Selling a Home in Pre-Foreclosure in Webster County, MO
Selling a home in pre-foreclosure in Webster County, 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 a cash house-buying company that buys Webster County, MO homes in foreclosure. Our team is cordial and discreet. We can have an estimate ready for you right when you upload pictures, have our official offer in a matter of days, and close as quickly as you need us to – before the mortgage holder officially foreclosures on your home. Speak to a representative at (417) 815-3889 or contact us online to get out from under your debt. Depending on how much you owe, we may even be able to put enough cash in your pocket to fund your next move.
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The Pre-Foreclosure Process in Webster County, MO
Pre-foreclosure is the time between when you first miss a mortgage payment and when your Webster County, MO lender auctions off your home off to the highest bidder. It is a five-stage process:
- 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. If you’ve only missed a month or two, the lender will likely be willing to work something out with you to bring your balance up to date. Federal law requires lenders to offer you an opportunity to catch up before taking action.
- Notice of default — After 90 days of missed payments, the lender will send you a demand letter, detailing the amount past due and informing you that you have 30 days to bring the mortgage current. Federal law requires 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 that period has ended you haven’t made your mortgage current, the lender will begin either a judicial foreclosure or a nonjudicial foreclosure. In a judicial foreclosure, the lender sue you in civil court. In a nonjudicial foreclosure, they’ll proceed out of court, but they must follow the rules 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 taking into account 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 a three to 30 day period to leave. If you don’t, 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 Webster County, MO
You have a few options whenever you’re home is in pre-foreclosure or foreclosure in Webster County, MO:
Reinstate the Loan
Reinstating a loan typically includes 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 expected to continue making regular payments as outlined in the loan agreement.
It’s important to note. If you cannot stay but to date. It’s possible to take out a loan with a different company, 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 agree with the lender to voluntarily transfer ownership of the property to them in exchange for discharging your unpaid debt. 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 and have tenants in it, but you would still be evicted.
Bankruptcy
The goal of bankruptcy is to provide a fresh start for you by either eliminating or reducing your debt. If you file for bankruptcy, you’ll still have to pay off your debt, 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 be required to pay off your remaining debt if your home completes foreclosure, and you can remain in the home during the process for free. The goal of this is to give you a few more months to figure out what to do.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may allow you to keep your home. 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 maintain the payment plan under the supervision of a court-appointed trustee.
Bankruptcy has several drawbacks, however. First, your entire financial life will be analyzed to see if you’re eligible. You’ll also have to pay significant court fees and pay for expensive bankruptcy lawyers. If you’re already struggling with money, bankruptcy still may be too expensive.
Sell Your Home in Pre-Foreclosure
Another possibility 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 required to consider any offer made on your Webster County, 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 a prospective buyer offers more than your remaining mortgage, you can simply sell your home to an interested buyer, use the money to pay off your debt, 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, it takes an average of 50 days to find a buyer and 30-45 days to close, 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 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 Webster County, MO Cash Home Buyers
Evervest Home Buyers buys homes with all cash offers, and strive to give Webster County, MO homeowners a hassle-free home sale. We buy all types of properties, from people who owe back taxes to condemned properties.
We purchase homes “as-is,” which means that homeowners do not have to make costly 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 our best possible offer fast — If you upload photos of your property, we can give you a same-day estimate. In the following 24-48 hours, one of our buyers will carry out their own inspection. You don’t even have to sweep, mop, or vacuum before we show up. We always intend to offer the most we can for a home in Webster County, MO while still being able to profit off it after we repair it.
- Making the home selling experience stress-free — We understand that your Webster County, MO home being in pre-foreclosure is stressful, and you may not want to move out of your home. We’ll won’t make things any more stressful than they already are. Unlike other cash 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. When you sell to us, you can 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 lower 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 you won’t get to keep your home if you sell to us, we can save you from the financial pitfalls of it getting foreclosed on.
Other properties we buy in Webster County, 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 Webster County, MO Home in Pre-Foreclosure | Evervest Home Buyers
Everyone hates foreclosure – even mortgage companies. Selling your home in pre-foreclosure can be an agreeable solution 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 your home fast, and assist with the legal and financial aspects of the sale. If your Webster County, MO home is in pre-foreclosure, call Evervest Home Buyers today at (417) 815-3889 or tell us about your property online.