Selling a Home in Pre-Foreclosure in St. Peters, MO
Selling a home in pre-foreclosure in St. Peters, MO. if you’ve been given a notice of default, you do have options. Evervest Home Buyers is a cash home-buying company that buys St. Peters, MO homes in foreclosure. Our buyers are personable and discreet. We can have an estimate ready for you right when you upload pictures, have our official offer in a matter of days, and close as quickly as you need us to – before the lender officially foreclosures on your home. Speak to a representative at (314) 730-0366 or get your offer online to get out from under your debt. Depending on the value of your home and what’s left on the mortgage, we may even be able to put enough cash in your pocket to fund your next move.
How Foreclosure Happens in St. Peters, MO
Pre-foreclosure begins when you first miss a payment, and ends when your lender takes official action. It usually happens in five stages:
- 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. At this point, you may be able to reach an agreement with the lender to get up to date on payments. Federal law requires lenders to offer you an opportunity to catch up before taking action.
- Notice of default — After the third month of missed payments, the lender will send you a demand letter, 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 states 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 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 regulations set by Missouri statutes.
- Sale of the home — Whichever type of foreclosure the lender opts for, the house will will be sold in a public option. The lender will set a minimum bid taking into account the value of the house, the debt that remains unpaid, and any fees 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 home, the new owner can file an eviction lawsuit in court.
While the foreclosure process is not kind, there are a few different ways you can mitigate the consequences for yourself.
How to Stop Foreclosure in St. Peters, MO
The following are the main ways you can handle pre-foreclosure or foreclosure in St. Peters, 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 will be expected 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 subsequent late fees, it simply brings the loan current. 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 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 return they will release 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 be evicted.
Filing for bankruptcy is a way to get relief from overwhelming debt. If you file for bankruptcy, you’ll still have to pay off the mortgage, but the timeline will be extended and will have a different payment plan. There are two types of bankruptcy you can file:
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 remain in the home during the process for free. The goal of this is to simply stall foreclosure for several months while you plan your future.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may permit you to keep 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 stick to the payment plan under the supervision of a court-appointed trustee.
Bankruptcy has severe drawbacks, however. 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 have to pay many court fees and pay for expensive bankruptcy attorneys. If you’re already struggling with money, 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 settle your outstanding debts with the money. 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. Peters, MO house. 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 as much as a foreclosure.
- Standard sale — If your home is worth more than the amount of debt you owe, you can simply sell your home to an interested buyer, use the money to pay off your debt, and keep the rest for new housing.
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 research by the St. Louis Federal Reserve, selling a house on the traditional market takes over three months, and that doesn’t include the time it takes to prepare the house for sale. 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 30 days of our initial conversation.
Selling Your Home in Pre-Foreclosure to Our St. Peters, MO Cash Home Buyers
Evervest Home Buyers pays all cash for homes, and always want to give St. Peters, MO homeowners a hassle-free home selling experience. We’ve bought everything from properties of houses in probate to homes with asbestos.
We buy properties “as-is,” which means that homeowners do not have to make expensive repairs to the property for us to want to buy 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 fast — If you send us pictures of your property, we can give you an estimate within an hour. In the following days, one of our buyers will do their own inspection. You don’t even have to wash the dishes before we come over. We always intend to offer as much as we can for a house in St. Peters, MO while still seeing it as an investment for ourselves.
- Making the home selling experience stress-free — We understand that your St. Peters, MO home being in pre-foreclosure is not the best time in your life, and you may not want to move out of your home. We’ll make everything as simple as we can so you don’t feel any additional stress. We differ from other as-is home buying companies we have no loopholes in our contract. 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 us, 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, usually within a month if not sooner.
- Saving your credit score — Having a home in pre-foreclosure won’t effect your credit score. However, if your house is foreclosed on, 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 it getting foreclosed on.
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Selling Your St. Peters, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even mortgage companies. Selling your home in pre-foreclosure is often the best option for everybody involved. Our buyers are amiable 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 the sale fast, and assist with the legal and financial aspects of the sale. If your St. Peters, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.