Pre-foreclosure in Kansas City

Pre-foreclosure in Kansas City could be a very common occurrence and it is only the first step in the process to foreclosure. With many homeowners at risk of foreclosure, it’s important for both buyers and mortgage holders to understand the process.

What is a pre-foreclosure in Kansas City?

Homeowners in Kansas City could be facing difficulties making their monthly mortgage payments. After all the stress caused by the pandemic, now things are going back to normal and that includes the foreclosure process.

When a homeowner misses 3-6 months of mortgage payments, the lending institution will issue a warning, notifying the homeowner of their potential to default. This period is known as pre-foreclosure.”

Banks and mortgage lenders typically provide three months for the homeowner to become current.  Each lender will have a little bit different policy and process, so it is best that you contact them directly so that you clearly understand what you are up against.

If you fail to make the necessary payments, the bank will foreclose on the home, assume ownership, and evict you. Thankfully, during this stage of pre-foreclosure in Kansas City process, a mortgage holder has the opportunity to look at what options might be available to either catch up their payments or sell the home and release themselves from the stress of making the payments.

Pre-foreclosure Options for Borrowers

If you’re behind on mortgage payments, you’re likely to receive a “notice of default” from your mortgage lender.

This document will state that you have not made mortgage payments for the last 90-180 days. It is likely you are already aware of this and have been waiting for this letter. The first natural reaction of people is to ignore it and hope for the best. That is probably not your best option. If you have waited the full 90-180 days before looking at your options, you need to move quickly as time is not on your side.

You do have some options available that can delay or even prevent losing your home:

  • If you have equity built up in your house, you may be able to refinance the mortgage, receiving lower monthly payments.  Check with your lender or another local Kansas City mortgage broker. If you are unsure who to reach out to, contact us and we can help you find someone to work with you.
  • You may be able to quickly sell your home to a cash home buyer in Kansas City, like us at Mastiff Home Buyers , using the cash acquired to pay the months of back-payments owed.
  • Sometimes we can work out something with the lender that relieves all or part of your back payments.
  • If you believe that your financial situation won’t improve and prefer to sell We can buy your Kansas City area home quickly for cash or we can take over the payments so you can move on without the stress of paying the mortgage looming over you.
  • If your house needs repairs, You can contact the bank and ask them to permit a short sale. In a short sale, you’ll sell your home for less than it’s worth, and the bank will take the loss as a tax write-off.  In some short sales you may still be required to pay the difference to the bank if the house doesn’t sell for what is owed on the loan.
  • You may be able to declare bankruptcy, which can buy you time to pay your debt. Bankruptcy will remain on your credit report for years, and can cause significant damage.

Lenders are very much aware of the widespread financial troubles that occur for people here in Kansas City and they’re willing to work with borrowers much of the time. If you’re honest and communicate with your lender, you’ll often find that there are options that will allow you to remain in your home, or at least salvage your credit rating.

A foreclosure can often negatively affect your credit score by 200-400 points and can prevent you from obtaining a loan of any sort for 5-7 years, so be very dutiful if you’ve received a Notice of Default from your lender.

But if you’re not able to find a solution with your lender working directly with them, connect with us. We may be able to help.

Ways We Can Help If You’re In Pre-Foreclosure

Stop the pre-foreclosure train
  • We can potentially help with a short sale – Submit your info on this website so we can evaluate your situation to see if we can help.
  • We can buy your Kansas City area house for cashWe buy houses in Kansas City  and would love to make you an all-cash offer on your house too. Just fill out the form here to get started >>
  • We can take over your payments and other costs associated with owning the house, such as taxes, insurance.
  • You can ask us questions and we can provide you FREE guidance and resources so you can make a well educated decision. This costs you nothing, there’s absolutely no pressure, no obligation just free guidance without a catch. We measure our company success on how many people we help, so let us help you.

Want To Discuss Your Options? Call Us at (816) 750-5325
Or, Submit Your Info Here To Get A Cash Offer On Your House >>

Call Us Today