Selling a Home in Pre-Foreclosure in Winchester, MO
Selling a home in pre-foreclosure in Winchester, 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 property-buying company that purchases Winchester, MO homes in foreclosure. Our buyers are friendly and discreet. We can offer you an estimate right when you upload pictures, have a full offer for you in a matter of days, and close as quickly as you need us to – before the lender officially foreclosures on your home. Call us at (314) 730-0366 or get your offer online to start the process of getting out from under the bank’s thumb today. Depending on how much you owe, we may even be able to put enough cash in your account to pay for your next move.
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The Pre-Foreclosure Process in Winchester, 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 — 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 via letter or telephone. 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 proceeding to foreclosure.
- Notice of default — After the third month of missed payments, you’ll receive a notice of default, notifying you of the amount past due and informing you that, to avoid foreclosure, you must pay it off within 30 days. Federal law stipulates that lenders must wait 120 days from the first missed payment to begin official action.
- The lender officially begins foreclosure — If, after 120 days you haven’t made your mortgage current, 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 set by Missouri law.
- Sale of the home — In either case, the house will then be auctioned off to the public. The lender will set a minimum bid taking into account their appraisal of the home, the amount owed, and any fees 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 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 Winchester, MO
You have a few options whenever you’re house is in pre-foreclosure or foreclosure in Winchester, MO:
Reinstate the Loan
Reinstating a loan usually includes paying off the late payments and any other penalties or fees. Once the loan is current you will be expected to continue making regular payments as outlined in the loan agreement.
reinstating a loan is not a permanent solution. If you cannot maintain the payments. You could consider taking out a loan with a different company, but it will likely have an incredibly high interest rate, and then you’ll have two monthly loans to keep up with.
Deed in Lieu of Foreclosure
In a “deed in lieu,” you can give your home to the lender, in return they will discharge your unpaid debt. 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 home, or keep it as a rental property, but you would still likely have to move out.
Bankruptcy
Bankruptcy is a legal process that allows individuals or businesses who cannot keep up with their debts to either have those debts restructured or discharged. If you go the bankruptcy route, you’ll still have to pay off the mortgage, 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 choose 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 without having to pay the mortgage. The goal of this is to simply delay 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 house. You’ll have to stick to a payment plan – under supervision of a court-appointed trustee – that allows you to become current in three or five years.
Bankruptcy has several downsides, 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 costs and 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
The last option is to sell your home and pay off your debt with the funds you get from the sale. There are a couple different ways to do this:
- Short sale — Lenders are required to consider any offer made on your Winchester, MO house. 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 full amount back is worth not having to deal with the hassle of a foreclosure. A short sale does lower your credit score, but not as much as a foreclosure.
- Traditional sale — If a potential buyer offers more than the amount of debt you owe, you can accept that offer, pay off your debt with the money from the sale, and keep the rest to fund your next move.
You can choose to hire a real estate agent to sell your home in pre-foreclosure, 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 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. Once you accept our offer, we can close as quickly as you need us to.
How Our Winchester, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers buys homes with all cash offers, and always want to give Winchester, MO homeowners a stress-free home sale. We’ve bought everything from properties of houses in probate to condemned properties.
We purchase homes “as-is,” which means that the condition of the property doesn’t matter 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 fast — If you upload photos of your house, we can give you an estimate within an hour. In the following days, a member of our team will perform their own inspection. You don’t even have to wash the dishes before we show up. We always try to offer as much as we can for a house in Winchester, MO while still being able to profit off it after we repair it.
- Giving you a stress-free home sale — We understand that your Winchester, MO home being in pre-foreclosure is not the best time in your life, and you may be emotional about having to move out of 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 banks prefer not having to go through the foreclosure process, 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 we agree on a price.
- 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 help you avoid the financial pitfalls of foreclosure.
Other services we offer in Winchester, MO include:
- Selling Your House Off-Market
- Local Home Buyers
- Sell Vacant House (For Cash)
- Sell My House Fast for Cash
- Selling a Fixer Upper Home
- Cash for Ugly Houses
- Sell Your House During a Divorce
- Selling a Rental Property
- Selling a Home with a Reverse Mortgage
- Selling a House Without a Realtor
- Selling an Inherited House
- Selling a House in Poor Condition
- How to Sell a House That Needs Major Repairs
- Selling a House As Is
- Home Investors
- Cash For Houses
- Buy My House
- We Buy Houses For Cash
- Sell My House
- Cash for Homes
- Sell My House As-Is
- Sell My House For Cash
- Sell My Probate House
- Sell My As-Is House
- Sell My Outdated House
- Sell My Inherited House in Greater St. Louis
- Sell Your House Fast
- How to Sell Your House
- Sell My Home Preforeclosure
- Sell My Home Now
- Rental Property Buyer
- Cash Home Buying Company
- Investment Property Buyers
- Foreclosed House Buyer
- House Buying Company
- Fast House Buyer
- Probate House Buyer
- Condemned Property Buyer
- House Buyers
- Property Buyers
- Cash Home Buyer
- We Buy Houses in Greater St. Louis
Selling Your Winchester, MO Home in Pre-Foreclosure | Evervest Home Buyers
Everyone hates foreclosure – even lenders. 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 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 fast, and assist with the legal and financial aspects of the sale. If your Winchester, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.