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Selling My House While in Foreclosure
Selling Your Home During Pre-foreclosure & Foreclosure
If you are in St. Louis, Missouri and you are looking to sell your home fast for cash during foreclosure, the first thing to understand is the difference between Pre-foreclosure & Foreclosure:
Pre-foreclosure is when your bank begins the pre-foreclosure process after 90 days without any payment. You still own your home but unless you work out an arrangement with your lender or sell your home, you will lose your house to foreclosure. The bank will give you notice in the form of a default notice stating that they will pursue legal action if payment isn't made. The lender also notifies the county records office or files a lawsuit with the court. The bank then gives you 90 days to come up with the money and once your debt has been paid, your loan will be reinstated.
If you fail to pay off your debt within the 90-days, a notice of trustee sale is issued to inform the public that your home will be up for auction. The bank has to run an ad about the trustee sale in the paper for 3 weeks that will include details of the property and the date and time of the sale. This process can last 3-10 months. The good news is until your home is actually foreclosed you have options to stop it. You can sell your home fast for cash and avoid foreclosure.
Foreclosure on the other hand is when the bank repossesses your house. The lender is after the money, not your home, so it will sell your home in an auction The opening bid is usually set based on loans, liens, taxes, and sale costs associated with your property. Your home is then given to the highest bidder, and they get immediate possession. If no one buys your home at auction the lender will then try and sell your home through a broker or some other entity.
The effects of foreclosure are more than just losing the roof over your head. Your credit score is negatively affected, and you won't be able to apply for another mortgage for a period of time. It may even affect future job applications which begin to affect your mental health.
The best option to deal with both the situations - pre-foreclosure and foreclosure is to sell your home fast for cash! Learn more about how you can sell your home fast for cash in St. Louis by giving us a call!
What are my options when in pre-foreclosure and foreclosure?
When you're in pre-foreclosure you still have options before your home gets sold in a trustee sale. One option is that you can make up your missed payments. You will also need to take care of any late fees and penalties that have occurred as well as make your regular payments. Another option is to ask for a loan modification. This could involve shortening your rate, lengthening your term, deferring part of your payment, or some other easier way to enable you to make your payments. You could also obtain a deed in lieu of foreclosure. What this does is that it turns over the ownership of your house to your lender and eliminates your debt. This option may avoid your credit score from getting hit but there is still a possibility of your losing your house.
Another great option that is available both during pre-foreclosure and foreclosure is to sell your home to a cash home buyer like Core Properties St. Louis. Most banks agree with this option because of all the time and money involved with foreclosure, and your credit remains intact. When using a cash home buyer the process is quick and no financing is involved. If your offer is larger than your debt you can also have some extra money to put toward your new home.
Choose Core Properties St. Louis to sell your home in foreclosure! Our process is simple:
- Stress-free and quick as possible.
- No wait for financing to go through.
- Cash transferred in five days or less.
- Offer and close the sale less than a month.
HOW DOES IT WORK?
Sell Your House Fast for Cash!
Regardless of the condition, we’ll make a top cash offer for your St. Louis home. This means that you don’t have to waste your money and time on expensive repairs, cleanings, realtor fees, closing costs, house showings, etc.
#1. Discuss your property with us
#2. We will visit your property
#3. We will provide you with a Cash Offer
#4. Close Sale & Receive Cash
Why Should I Sell My Home to Core Properties?
Whether you are in pre-foreclosure or foreclosure and you have been behind on your mortgage payments, know that we will buy your home "as-is", meaning you don’t have to fix a thing. Core Properties will buy your house “as-is” and pay cash for your home so you don’t have to wait for financing to go through. We can make an offer and close the sale often times in less than a month. With Core Properties, once the deal is closed, you receive your cash deposit in five days or less, because everyone could use some cash fast.
Save Money By Selling Your House As-Is. No Repairs, No Cleaning, No Hassle! Avoid Expensive Fees Like Realtor Commissions, Closing Costs, Hidden Fee, Etc. Sell Your Home Quickly And Easily, Receive A Cash Offer And Close In As Little As A Week.
St. Louis City, St. Louis County and St. Charles County!