Foreclosure is a nightmare to any family going through it irrespective of the reasons why they are about to lose their home. Today we are going to look at the foreclosures effects in Apex NC and what local house sellers need to know. First we will look at the effects and the ways of easing them.
Foreclosure Effects in Apex NC to Sellers
- Loss of your home – Pretty self-explanatory here. The major end result of a foreclosure in NC 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. 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.
- Depression and Stress – Your mental health is at stake because of the high pressure situation. 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 Apex NC 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.
How You Can Ease The Effects Of Foreclosure In Apex
For the well being of you and your family, you need to mitigate the effects of foreclosure as much as you can. The process can be frustrating and time consuming, but there are people who can help you navigate your different options in the 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. 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.
- Take advantage of government programs: Local, state and federal governments all offer programs to help struggling homeowners. Research online or contact your local housing authority to find out what programs might be available to you.
- Sell your house: If you’d rather find a way to sell your house and avoid the foreclosure altogether, you can reach out to a local realtor or a reputable house-buying company. We buy local Apex houses for cash… and would love to look at your situation and make you a fair offer on your house. Just call us at (919) 249-8598 or shoot us your details through this website.
Foreclosure is incredibly stressful, but it doesn’t have to be the end of the world, and it can often be avoided altogether. The key is to avoid denial, act early, research your options, and take advantage of all available resources.
Have a house to sell? We help home owners sell your house in the shortest time possible. Just 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!