We Buy Pre-Foreclosures in the St. Louis Area
Most people don’t realize that they have options when it comes to their lender filing paperwork to start the foreclosure process on their home. Typically, your bank won’t really tell you much, although that’s not always true.
If you give us a call, we’ll call the bank with you (if you want to keep your house) and talk with them to see how willing they are to work with you in your situation. A couple of ideas we run by them are:
- Adding the arears to the end of the loan.
- Loan mod.
- Adding another person to the loan in order to strengthen your position.
Plus a few tricks of our own.
The process of foreclosure in Missouri
Missouri state foreclosure laws are pretty complex but we really only need to understand a few things.
- Ways to stop it
- Other options
Missouri is a “non-judicial state for foreclosures, this just means that the lender does not need to go to court to foreclose on your home.
They cannot issue a notice of sale unless you are in delinquent status for 120 days.
The sale is to be 40-50 days after the notice.
The lender is required to make notice of the sale by publishing it in a newspaper for roughly 4 weeks before the sale date.
There are ways to postpone the sale date in order to buy time for a better solution, we know these ways.
Ways We can Help you with your Pre-Foreclosure
The basics solutions to a pre-foreclosure are:
- Working with the bank (if your current financial situation will allow)
- Subject to
- We buy your house
Working with the bank is usually priority #1 if you’d like to stay in your home. It actually includes a few different options. A quick phone call with your lender will reveal to us what options, if any, they’re willing to entertain.
Shortsales can be beneficial if the bank will not work with us on anything. It will help your credit score and stop you from a receiving a foreclosure on your credit history.
Subject to is an option where someone outside of the deal takes over your payments. This also prevents you from getting a foreclosure on your credit.
We buy your house, if you just want to leave, and some people do, or if the bank will not budge, we can buy your house from you.
We’ll buy your preforclosure house in as-is condition to get you from under the loan and in many cases you can walk away with money.