Selling a Home in Pre-Foreclosure in Union, MO
Selling a home in pre-foreclosure in Union, MO. if you’ve been given a notice of default, you do have options. Evervest Home Buyers is a cash property-buying company that purchases Union, MO homes in foreclosure. Our team is cordial and discreet. We can offer you an estimate right when you upload pictures, have a full offer for you once we do our own inspection, and close in as little as month – before the lender sells your house. Call us at (314) 730-0366 or contact us online to avoid foreclosure. Depending on how much you owe, you may even be able to have some cash left over.
The Pre-Foreclosure Process in Union, 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. Banks are required to reach out to by the time you’re 45 days late on a payment. If you’ve only missed a month or two, the lender will likely be willing to reach an agreement with you to pay off the delinquent debt. 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, telling you how much you owe and informing you that you have 30 days to pay it off. Federal law stipulates 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 that period has ended 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 sue you in civil court. In a nonjudicial foreclosure, you won’t have any official court proceedings, but they must abide by the regulations in by Missouri law.
- Sale of the home — Whichever type of foreclosure the lender opts for, the home will will be sold in a public option. The lender will set a minimum bid which accounts for the value of the house, the amount owed, 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 remain in the house, the new owner can file an eviction lawsuit against you.
While the foreclosure process may seem cruel, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Union, MO
You have a few options whenever you’re property is in pre-foreclosure or foreclosure in Union, MO:
Reinstate the Loan
Reinstating a loan typically involves 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 will be required to continue making regular payments as outlined in the loan agreement.
You need to remember that reinstating a loan does not forgive the late payments and penalties that were incurred, it merely brings the loan current. If you fall behind again the home may go into foreclosure again. It’s possible to take out a loan with a different bank, 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 give your home to the lender in exchange for the release of 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 home, 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 the mortgage, 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 have to pay off the rest of your mortgage if your home completes foreclosure, and you can remain in the home during the process for free. The goal of this is to simply delay foreclosure for several months while you plan your future.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may allow you to not give up 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 stick to 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 incur significant court fees for 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 sell your home and pay off the remainder of your mortgage with the money you get from the sale. There are two different types of sales for a pre-foreclosure home:
- Short sale — Lenders are required to consider any offer made on your Union, MO home. In a short sale, the offer on your Union, 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 think the short sale offer is more than they’ll 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, pay off your debt with the money from the sale, and pocket the rest.
You can try to sell your home on the traditional market, 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 over 90 days, 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 a month of our initial conversation.
How Our Union, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers pays all cash for properties, and strive to give Union, MO residents a stress-free home selling experience. We’ve bought everything from properties of houses in probate to houses with lead or asbestos.
We purchase homes “as-is,” which means that homeowners do not have to make costly repairs to the property in order to sell 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:
- Getting you a fair offer fast — If you upload photos of your property, we can give you a same-day estimate. In the following 24-48 hours, a member of our team will perform their own inspection. You don’t even have to sweep, mop, or vacuum before we show up. We always intend to offer as much as we can for a property in Union, MO while still being able to profit off it ourselves.
- Making the home selling experience stress-free — We know that your Union, MO home being in pre-foreclosure is stressful, and you may be nostalgic about having to move out of home. We’ll make everything as simple as we can so you don’t feel any additional stress. We differ from 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 banks prefer not having to go through the foreclosure process, they’re not going to wait around to collect their debt. We can help you 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 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 services we offer in Union, MO include:
- Selling a House in Poor Condition
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Selling Your Union, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even lenders. Selling your home in pre-foreclosure is often the best option for everybody involved. Our buyers are cordial and nonjudgmental, 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 assist with the legal and financial aspects of the sale. If your Union, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.