Selling a Home in Pre-Foreclosure in Warson Woods, MO
Selling a home in pre-foreclosure in Warson Woods, MO. Tough times can happen to anyone, 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 house-buying company that buys Warson Woods, MO homes in foreclosure. Our team is cordial and discreet. We can offer you an estimate just by looking at pictures, have a full offer for you in as little as 48 hours, and close in as little as month – before the bank auctions off your home. Call us 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.
The Pre-Foreclosure Process in Warson Woods, MO
Pre-foreclosure is the time between when you first miss a mortgage payment and when your bank or lender sells your Warson Woods, MO house. It is a five-step process:
- 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 with a letter or phone call. At this point, you may be able to reach an agreement with the lender to catch up on payments. Federal law requires lenders to discuss loss mitigation options with you.
- Notice of default — After 90 days of missed payments, you’ll receive a notice of default, telling you how much you owe and informing you that, to avoid foreclosure, you must bring the mortgage up to date within 30 days. Federal law obligates lenders to wait 120 days from the first missed payment to begin official action.
- The lender officially begins foreclosure — If, after that period has ended you haven’t caught up, 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 in by Missouri statutes.
- Sale of the home — In either case, the home will will be sold in a public option. The lender will set a minimum bid which accounts for their appraisal of the home, the amount owed, and any court costs or unpaid taxes.
- Eviction — Once the property has a new owner, 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 Warson Woods, MO
Below are the main ways you can deal with pre-foreclosure or foreclosure in Warson Woods, MO:
Reinstate the Loan
Reinstating a loan generally involves paying off the past due payments and any other penalties or fees. 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.
reinstating a loan is not a permanent solution. If you are unable to stay but to date. It’s possible to take out a loan with a different lender, 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 property, or keep it and have tenants in it, but you would still likely have to move out.
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 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 still remain in the home before foreclosure for free. This is usually a way to simply stall foreclosure for several months while you figure out what to do.
Chapter 13 Bankruptcy
If you file for Chapter 13 bankruptcy, you may be able to keep your property. 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.
There are many reasons that bankruptcy may not be a good option. 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 many court fees and pay for expensive bankruptcy lawyers. If you’re already struggling with money, 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 Warson Woods, MO home. In a short sale, the offer is not enough money to pay off all your debts. The lender can then consider if getting less than the remainder of the mortgage is worth avoiding the hassle of a foreclosure. 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 your remaining mortgage, you can accept that offer, use the money to pay off your debt, and keep the rest to fund your next move.
You can try to sell your house on the traditional market, 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 30-45 days to close, 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 to an as-is, cash home buyer is likely preferable to a traditional buyer. Once you accept our offer, we can close as quickly as you need us to.
Selling Your Home in Pre-Foreclosure to Our Warson Woods, MO Cash Home Buyers
Evervest Home Buyers pays all cash for houses, and always want to give Warson Woods, MO residents a stress-free home sale. We’ve bought everything from properties of houses in probate to homes with considerable wind or hail damage.
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:
- Getting you a fair offer quickly — If you upload photos of your home, we can give you an estimate within an hour. Then, we’ll schedule an inspection, where one of our buyers will perform their own inspection. You don’t even have to wash the dishes before we come over. We always intend to offer the most we can for a property in Warson Woods, MO while still seeing it as an investment for ourselves.
- Giving you a stress-free home sale — We understand that your Warson Woods, MO home being in pre-foreclosure is difficult, and you may not want to move out of your home. We’ll make everything as simple as we can so you don’t experience any added 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 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 does not effect your credit score. However, if your house is foreclosed on, 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 help you avoid the financial pitfalls of foreclosure.
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Selling Your Warson Woods, MO Home in Pre-Foreclosure | Evervest Home Buyers
Everyone hates foreclosure – even banks. Selling your home in pre-foreclosure is often the best option for both you and your mortgage lender. Our buyers are personable 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 quickly, and help you with the legal and financial aspects of the sale. If your Warson Woods, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.