Selling a Home in Pre-Foreclosure in Rogersville, MO
Selling a home in pre-foreclosure in Rogersville, MO. If you are facing foreclosure and are upset at the prospect of losing your home and severely damaging your credit score, know that there are options available to you. Evervest Home Buyers is a cash home-buying company that purchases Rogersville, MO homes in foreclosure. Our team is amiable and nonjudgmental. We can offer you an estimate right when you upload pictures, have a full offer for you 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 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 Rogersville, MO
Pre-foreclosure is the period between when you first miss a mortgage payment and when your Rogersville, MO lender auctions off your home off to the highest bidder. It usually happens in five stages:
- 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. If you’ve only missed a month or two, you may be able to work something out with the lender to catch up on payments. 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, detailing how much you owe and informing you that you have 30 days to pay it off. Federal law stipulates 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 made your mortgage current, 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, they’ll proceed out of court, but they must follow the rules set by Missouri statutes.
- 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 amount owed, 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 harsh, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Rogersville, MO
Below are the main ways you can handle pre-foreclosure or foreclosure in Rogersville, MO:
Reinstate the Loan
Reinstating a loan typically includes paying off the past due payments and any other penalties or fees. Once you have paid off all the past due amounts, the loan is considered to be current again and 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 company, but the interest rates will likely be high, and then you’ll have two monthly loans 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 unpaid debt. 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 as a rental property, but you would still likely have to move out.
Bankruptcy
Bankruptcy is a legal process that allows individuals or businesses who are unable to keep up with their debts to either have those debts restructured or discharged. If you file for bankruptcy, you’ll still be responsible for paying off the mortgage, but with a more realistic payment structure. There are two types of bankruptcy you can file:
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 remain in the home during the process without having to pay the mortgage. 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 home. You’ll have to stick to a payment plan – under supervision of 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, 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 costs and 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 find a buyer and pay off the remainder of your mortgage with the money you get from the sale. There are two different types of sales for a pre-foreclosure home:
- Short sale — Lenders are obligated to consider any offer made on your Rogersville, MO home. In a short sale, the offer on your Rogersville, 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 as much as a foreclosure.
- Traditional sale — If your home is worth more than the amount of debt you owe, you can accept that offer, use the money to pay off your debt, and pocket the rest.
You can try to sell your house through a real-estate agent, but foreclosure only lasts for 45 to 60 days. Based on data from the St. Louis Federal Reserve, selling a house on the traditional market takes over 90 days, and that doesn’t include 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 is likely preferable to a traditional buyer. We can agree to an offer and close on your house within 30 days of our initial conversation.
How Our Rogersville, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers pays all cash for homes, and strive to give Rogersville, MO residents a stress-free home sale. We buy all types of properties, from houses in probate to homes with asbestos.
We buy properties “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 our best possible offer fast — If you send us pictures of your home, we can give you an estimate within an hour. In the following days, 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 try to offer as much as we can for a house in Rogersville, MO while still seeing it as an investment for ourselves.
- Giving you a stress-free home sale — We know that your Rogersville, MO home being in pre-foreclosure is difficult, and you may not want to leave your home. We’ll make everything as simple as we can so you don’t feel any additional stress. Unlike other cash home buying companies, we have never written a contract that didn’t close because we didn’t fulfill its terms. 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 Evervest, 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 a month if not sooner.
- 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 you won’t get to keep your home if you sell to us, we can help you avoid the financial perils of foreclosure.
Other services we offer in Rogersville, 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 Rogersville, 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 cordial 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 your home quickly, and assist with the legal and financial aspects of the sale. If your Rogersville, MO home is in pre-foreclosure, call Evervest Home Buyers today at (417) 815-3889 or tell us about your property online.