Selling a Home in Pre-Foreclosure in Willard, MO
Selling a home in pre-foreclosure in Willard, 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 Willard, MO homes in foreclosure. Our team is amiable and discreet. We can offer you an estimate right when you upload pictures, have our official offer in a matter of days, and close in as little as 30 days – before the lender sells your house. Call us at (417) 815-3889 or contact us online to avoid foreclosure. 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 account to fund your next move.
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How Foreclosure Happens in Willard, MO
Pre-foreclosure begins when you first miss a payment, and ends when your lender takes official action. It is a five-step process:
- Payment default — Payment default begins when you’ve missed paying one month of your mortgage. 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 pay off the delinquent debt. Federal law requires lenders to offer you an opportunity to catch up before proceeding to foreclosure.
- Notice of default — After 90 days of missed payments, you’ll receive a demand letter, 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 states that lenders must wait 120 days from the first missed payment to start official action.
- 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, you won’t have any official court proceedings, but they must abide by the rules in by Missouri statutes.
- Sale of the home — Whichever type of foreclosure the lender opts for, the property will will be sold in a public option. The lender will set a minimum bid which accounts for 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 between three and 30 days 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 cruel, there are a few different ways you can mitigate the consequences for yourself.
How to Stop Foreclosure in Willard, MO
Below are the main ways you can deal with pre-foreclosure or foreclosure in Willard, MO:
Reinstate the Loan
Reinstating a loan generally includes paying off the past due payments and any other penalties or fees. Once the loan is current you can continue making regular payments as outlined in the loan agreement.
You need to be aware that reinstating a loan does not forgive the past-due payments and penalties that were incurred, it merely brings the loan current. If you are unable to stay but to date. You could consider taking out a loan with a different bank, but the interest rates will likely be high, 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 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 nuisance the foreclosure process. The lender can then sell the house, or keep it and have tenants in it, but you would still likely have to move out.
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 the mortgage, 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 the lender completes foreclosure, and you can still remain in the home before foreclosure without having to pay anything monthly. This is usually a way to simply stall foreclosure for several months while you plan your future.
Chapter 13 Bankruptcy
If you file for Chapter 13 bankruptcy, you may be able to hold onto your property. You’ll have to stick to a payment plan – under supervision of a court-appointed trustee – that allows you to pay off your debt in three or five years.
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 for bankruptcy lawyers. If you’re not able to keep up with mortgage payments, 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 — If a prospective buyer makes an offer on your Willard, MO home, the lender is required to consider it. In a short sale, the offer is not enough money to pay off all your debts. A short sale can only happen if the lender agrees. In some cases, the bank may believe the short sale offer is more than they’ll get at auction. A short sale does lower your credit score, but not as much as a foreclosure.
- Standard sale — If your home is worth more than the amount of debt you owe, you can simply sell your home to an interested buyer, use the money to pay off your mortgage, and pocket the rest.
You can try to sell your home on the traditional market, but foreclosure only lasts for 45 to 60 days. Based on data from 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 work put in for making a home appealing to a traditional buyer. If you’re in pre-foreclosure, selling your home to an as-is, cash home buyer is likely preferable to the traditional market. 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 Willard, MO Cash Home Buyers
Evervest Home Buyers buys homes with all cash offers, and strive to give Willard, MO homeowners a stress-free home sale. We buy all types of properties, from people who owe back taxes to houses with lead or asbestos.
We purchase homes “as-is,” which means that homeowners do not have to make costly renovations 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 our best possible 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 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 property in Willard, MO while still being able to profit off it after we repair it.
- Making the home selling experience stress-free — We understand that your Willard, 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 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 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. There’s no waiting for inspections, appraisals, or open house. 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 effect your credit score. However, if your house is foreclosed on, it has a huge negative impact on your credit score, that won’t go away for 7 years. While selling to us won’t allow you to keep your home, we can save you from the financial perils of it getting foreclosed on.
Other services we offer in Willard, 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 Willard, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even mortgage companies. Selling your home in pre-foreclosure can be an agreeable solution for both you and your mortgage lender. Our buyers are friendly 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 your home quickly, and help you with the legal and financial aspects of the sale. If your Willard, MO home is in pre-foreclosure, call Evervest Home Buyers today at (417) 815-3889 or tell us about your property online.