Selling a Home in Pre-Foreclosure in Twin Oaks, MO
Selling a home in pre-foreclosure in Twin Oaks, MO. If you are facing foreclosure and are worried about losing your home and severely damaging your credit score, know that there are options available to you. Evervest Home Buyers is an as-is house-buying company that purchases Twin Oaks, MO homes in foreclosure. Our team is cordial and discreet. We can offer you an estimate just by looking at pictures, have our official offer 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 get your offer online to get free of your debt. Depending on how much you owe, we may even be able to put enough cash in your pocket to pay for your next move.
How Foreclosure Happens in Twin Oaks, MO
Pre-foreclosure is the time between when you fall behind on your mortgage payments and when your Twin Oaks, MO lender auctions off your home off to the highest bidder. It typically 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. At this point, the lender will likely be willing to reach an agreement with you to pay off the delinquent debt. 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, 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 start 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, you won’t have any official court proceedings, but they must follow the regulations set by Missouri law.
- Sale of the home — In either case, the house will will be sold in a public option. The lender will set a minimum bid which accounts for how much the home is worth, the debt that remains unpaid, and any court costs 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 house, the new owner can file an eviction lawsuit against you.
While the foreclosure process is not kind, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Twin Oaks, MO
You have a few options whenever you’re house is in pre-foreclosure or foreclosure in Twin Oaks, MO:
Reinstate the Loan
Reinstating a loan generally involves paying off the past due payments, late fees, and any other charges associated with the delinquency. Once the mortgage is current you can continue making regular payments as outlined in the loan agreement.
It’s important to note. If you fall behind again the home may go into foreclosure again. You could consider taking 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 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 obligation to pay the mortgage. 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 house, or keep it as a rental property, but you would still be evicted.
Filing for bankruptcy is a way to get relief from debilitating debt. If you file for bankruptcy, you’ll still have to pay off your debt, 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 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 give you a few more months to plan your future.
Chapter 13 Bankruptcy
If you choose Chapter 13 bankruptcy, you may be able to keep your home. 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.
There are many reasons that bankruptcy may not be a good option. First, your entire financial life will be evaluated to see if you’re eligible. You’ll also incur significant court fees for bankruptcy lawyers. If you’re having difficulty keeping up with mortgage payments, you may not be able to afford filing for bankruptcy.
Sell Your Home in Pre-Foreclosure
Another possibility is to sell your home and settle your outstanding debts with the money. There are two different ways to do this:
- Short sale — Lenders are obligated to consider any offer made on your Twin Oaks, MO home. In a short sale, the offer on your Twin Oaks, MO home in pre-foreclosure is less than the amount you owe. 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 the amount of debt you owe, you can accept that offer, use the money to pay off your debt, 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. 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 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 Twin Oaks, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers pays all cash for houses, and always want to give Twin Oaks, 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 quickly — If you send us pictures of your property, we can give you a same-day estimate. In the following days, 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 come over. We always try to offer the most we can for a house in Twin Oaks, MO while still being able to profit off it after we repair it.
- Making the home selling experience stress-free — We know that your Twin Oaks, MO home being in pre-foreclosure is stressful, 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 added stress. We differ from other as-is home buying companies we always keep our word.. 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. 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, 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 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 help you avoid the financial pitfalls of foreclosure.
Other services we offer in Twin Oaks, MO include:
- Selling a House in Poor Condition
- How to Sell a House That Needs Major Repairs
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- Sell My Inherited House in Greater St. Louis
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- How to Sell Your House
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Selling Your Twin Oaks, 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 both you and your mortgage lender. Our buyers are cordial 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 the deal quickly, and assist with the legal and financial aspects of the sale. If your Twin Oaks, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.