{"id":1361,"date":"2020-10-10T00:00:00","date_gmt":"2020-10-10T05:00:00","guid":{"rendered":"https:\/\/chrisbuyshomesstlseller7.carrot.com\/?p=1361"},"modified":"2025-02-15T15:27:20","modified_gmt":"2025-02-15T15:27:20","slug":"what-is-a-pre-foreclosure","status":"publish","type":"post","link":"https:\/\/www.chrisbuyshomeskc.com\/blog\/what-is-a-pre-foreclosure\/","title":{"rendered":"What is a Pre-Foreclosure in Kansas City?"},"content":{"rendered":"With millions of homes across the country going into foreclosure, it\u2019s important for both buyers and mortgage holders\u00a0to understand the process.\n<h2>So what is a pre-foreclosure in Kansas City anyway?<\/h2>\nMany homeowners across America and Kansas City are facing difficulties making their monthly mortgage payments.\n\nWhen\u00a0a homeowner misses 3-6 months of mortgage payments, the lending institution will issue a warning, notifying the\u00a0homeowner to pay or lose their home. This period is known as \u201c<strong><em>pre-foreclosure<\/em><\/strong>.\u201d\n\nBanks and mortgage lenders typically\u00a0provide <em><strong><span style=\"text-decoration: underline\">three months<\/span><\/strong><\/em> for the homeowner to become current. \u00a0Of course this number can vary by bank and situation sometimes.\n\nIf a homeowner fails to make the necessary payments, the bank will foreclose on the home, assuming ownership, and\u00a0evict the homeowner. Thankfully, during this stage of the foreclosure process, a mortgage holder has the opportunity to\u00a0take advantage of several options to prevent losing their home.\n<h2>Pre-foreclosure Options for Borrowers<\/h2>\nIf you\u2019re behind on mortgage payments, you\u2019re likely to receive a \u201cnotice of default\u201d from your mortgage lender.\n\nThis\u00a0document will state that you have not made mortgage payments for the last 90-180 days. <strong><span style=\"text-decoration: underline\">It\u2019s important not to panic<\/span><\/strong>.\n\n<strong>You have options that can delay or even prevent losing your home:<\/strong>\n<ul>\n \t<li><span style=\"text-decoration: underline\">If your mortgage is \u201cabove water,\u201d<\/span><em>\u00a0(meaning you have equity in your house)<\/em> you may be able to refinance your mortgage, receiving lower monthly payments. \u00a0Check with your local Kansas City mortgage broker&#8230; or <a href=\"\/contact-us\/\" target=\"_blank\" rel=\"noopener noreferrer\">contact us<\/a> and we can connect you with a reputable one.<\/li>\n \t<li>You may be able to quickly <strong><a href=\"\/\" target=\"_blank\" rel=\"noopener noreferrer\">sell your home to a real estate investor<\/a><\/strong>\u00a0that&#8217;s reputable in Kansas City like us at Chris Buys Homes in Kansas City, using the cash acquired to pay the months of\u00a0back-payments owed (or we *may* be able to work out something with the lender that relieves all or part of your back payments.<a href=\"\/\" target=\"_blank\" rel=\"noopener noreferrer\">We\u00a0can buy your Kansas City MO area home<\/a> quickly, often in just a week or two, <span style=\"text-decoration: underline\">will pay in\u00a0cash,<\/span> and takes the stress out of trying to find a buyer.<\/li>\n \t<li><strong>You can contact the bank and ask them to permit a short sale<\/strong>. In a short sale, you\u2019ll sell your home for less than\u00a0it\u2019s worth, and the bank will take the loss as a tax write-off. \u00a0In some short sales you may still be required to pay the difference to the bank if the house doesn&#8217;t sell for what is owed on the loan.<\/li>\n \t<li><strong>You may be able to declare bankruptcy<\/strong>, which can buy you time to pay your debt. Bankruptcy will remain on\u00a0your credit report for years, and can cause significant damage.<\/li>\n<\/ul>\nLenders are very much aware of the widespread financial troubles across the country and they&#8217;re willing to work with borrowers a lot of the time.\n\nIf you\u2019re honest and\u00a0communicate with your lender, you\u2019ll often find that there are options that will allow you to remain in your home, or at\u00a0least salvage your credit rating.\n\nA foreclosure can often negatively affect your credit score by 200-400 points and can\u00a0prevent you from obtaining a loan of any sort for 5-7 years, so be very dutiful if you\u2019ve received a Notice of Default from\u00a0your lender.\n\nBut if you&#8217;re not able to find a solution with your lender working directly with them&#8230; <a href=\"\/\" target=\"_blank\" rel=\"noopener noreferrer\">connect with us.<\/a> <strong>We may be able to help<\/strong>.\n<h2>Ways We Can Help If You&#8217;re In Pre-Foreclosure<\/h2>\n<ul>\n \t<li><strong>We can potentially help with a short sale<\/strong> &#8211; Submit your info on this website so we can evaluate your situation to see if we can help.<\/li>\n \t<li><strong>We can buy your Kansas City area house<\/strong> &#8211; <a href=\"\/\" target=\"_blank\" rel=\"noopener noreferrer\">We buy houses in Kansas City<\/a>\u00a0and would love to make you an all-cash offer on your house too. Just <a href=\"\/\" target=\"_blank\" rel=\"noopener noreferrer\">fill out the form here to get started<\/a> &gt;&gt;<\/li>\n \t<li><strong>You can ask us questions and we can provide you FREE guidance<\/strong> and resources so you can make a well educated decision. This costs you nothing, there&#8217;s absolutely no pressure, no obligation&#8230; just free guidance without a catch.<\/li>\n<\/ul>\nIf you&#8217;re in the pre-foreclosure stage&#8230; you&#8217;ve still got time to fix this situation.\n\nJust connect with your bank to see if they&#8217;re willing to work with you&#8230; or contact us if you&#8217;d like to see what we can buy your house for or to tap into our free foreclosure foreclosure resources.\n<h3 style=\"text-align: center\"><strong>Want To Discuss Your Pre-Foreclosure Options? Call Us at (816) 720-7760\n<a href=\"\/\" target=\"_blank\" rel=\"noopener noreferrer\">Or, Submit Your Info Here To Get A Cash Offer On Your House &gt;&gt;<\/a>\n<\/strong><\/h3>","protected":false},"excerpt":{"rendered":"<p>With millions of homes across the country going into foreclosure, it\u2019s important for both buyers and mortgage holders\u00a0to understand the process. So what is a pre-foreclosure in Kansas City anyway? Many homeowners across America and Kansas City are facing difficulties making their monthly mortgage payments. When\u00a0a homeowner misses 3-6 months of mortgage payments, the lending [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[148],"tags":[50,56,85],"class_list":["post-1361","post","type-post","status-publish","format-standard","hentry","category-reason-to-sell","tag-foreclosure","tag-foreclosure-process","tag-pre-foreclosure"],"_links":{"self":[{"href":"https:\/\/www.chrisbuyshomeskc.com\/wp-json\/wp\/v2\/posts\/1361","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.chrisbuyshomeskc.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chrisbuyshomeskc.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chrisbuyshomeskc.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chrisbuyshomeskc.com\/wp-json\/wp\/v2\/comments?post=1361"}],"version-history":[{"count":1,"href":"https:\/\/www.chrisbuyshomeskc.com\/wp-json\/wp\/v2\/posts\/1361\/revisions"}],"predecessor-version":[{"id":18965,"href":"https:\/\/www.chrisbuyshomeskc.com\/wp-json\/wp\/v2\/posts\/1361\/revisions\/18965"}],"wp:attachment":[{"href":"https:\/\/www.chrisbuyshomeskc.com\/wp-json\/wp\/v2\/media?parent=1361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chrisbuyshomeskc.com\/wp-json\/wp\/v2\/categories?post=1361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chrisbuyshomeskc.com\/wp-json\/wp\/v2\/tags?post=1361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}