-foreclosure is often the best option for both you and your mortgage lender. Our buyers are amiable 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 Riverview Gardens, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.