Foreclosure is a homeowner worst nightmare. It occurs when you fail to make payments or if you have violated the terms of your mortgage. The entire process can be stressful, energy-draining and embarrassing. In this post, we are going to discuss the effects of foreclosure in Philadelphia and what you can do to avoid it.
Eviction from your home
One of the main effects of foreclosure is eviction from your home. The bank will not hesitate to repossess the house if you fail to pay your mortgage as agreed. The worse thing is that the bank will not care whether you are about to complete paying the mortgage or you are just starting. It will repossess it and sell it to another buyer.
It will dent your credit score.
Another significant effect of foreclosure is a dent in your credit rating. A cut in credit score will impact your ability to get new housing, credit and even new employment for a long time. How much your credit rating will lower depend on your current credit score. For instance, if your current credit score is 680 or higher, then it may drop by up to 100 points. The higher your credit score, the more points it will fall.
Stress and uncertainty
Most Americans facing foreclosure usually suffer from stress and depression because of the uncertainty, not knowing when they will have to leave their homes. Going through foreclosure in Philadelphia is mentally draining, depressing and frustrating. It is the last thing that any homeowner in Philadelphia would want to go through.
It lowers house value in your community.
Most people are not aware that if they get a foreclosure, then houses around the community will also be affected in some way. If there are multiple foreclosures in a given community, the value of houses around the neighborhood will depreciate because buyers will be hesitant to purchase homes from that area.
How to ease the effects of foreclosure in Philadelphia
As much as the impacts of foreclosure are emotionally draining, frustrating, there are some things you can do to mitigate its impact. In this section, we are going to give tips on how to ease the impact of foreclosure.
Call your bank and express your willingness to work with them.
Most banks are usually ready and willing to listen and work with their clients. If you talk to them and prove your willingness to do your best to get back on track and save you home, then the bank will give you a chance. On the other hand, if you want to get out of the house but you owe the bank more then what it is worth, you can inquire to know if the bank has any programs that can help you lower your mortgage burden to end the process without a huge debt
Talk to local real estate expert
Another great way to ease foreclosure burden is by talking to an experienced local real estate agent like us. As a seasoned real estate agent in Philadelphia, we understand the local real estate market, and we can help you. For instance, we can buy your house for cash to help you avoid the process. Our experienced team can also give you professional advice on how to go about the process to help ease the foreclosure. Please give us a call today; our experts will guide on how to go about the process.
Sell your house
Another option is selling your house to avoid the process altogether. We can help you out in this by buying your home for cash. We will not take advantage of your situation to give you an incredibly low offer. Instated, we will provide you with a fair offer that matches your house value. Our goal is to help you sell your house fast, not to make a kill out of your misery. We will buy your home in Philadelphia for cash regardless of its current state.
For more information about foreclosure and ways to ease them, please give us a call today. Our experienced team will be glad to help you out.