Foreclosure is a nightmare for any family going through it, irrespective of the reasons why they are about to lose their home. Today, we will look at the foreclosure effects in Philadelphia Pennsylvania, and what local house sellers need to know. First, we will look at the impact and the ways of easing them.
Foreclosure Effects in Philadelphia Pennsylvania to Sellers
- Loss of your home – Pretty self-explanatory here. The immediate result of a foreclosure in Pennsylvania is the loss of the house to the bank.
- Decrease in Your Credit Rating – The foreclosure will lower your credit rating. 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.
- House Values in Your Community – Another one of the significant foreclosure effects in Philadelphia Pennsylvania 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 your well-being 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 some people can help you navigate your different options.
- 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 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 to get out from underneath it without going through an expensive foreclosure.
- Talk with a local real estate expert, like [Buying Property 215]: We know the local Philadelphia real estate market well and are very experienced in the foreclosure process here in Pennsylvania. Give us a call at [215-359-6090], and we can guide you toward the resources that can help you, whether it’s the traditional method of selling property with a licensed realtor or the route of a quick house sale directly to an investor!
- Sell your house: If you’d instead find a way to sell your house and avoid foreclosure, 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 home. Call us at [215-359-6090] 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 us at [215-359-6090], and we shall assist you in the shortest time possible to sell your house. However, kindly fill out our website contact form to give us more information about you to track the process fast. Fill out our website contact form to provide us with more information about you. We’d love to connect with you and help you find the best solution!