Selling a Home in Pre-Foreclosure in Sunset Hills, MO
Selling a home in pre-foreclosure in Sunset Hills, MO. if you’ve been given a notice of default, you do have options. Evervest Home Buyers is an as-is house-buying company that purchases Sunset Hills, MO homes in foreclosure. Our buyers are amiable and nonjudgmental. We can have an estimate ready for you in as little as an hour, have a full offer for you in as little as 48 hours, and close as quickly as you need us to – before the bank officially foreclosures on your home. Speak to a representative at (314) 730-0366 or contact us 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.
The Pre-Foreclosure Process in Sunset Hills, MO
Pre-foreclosure begins when you first miss a payment, and ends when your lender takes official action. It typically happens in five stages:
- Payment default — Payment default begins when you’ve missed at least one mortgage payment. After each of the first two missed payments, your bank will likely reach out via letter or telephone. At this juncture, you may be able to reach an agreement 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 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 dictates that lenders must 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 caught up, the lender will take action with 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 follow the rules set by Missouri statutes.
- Sale of the home — In either case, the house will will be sold in a public option. The lender will set a minimum bid taking into account their appraisal of the home, the debt that remains unpaid, and any court costs 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 in court.
While the foreclosure process may seem harsh, there are multiple ways you can mitigate the consequences for yourself.
How to Stop Foreclosure in Sunset Hills, MO
You have a few options whenever you’re property is in pre-foreclosure or foreclosure in Sunset Hills, MO:
Reinstate the Loan
Reinstating a loan generally includes paying off 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 can continue with the monthly payments as previously agreed.
You need to remember that reinstating a loan does not forgive the past-due payments and subsequent late fees, it merely brings the loan current. If you are unable to stay but to date. It’s possible to take out a loan with a different company, but it will likely have an incredibly high interest rate, and then you’ll have two monthly loans to keep up with.
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 it allows the lender to avoid the time and expense of the foreclosure process. The lender can then sell the home, or keep it as a rental property, but you would still be evicted.
Bankruptcy is a legal process that allows individuals or businesses who are unable to pay their debts to either have those debts restructured or discharged. If you file for bankruptcy, you’ll still have to pay off the mortgage, but with a more realistic payment structure. There are two types of bankruptcy you can file:
Chapter 7 Bankruptcy
If you file for Chapter 7 bankruptcy, you will not have 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 anything monthly. The goal of this is to simply stall foreclosure for several months while you plan your future.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may allow 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 maintain the payment plan under the supervision of a court-appointed trustee.
Bankruptcy has several 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 considerable court costs and fees for bankruptcy lawyers. If you’re already struggling with money, bankruptcy still may be too expensive.
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 funds 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 Sunset Hills, MO home. In a short sale, the offer is not enough money to pay off all your debts. The lender can then decide if getting less than the full amount back is worth not having to deal with the hassle of a foreclosure. A short sale does lower 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 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 try to sell your property on the traditional market, but the foreclosure process takes between 45 and 60 days. Based on data from the St. Louis Federal Reserve, selling a house on the traditional market takes over 90 days, and that doesn’t account for 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 is likely preferable to the traditional market. We can agree to an offer and close on your house within a month of you contacting us.
Selling Your Home in Pre-Foreclosure to Our Sunset Hills, MO Cash Home Buyers
Evervest Home Buyers buys homes with all cash offers, and strive to give Sunset Hills, MO residents a hassle-free home sale. We’ve bought everything from properties of people who owe back taxes to houses with lead or asbestos.
We purchase homes “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 you a fair offer fast — If you upload photos 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 carry out their own inspection. You don’t even have to pick up the socks off the floor before we come over. We always strive to offer the most we can for a house in Sunset Hills, MO while still being able to profit off it after we repair it.
- Giving you a stress-free home sale — We know that your Sunset Hills, MO home being in pre-foreclosure is a trying time, and you may be emotional about leaving your home. We’ll make everything as simple as we can so you don’t feel any added stress. We differ from other as-is home buying companies we have never written a contract that didn’t close because we backed out of it. 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’ll still move to take over and sell the house as quickly as possible. We can help you sell your house fast. You don’t have to deal with or wait around for third parties. 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 the foreclosure is completed, it has a huge negative impact on 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 Sunset Hills, MO include:
- Selling a Home with a Reverse Mortgage
- Selling a House Without a Realtor
- Selling an Inherited House
- Selling a House in Poor Condition
- How to Sell a House That Needs Major Repairs
- Selling a House As Is
- Home Investors
- Cash For Houses
- Buy My House
- We Buy Houses For Cash
- Sell My House
- Cash for Homes
- Sell My House As-Is
- Sell My House For Cash
- Sell My Probate House
- Sell My As-Is House
- Sell My Outdated House
- Sell My Inherited House in Greater St. Louis
- Sell Your House Fast
- How to Sell Your House
- Sell My Home Preforeclosure
- Sell My Home Now
- Rental Property Buyer
- Cash Home Buying Company
- Investment Property Buyers
- Foreclosed House Buyer
- House Buying Company
- Fast House Buyer
- Probate House Buyer
- Condemned Property Buyer
- House Buyers
- Property Buyers
- Cash Home Buyer
- We Buy Houses in Greater St. Louis
Selling Your Sunset Hills, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even mortgage companies. 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 help you with the legal and financial aspects of the sale. If your Sunset Hills, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.