Selling a Home in Pre-Foreclosure in Webster Groves, MO
Selling a home in pre-foreclosure in Webster Groves, MO. Financial hardships can fall on the best of us, 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 a difficult situation to be in, you do have options if you find yourself there. Evervest Home Buyers is a cash property-buying company that purchases Webster Groves, MO homes in foreclosure. Our buyers are friendly and discreet. We can have an estimate ready for you right when you upload pictures, have our official offer in as little as 48 hours, and close as quickly as you need us to – before the bank officially foreclosures on your home. Call us at (314) 730-0366 or get your offer 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 account to pay for your next move.
How Foreclosure Happens in Webster Groves, MO
Pre-foreclosure is the period between when you first miss a mortgage payment and when your bank or lender sells your Webster Groves, MO house. 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. After each of the first two missed payments, your bank will likely reach out via letter or telephone. If you’ve only missed a month or two, 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, the lender will send you a notice of default, notifying you of how much you owe and informing you that, to avoid foreclosure, you must bring the mortgage up to date within 30 days. Federal law requires 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 brought your mortgage up to date, 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, you won’t have any official court proceedings, but they must follow the regulations in by Missouri law.
- Sale of the home — Whichever type of foreclosure they pursue, the home 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 property has a new owner, you’ll have a three to 30 day period to move out. If you remain in the house, the new owner can file an eviction lawsuit in court.
While the foreclosure process may seem harsh, there are multiple ways you can lessen the consequences for yourself.
How to Stop Foreclosure in Webster Groves, MO
Below are the main ways you can handle pre-foreclosure or foreclosure in Webster Groves, MO:
Reinstate the Loan
Reinstating a loan generally involves settling 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.
It’s important to note. If you fail to keep up with the monthly payments the home may go into foreclosure again. You could consider taking out a loan with a different lender, but the interest rates will likely be high, and then you’ll have two monthly debts to keep up with.
Deed in Lieu of Foreclosure
In a “deed in lieu,” you can give your home to the lender in exchange for discharging your unpaid debt. This reduces some of the negative consequences of a foreclosure, such as a damaged credit score, and the lender wouldn’t have to deal with the nuisance 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 go the bankruptcy route, you’ll still have to pay off your debt, but the timeline will be extended and will have a different payment plan. 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 the lender completes foreclosure, and you can still remain in the home before foreclosure without having to pay the mortgage. This is usually a way to simply delay foreclosure for several months while you plan your future.
Chapter 13 Bankruptcy
If you choose Chapter 13 bankruptcy, you may be able to not give up 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 choice. First, your entire financial life will be evaluated to see if you qualify. You’ll also incur significant court costs and fees and pay for expensive bankruptcy lawyers. If you’re having difficulty keeping up with mortgage payments, bankruptcy still may be too expensive.
Sell Your Home in Pre-Foreclosure
The last option is to sell your home and settle your outstanding debts with the money. There are two different types of sales for a pre-foreclosure home:
- Short sale — Lenders are obligated to consider any offer made on your Webster Groves, MO house. In a short sale, the offer on your Webster Groves, MO home in pre-foreclosure is less than the amount you owe. The lender can then decide if getting less than the remainder of the mortgage is worth avoiding 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 a potential buyer offers more than your remaining mortgage, 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 property through a real-estate agent, but foreclosure only lasts for 45 to 60 days. According to research by the St. Louis Federal Reserve, selling a house on the traditional market takes more than three months, and that doesn’t account for the work put in for making a home appealing to a traditional buyer. If you’re in pre-foreclosure, selling to an as-is, cash home buyer may be your best option. We can agree to an offer and close on your house within 30 days of you contacting us.
Selling Your Home in Pre-Foreclosure to Our Webster Groves, MO Cash Home Buyers
Evervest Home Buyers buys homes with all cash offers, and strive to give Webster Groves, MO homeowners a hassle-free home sale. We’ve bought everything from properties of houses in probate to homes with asbestos.
We purchase homes “as-is,” which means that the condition of the property isn’t important to us as it would to a typical homeowner. 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 send us pictures of your house, we can give you a same-day estimate. In the following days, a member of our team will carry out their own inspection. You don’t even have to wash the dishes before we show up. We always strive to offer as much as we can for a home in Webster Groves, MO while still being able to profit off it after we repair it.
- Giving you a stress-free home sale — We understand that your Webster Groves, MO home being in pre-foreclosure is a trying time, 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. Unlike other cash home buying companies, we have never written a contract that didn’t close because we didn’t fulfill its terms. 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 Evervest, 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 30 days if not sooner.
- Saving your credit score — Having a home in pre-foreclosure does not effect 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 perils of foreclosure.
Other properties we buy in Webster Groves, MO include:
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- Selling a House As Is
- Home Investors
- Cash For Houses
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- Cash Home Buyer
- We Buy Houses in Greater St. Louis
Selling Your Webster Groves, 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 everybody involved. Our buyers are friendly 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 the deal quickly, and assist with the legal and financial aspects of the sale. If your Webster Groves, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.