Foreclosure is a nightmare to any family or individual 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 Upper Marlboro MD and what local house sellers need to know. First we will look at the effects and the ways of easing them.
Foreclosure Effects in Upper Marlboro MD to Sellers
- Loss of your home – Pretty self-explanatory here. The major end result of a foreclosure in Virginia 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.
- Difficulties finding and keeping employment– some employers require a good credit score in order to get hired. If you’ve been foreclosed on, and your credit score sustained a hit, this could be grounds for termination.
- House Values In Your Community – Another one of the big foreclosure effects in Upper Marlboro Virginia 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. A second trickle down effect could have very serous consequences on your community. A foreclosure process can cost as much as $34 000 in local agency bills. Unpaid utility bills for trash removal, water and electricity, police, sheriff cost and court fees all contribute to high bill that local government would have to pay.
How You Can Ease The Effects Of Foreclosure In Upper Marlboro
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 and offer modification on your loan… 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.
- Talk with a local real estate expert, like Same Day DC Home Offers : We know the local Upper Marlboro real estate market well and are very experienced in the foreclosure process here in Virginia. Give us a call at (703) 380-6795 and we can guide you toward the resources that can possibly help you.
- Sell your house: If you’d rather find a way to sell your house and avoid the foreclosure all together, great! We’ve helped many home owners while being in process of foreclosure by providing win-win solutions. We buy local Upper Marlboro houses 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 (703) 380-6795 or shoot us your details through this website.
With the above knowledge on foreclosure effects in Upper Marlboro – what sellers need to know, you can guard yourself by calling Same Day DC Home Offers at (703) 380-6795 and we shall assist you in the shortest time possible to sell your house. 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!