Selling a Home in Pre-Foreclosure in St. Louis, MO
Selling a home in pre-foreclosure in St. Louis, MO. if your home is about to be foreclosed on, you do have options. Evervest Home Buyers is an as-is property-buying company that purchases St. Louis, MO homes in foreclosure. Our buyers are amiable and nonjudgmental. We can offer you an estimate 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 bank 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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The Pre-Foreclosure Process in St. Louis, MO
Pre-foreclosure is the period between when you first miss a mortgage payment and when your St. Louis, 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. 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 work something out 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, you’ll receive a notice of default, detailing how much you owe and informing you that you have 30 days to pay it off. Federal law states that lenders must wait 120 days from the first missed payment to begin official action.
- The lender officially begins foreclosure — If, after that period has ended you haven’t caught up, 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 abide by the regulations set by Missouri law.
- Sale of the home — In either case, the house will then be auctioned off to the public. The lender will set a minimum bid which accounts for their appraisal of the home, the debt that remains unpaid, and any fees or unpaid taxes.
- Eviction — Once the property has a new owner, you’ll have between three and 30 days to leave. If you don’t, the new owner can file an eviction lawsuit against you.
While the foreclosure process may seem cruel, there are a few different ways you can mitigate the consequences for yourself.
How to Stop Foreclosure in St. Louis, MO
Below are the main ways you can handle pre-foreclosure or foreclosure in St. Louis, 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.
reinstating a loan is not a permanent solution. If you are unable to maintain the payments. 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 the lender wouldn’t have to deal with the hassle the foreclosure process. The lender can then sell the house, or keep it and have tenants in it, but you would still be evicted.
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 have to pay 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 file for Chapter 7 bankruptcy, you will not be required to pay off the rest of your mortgage if your home completes foreclosure, and you can still remain in the home before foreclosure without having to pay the mortgage. This is usually a way to simply stall foreclosure for several months while you figure out what to do.
Chapter 13 Bankruptcy
If you file for Chapter 13 bankruptcy, you may be able to keep your house. It involves coming up with a plan to pay off all or some of your debts over a three to five year period. You’ll have to maintain the payment plan under the supervision of a court-appointed trustee.
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 significant court costs and fees and pay for expensive bankruptcy lawyers. If you’re having difficulty keeping up with mortgage payments, bankruptcy still may be too expensive.
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 a couple different ways to do this:
- Short sale — Lenders are obligated to consider any offer made on your St. Louis, 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.
- Standard sale — If your home is worth more than your remaining mortgage, you can accept that offer, use the money to pay off your mortgage, 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 foreclosure only lasts for 45 to 60 days. Based on data from 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 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.
How Our St. Louis, 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. Louis, MO homeowners a stress-free home sale. We buy all types of properties, from people who owe back taxes to homes with asbestos.
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 upload photos of your property, we can give you an estimate within an hour. In the following days, one of our buyers will carry out their own inspection. You don’t even have to wash the dishes before we show up. We always intend to offer as much as we can for a home in St. Louis, MO while still seeing it as an investment for ourselves.
- Giving you a stress-free home sale — We know that your St. Louis, MO home being in pre-foreclosure is difficult, and you may be emotional about leaving 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 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. When you sell to us, you will 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 you agree to our offer.
- Saving your credit score — Having a home in pre-foreclosure does not lower 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 perils of it getting foreclosed on.
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Selling Your St. Louis, MO Home in Pre-Foreclosure | Evervest Home Buyers
Everyone hates foreclosure – even mortgage companies. Selling your home in pre-foreclosure is often the best option for everybody involved. Our buyers are amiable and discreet, 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 your home fast, and help you with the legal and financial aspects of the sale. If your St. Louis, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.