Selling a Home in Pre-Foreclosure in St. Ann, MO
St. Louis County
Evervest Home Buyers
3015 Salena St #201
St. Louis, MO 63118
Selling a home in pre-foreclosure in St. Ann, MO. if your home is about to be foreclosed on, you do have options. Evervest Home Buyers is a cash house-buying company that purchases St. Ann, MO homes in foreclosure. Our buyers are friendly and nonjudgmental. We can have an estimate ready for you in as little as an hour, have a full offer for you in a matter of days, and close as quickly as you need us to – before the mortgage holder sells your house. Call us at (314) 730-0366 or contact us online to avoid foreclosure. Depending on how much you owe, we may even be able to put enough cash in your account to fund your next move.
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The Pre-Foreclosure Process in St. Ann, MO
Pre-foreclosure is the time between when you fall behind on your mortgage payments and when your St. Ann, MO lender auctions off your home off to the highest bidder. It is a five-step process:
- Payment default — Payment default begins when you’ve missed at least one mortgage payment. 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, 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 90 days of missed payments, the lender will send you a notice of default, telling you the amount past due and informing you that you have 30 days to bring the mortgage current. Federal law states that lenders must wait 120 days from the first missed payment to begin foreclosure proceedings.
- 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 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 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 a three to 30 day period to leave. 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 St. Ann, MO
You have a few options whenever you’re property is in pre-foreclosure or foreclosure in St. Ann, MO:
Reinstate the Loan
Reinstating a loan generally involves paying off the late payments, late fees, and any other charges associated with the delinquency. Once the mortgage is current you can continue with the monthly payments as previously agreed.
It’s important to note. If you are unable to stay but to date. It’s possible to take 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 agree with the lender to voluntarily transfer ownership of the property to them in exchange for discharging your obligation to pay the mortgage. Your credit score would not take a hit, and the lender wouldn’t have to deal with the hassle the foreclosure process. The lender can then sell the home, or keep it as a rental property, 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 several types of bankruptcy, but the most common for individuals are Chapter 7 and Chapter 13.:
Chapter 7 Bankruptcy
If you file for Chapter 7 bankruptcy, you will not be required to pay off your remaining debt if the lender completes foreclosure, and you can remain in the home during the process for free. 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’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 option. 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 considerable court fees and hire expensive bankruptcy attorneys. If you’re having difficulty keeping up with mortgage payments, bankruptcy still may be too expensive.
Sell Your Home in Pre-Foreclosure
An alternative to the above options is to find a buyer and pay off the remainder of your mortgage with the funds you get from the sale. There are a couple different types of sales for a pre-foreclosure home:
- Short sale — Lenders are obligated to consider any offer made on your St. Ann, MO property. 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 can negatively impact your credit score, but not to the extent that a foreclosure does.
- Traditional sale — If your home is worth 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 50 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 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.
How Our St. Ann, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers pays all cash for properties, and always want to give St. Ann, MO homeowners a hassle-free home sale. We’ve bought everything from properties of people who owe back taxes to condemned properties.
We buy properties “as-is,” which means that the condition of the property doesn’t matter 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:
- Getting you a fair offer quickly — If you send us pictures of your property, we can give you an estimate within an hour. Then, we’ll schedule an inspection, where a member of our team will do their own inspection. You don’t even have to pick up the socks off the floor before we show up. We always intend to offer as much as we can for a house in St. Ann, MO while still seeing it as an investment for ourselves.
- Giving you a stress-free home sale — We understand that your St. Ann, MO home being in pre-foreclosure is stressful, and you may not want to leave your home. We’ll make everything as simple as we can so you don’t feel any added stress. Unlike 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. There’s no waiting for inspections, appraisals, or to find a buyer. 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 does not lower your credit score. However, if your house is foreclosed on, it can have massive consequences for your credit score, that will stay there 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.
Other services we offer in St. Ann, 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 St. Ann, 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 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 deal quickly, and help you with the legal and financial aspects of the sale. If your St. Ann, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.