What Is Preforeclosure?
Preforeclosure is the period between when a homeowner falls behind on mortgage payments and when the lender officially forecloses on the home. During this time, the bank has typically issued a Notice of Default or Intent to Foreclose, but you still own the property and have several paths forward.
How the Preforeclosure Process Works in Missouri
In Missouri, lenders can foreclose without going to court through a non-judicial foreclosure process. Here’s a simplified timeline of how preforeclosure unfolds:
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Missed Mortgage Payments
After 2–3 missed payments, your lender will likely begin sending warning letters. -
Notice of Default
This formal notice informs you that the foreclosure process is beginning. -
Reinstatement Period
You have a window of time to catch up on missed payments, refinance, or sell the home before the foreclosure sale is scheduled. -
Foreclosure Sale
If no resolution is reached, the home may be sold at auction, typically within 60–120 days of the initial notice.
The good news? If you're still in preforeclosure, you have time to act.
Your Options in Preforeclosure
1. Reinstate the Loan
You can catch up on missed payments, fees, and penalties to bring the loan current. This may require a lump sum or negotiated payment plan.
2. Loan Modification or Forbearance
Ask your lender about modifying the terms of your loan or temporarily pausing payments. This can buy you time, but often comes with strict requirements.
3. Refinance
If you still have equity and a qualifying credit profile, refinancing might help—though this is difficult once you’ve missed multiple payments.
4. Sell the Home
Selling the home before the foreclosure date lets you walk away with your credit intact—and possibly with cash in hand.
This is often the best option for homeowners who don’t want to risk foreclosure but don’t have the ability to catch up on payments.
How Sure Home Buyers Can Help
At Sure Home Buyers, we specialize in working with homeowners in preforeclosure. We buy houses as-is, in any condition, and we move quickly—often closing in 7 to 14 days.
Here’s what we offer:
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No repairs, cleaning, or inspections required
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We pay all closing costs
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Cash offers within 24 hours
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We can work directly with your lender to stop foreclosure
Real Story: A Homeowner in Webb City
We recently helped a man in Webb City who was 3 months behind on his mortgage. He had received a Notice of Default and was days away from foreclosure. We stepped in, made a cash offer, paid off the remaining balance, and closed within 10 days—saving his credit and giving him a fresh start.
Common Questions About Preforeclosure
Will foreclosure ruin my credit?
Yes—foreclosure can drop your credit score by 100–150 points and stay on your record for 7 years. Selling before the foreclosure is final helps protect your credit.
Can I sell my house while in preforeclosure?
Yes. You still own the home and have the legal right to sell it up until the foreclosure sale takes place.
What if I owe more than the home is worth?
We can help you explore short sale options or work with your lender to find a resolution.
* Always talk to an attorney about legal advice. We are not lawyers.
Get Help Today—Before It’s Too Late
If you’re behind on payments or have received a foreclosure notice, don’t wait. The earlier you act, the more options you have—and the more control you keep.
Call or text us at (417) 647-4911 or fill out our form at surehb.com to get a no-obligation cash offer.
Let’s help you avoid foreclosure and move forward with confidence.