Foreclosure is a nightmare to any family going through it, regardless of the reasons why they are about to lose their home. Today we are going to look at the foreclosures effects in Philadelphia and what local house sellers need to know. First we will look at the effects and the ways of easing them.
Foreclosure Effects in Philadelphia Pennsylvania to Sellers
- Loss of your home – Pretty self-explanatory here. The major end result of a foreclosure in Philadelphia is of course the loss of the home to the bank.
- Decrease in Your Credit Rating – Your credit rating could be lowered by a 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 – Foreclosure is a highly stressful situation, for both you and those around you. So the mental health of you and those you care about is at stake. 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 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 Philadelphia
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.
First…
- Call the foreclosing party and work with them: Many creditors are 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. In some cases, particularly foreclosures related to past due property taxes, there are a number of options a homeowner can consider that could prevent a tax foreclosure.
- Talk with a local real estate expert, like Creative Living Solutions LLC: We know the local Philadelphia real estate market well and are very experienced in the foreclosure process here…especially city property tax related foreclosures. Give us a call at (215) 631-3848 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 buy local Philadelphia 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 (215) 631-3848 or shoot us your details through this website.
With the above knowledge on foreclosure effects in Philadelphia – what sellers need to know, you can guard yourself by calling Creative Living Solutions LLC at (215) 631-3848 and we can assist you in the shortest time possible to sell your house. However, to fast track the process, you can simply fill out our website contact form to give us more information about you and your situation. We’d love to connect with you and help you find the best solution!