Selling a Home in Pre-Foreclosure in Seymour, MO
Selling a home in pre-foreclosure in Seymour, MO. If you are facing foreclosure and are worried about losing your home and having an enormous hit on your credit score, know that there are options available to you. Evervest Home Buyers is an as-is home-buying company that buys Seymour, MO homes in foreclosure. Our team is personable and discreet. We can offer you an estimate just by looking at pictures, have our official offer once we do our own inspection, and close in as little as month – before the mortgage holder officially foreclosures on your home. Call us at (417) 815-3889 or contact us 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 Seymour, MO
Pre-foreclosure is the period between when you first miss a mortgage payment and when your Seymour, MO lender auctions off your home off to the highest bidder. It is a five-step process:
- Payment default — You’re technically in default after your first missed payment, 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 get up to date on payments. Federal law requires lenders to discuss loss mitigation options with you.
- Notice of default — After the third month of missed payments, the lender will send you a notice of default, notifying you of 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 begin the process of taking your home.
- The lender officially begins foreclosure — If, after 120 days you haven’t made an agreement with your lender, the lender will take action with 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 statutes.
- Sale of the home — In either case, the property will then be auctioned off to the public. The lender will set a minimum bid which accounts for their appraisal of the home, the amount owed, and any fees 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 against you.
While the foreclosure process may seem harsh, there are a few different ways you can mitigate the consequences for yourself.
How to Stop Foreclosure in Seymour, MO
The following are the main ways you can deal with pre-foreclosure or foreclosure in Seymour, MO:
Reinstate the Loan
Reinstating a loan generally involves settling 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 can continue with the monthly payments as previously agreed.
reinstating a loan is not a permanent solution. If you cannot stay but to date. You could consider taking out a loan with a different company, but the interest rates will likely be high, 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 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 home, or keep it as a rental property, but you would still be evicted.
Bankruptcy
Bankruptcy is a legal process that allows individuals or businesses who cannot pay their debts to either have those debts restructured or discharged. 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 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 be required to pay off the rest of your mortgage if the lender completes foreclosure, and you can still remain in the home before foreclosure without having to pay anything monthly. The goal of this is to simply delay foreclosure for several months while you figure out what to do.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may allow you to hold onto your property. 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.
There are many reasons that bankruptcy may not be a good option. First, your entire financial life will be analyzed to see if you qualify. You’ll also incur considerable court costs and 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 sell your home and pay off your debt with the money you get from the sale. There are a couple different types of sales for a pre-foreclosure home:
- Short sale — If an interested buyer makes an offer on your Seymour, MO home, the lender legally obligated to consider it. In a short sale, the offer is not enough money to pay off all your debts. A short sale can only happen if the lender agrees. In some cases, the bank may believe the short sale offer would be higher than what they’d get at auction. A short sale does lower 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 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 try to sell your home on the traditional market, 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 account for 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 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 Seymour, MO Cash Home Buyers
Evervest Home Buyers pays all cash for properties, and always want to give Seymour, MO residents a stress-free home selling experience. We’ve bought everything from properties of people who owe back taxes to houses with lead or 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 house, 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 come over. We always strive to offer as much as we can for a property in Seymour, MO while still being able to profit off it ourselves.
- Making the home selling experience stress-free — We understand that your Seymour, 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 experience any added 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 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. We can help you 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 won’t effect your credit score. However, if the foreclosure is completed, it has a huge negative impact on 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 save you from the financial pitfalls of foreclosure.
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Selling Your Seymour, 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 personable 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 the sale quickly, and help you with the legal and financial aspects of the sale. If your Seymour, MO home is in pre-foreclosure, call Evervest Home Buyers today at (417) 815-3889 or tell us about your property online.