Selling a Home in Pre-Foreclosure in Sugar Creek, MO
Selling a home in pre-foreclosure in Sugar Creek, MO. Financial hardships can fall on the best of us, but foreclosure is not the end of the road for homeowners. While losing your home and facing an enormous hit on your credit score is not a situation anyone wants to be in, you do have options if you find yourself there. Evervest Home Buyers is an as-is property-buying company that purchases Sugar Creek, MO homes in foreclosure. Our team is friendly and discreet. We can have an estimate ready for you right when you upload pictures, have our official offer once we do our own inspection, and close in as little as 30 days – before the lender auctions off your home. Speak to a representative at (816) 368-8508 or contact us online to avoid foreclosure. 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 account to fund your next move.
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How Foreclosure Happens in Sugar Creek, 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 — You’re technically in default after your first missed payment, 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 juncture, 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 the third month of missed payments, the lender will send you a notice of default, telling you how much you owe and informing you that you have 30 days to pay it off. Federal law obligates lenders to 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 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, you won’t have any official court proceedings, but they must abide by the rules in by Missouri law.
- Sale of the home — Whichever type of foreclosure they pursue, the house will will be sold in a public option. 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 home is sold, you’ll have between three and 30 days to move out. If you remain in the home, the new owner can file an eviction lawsuit against you.
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 Sugar Creek, MO
You have a few options whenever you’re property is in pre-foreclosure or foreclosure in Sugar Creek, MO:
Reinstate the Loan
Reinstating a loan typically involves paying off the past due payments and any other penalties or fees. Once the loan is current you will be required to continue with the monthly payments as previously agreed.
You need to remember that reinstating a loan does not forgive the past-due payments and penalties that were incurred, it merely brings the loan current. If you cannot maintain the payments. You could consider taking out a loan with a different bank, but it will probably have an incredibly high interest rate, and then you’ll have two monthly debts to stay current on.
Deed in Lieu of Foreclosure
In a “deed in lieu,” you can give your home to the lender, in return they will discharge your unpaid debt. Your credit score would not take a hit, and it allows the lender to avoid the time and expense of the foreclosure process. The lender can then sell the property, or keep it and have tenants in it, but you would still be evicted.
Bankruptcy
Filing for bankruptcy is a way to get relief from significant debt. If you file for bankruptcy, you’ll still be responsible for paying off your debt, 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 your remaining debt if your home 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 permit you to hold onto your property. You’ll have to stick to a payment plan – overseen by a court-appointed trustee – that allows you to become current in three or five years.
Bankruptcy has several downsides, 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 incur considerable court fees and pay for expensive bankruptcy attorneys. If you’re already struggling with money, bankruptcy still may be too expensive.
Sell Your Home in Pre-Foreclosure
The last option is to sell your home and settle your outstanding debts with the money. There are a couple different ways to do this:
- Short sale — Lenders are obligated to consider any offer made on your Sugar Creek, 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 believe 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 a potential buyer offers 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 mortgage, and keep the rest for new housing.
You can choose to hire a real estate agent to sell your home in pre-foreclosure, but the foreclosure process takes between 45 and 60 days. Based on research by the St. Louis Federal Reserve, selling a house on the traditional market takes more than three months, and that doesn’t account for the time it takes to prepare the house for sale. 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.
How Our Sugar Creek, 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 Sugar Creek, MO homeowners a stress-free home sale. We’ve bought everything from properties of houses in probate to houses with mold issues.
We purchase homes “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:
- Giving you a fair offer fast — If you upload photos of your property, we can give you a same-day estimate. Then, we’ll schedule an inspection, where one of our buyers will do their own inspection. You don’t even have to wash the dishes before we show up. We always try to offer the most we can for a property in Sugar Creek, MO while still being able to profit off it after we repair it.
- Making the home selling experience stress-free — We know that your Sugar Creek, MO home being in pre-foreclosure is a trying time, and you may be emotional about having to move out of 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 always keep our word.. 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 Evervest, you can 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, as soon as you need us to after you agree to our offer.
- Saving your credit score — Having a home in pre-foreclosure won’t lower your credit score. However, if the foreclosure is completed, 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 save you from the financial pitfalls of it getting foreclosed on.
Other properties we buy in Sugar Creek, MO include:
- Selling a House in Poor Condition
- How to Sell a House That Needs Major Repairs
- Home Investors
- Sell My House
- Cash for Homes
- Cash Home Buyer
Selling Your Sugar Creek, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even lenders. Selling your home in pre-foreclosure can be an agreeable solution for both you and your mortgage lender. Our buyers are amiable 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 assist with the legal and financial aspects of the sale. If your Sugar Creek, MO home is in pre-foreclosure, call Evervest Home Buyers today at (816) 368-8508 or tell us about your property online.