Selling a Home in Pre-Foreclosure in Spanish Lake, MO
St. Louis County
Evervest Home Buyers
3015 Salena St #201
St. Louis, MO 63118
Cash Home Buyer Spanish Lake, MO
Selling a home in pre-foreclosure in Spanish Lake, MO. if your home is about to be foreclosed on, you do have options. Evervest Home Buyers is a cash property-buying company that purchases Spanish Lake, 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 as little as 48 hours, and close as quickly as you need us to – before the lender auctions off your home. Call us at (314) 730-0366 or contact us online to start the process of getting out from under the bank’s thumb today. Depending on how much you owe, you may even be able to have some cash left over.
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How Foreclosure Happens in Spanish Lake, MO
Pre-foreclosure is the time between when you fall behind on your mortgage payments and when your Spanish Lake, MO lender auctions off your home off to the highest bidder. It typically 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, you may be able to reach an agreement with the lender to catch up on payments. 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, notifying you of how much you owe and informing you that, to avoid foreclosure, you must pay it off within 30 days. Federal law stipulates that lenders must wait 120 days from the first missed payment to start official action.
- The lender officially begins foreclosure — If, after 120 days you haven’t made an agreement with your lender, 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 property will will be sold in a public option. The lender will set a minimum bid which accounts for their appraisal of the home, the amount owed, and any court costs or unpaid taxes.
- Eviction — Once the home is sold, you’ll have a three to 30 day period to leave. If you remain in the house, the new owner can file an eviction lawsuit against you.
While the foreclosure process may seem harsh, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Spanish Lake, MO
You have a few options whenever you’re house is in pre-foreclosure or foreclosure in Spanish Lake, MO:
Reinstate the Loan
Reinstating a loan generally includes paying off the late 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 will be required to continue with the monthly payments as previously agreed.
You need to be aware that reinstating a loan does not forgive the late payments and penalties that were incurred, it just brings the loan current. If you fall behind again the home may go into foreclosure again. You could consider taking out a loan with a different bank, 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 give your home to the lender, in return they will release your unpaid debt. Your credit score would not take a hit, and the lender wouldn’t have to deal with the nuisance the foreclosure process. The lender can then sell the house, or keep it and have tenants in it, but you would still likely have to move out.
Bankruptcy
The goal of bankruptcy is to provide a fresh start for you by either eliminating or reducing your debt. 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 your home completes foreclosure, and you can still remain in the home before foreclosure without having to pay the mortgage. The goal of this is to give you a few more months to figure out what to do.
Chapter 13 Bankruptcy
If you file for Chapter 13 bankruptcy, you may be able to hold onto your home. 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 option. First, your entire financial life will be analyzed to see if you’re eligible. You’ll also have to pay significant court fees and hire expensive bankruptcy lawyers. 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
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 a couple different ways to do this:
- Short sale — If a prospective buyer makes an offer on your Spanish Lake, 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 think 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 your home is worth more than the amount of debt you owe, 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 home on the traditional market, 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 more than 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 may be your best option. We can agree to an offer and close on your house within a month of our initial conversation.
How Our Spanish Lake, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers buys homes with all cash offers, and strive to give Spanish Lake, MO homeowners a stress-free home sale. We’ve bought everything from properties of people who owe back taxes to homes with asbestos.
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:
- Giving you a fair offer quickly — If you upload photos of your property, we can give you an estimate within an hour. Then, we’ll schedule an inspection, where one of our buyers will perform their own inspection. You don’t even have to sweep, mop, or vacuum before we show up. We always intend to offer as much as we can for a home in Spanish Lake, MO while still being able to profit off it ourselves.
- Making the home selling experience stress-free — We understand that your Spanish Lake, MO home being in pre-foreclosure is a trying time, and you may not want to move out of your home. We’ll won’t make things any more stressful than they already are. We differ from other as-is 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’ll still move to take over and sell the house as quickly as possible. We can help you 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, 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 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 Spanish Lake, 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 Spanish Lake, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even banks. Selling your home in pre-foreclosure can be an agreeable solution for everybody involved. Our buyers are amiable and nonjudgmental, 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 help you with the legal and financial aspects of the sale. If your Spanish Lake, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.