Foreclosure is a nightmare to any family going through it irrespective of the reasons why they are about to lose their home. It’s a tough situation all around. Today we are going to look at the foreclosures effects in Philadelphia, Pa and what local house sellers need to know and should know. First we will look at the effects and the ways of easing them.
Foreclosure Effects in Philadelphia, Pa to Sellers
- Loss of your home – Pretty self-explanatory here. The major end result of a foreclosure in Philadelphia, Pa and any surrounding county is of course the loss of the home to the bank.
- Decrease in Your Credit Rating – Your credit rating will be lowered by the foreclosure. In a great way! How much? It depends on how high your current credit score is… but the higher your current credit score… the more your score will drop after a foreclosure. If you have a credit score of 680 or higher… you may see a drop of 100+ points. Which is a very drastic drop. This Foreclosure can also hurt your credit score for a periond of 7-10 years just from this one incident.
- Depression and Stress – Your mental health is at stake because of the high pressure situation. it is very stressful and can bring on depression for some. Going through a foreclosure is emotionally exhausting and frustrating to say the least.
- House Values In Your Community – Another one of the big foreclosure effects in Philadelphia, Pa and surrounding areas is that they tend to lower the overall value of the houses in your neighborhood… especially if there are multiple foreclosures in the immediate area. This will definitely hurt your local market.
How You Can Ease The Effects Of Foreclosure In Philadelphia, Pa
For the well being of you, your loved ones, and your family, you need to mitigate the effects of foreclosure as much as you possibly can. The process can be frustrating and time consuming, but there are people who can help you navigate your different options in the troublesome process.
- Call your bank and work with them: Most banks are very willing and ready to work with you… if you can show that with their help you can get back on track and save your house. There goal is not to lose any money and continue a long term mortgage payment with interest. Or, if you just want out of the house but you owe more on the house than it’s worth… see if the bank has any programs to lower the mortgage burden so you can get out from underneath it without it going through an expensive foreclosure.
- Talk with a local real estate expert, like TriState-Properties: We know the local Philadelphia, Pa and surrounding county real estate market well and are very experienced in the foreclosure process here in Pennsylvania, New Jersey and Delaware. We have been in business for a decade and are seasoned Cash Homebuyers who can help with any difficult situation. We have definitely heard and seen every scenario known to mankind. Give us a call at 267-703-9956 and we can guide you toward the resources that can definitely help you in this rough time. We pride ourselves in win-win solutions and helping homeowners in our area.
- Sell your house: If you’d rather find a way to sell your house fast and avoid the foreclosure all together, great! We buy local Philadelphia, Pa houses AS-IS for cash… and would love to look at your situation and make you a fair all-cash offer on your house. Just call us at 267-703-9956 or shoot us your details through this website.
With the above knowledge on foreclosure effects in Philadelphia, Pa – what sellers need to know, you can guard yourself by calling TriState-Properties at 267-703-9956 and we shall assist you in the shortest time possible to sell your house fast. However, to fast track the process, kindly fill out our website contact form to give us more information about you. We’d love to connect with you and help you find the best solution! We look forward to speaking with you.