Foreclosure is a nightmare to any family going through it, irrespective of the reasons why they are about to lose their home. Today, we will look at the foreclosures effects in Raleigh NC and what local house sellers need to prepare for. In this post, we cover the foreclosure consequences and how to ease them.
Foreclosure Effects in Raleigh NC to Sellers
- Loss of your home – Pretty self-explanatory here. The bank or the mortgage holder can take back your property if you fall behind paying off your mortgage.
- Decrease in Your Credit Rating – The foreclosure will lower your credit rating. Keep in mind that the higher your current credit score is, the more your score will fall. So, if you have a credit score of 700 or higher, you may see a drop of 100+ points once the foreclosure process is completed.
- Depression and Stress – Going through a foreclosure while dwelling on a financial situation can significantly impact your emotional and mental state. Your daily living could also be affected because of the high-pressure situation.
- House Values In Your Community – Another one of the big foreclosure effects in Raleigh NC is that they tend to reduce property values in your neighborhood… especially if there are multiple foreclosures in the immediate area.
How You Can Ease The Effects Of Foreclosure In Raleigh
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 to move 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 Present Day Properties: We know the local Raleigh real estate market well and are very experienced in the foreclosure process here in NC. Give us a call at 984-689-9785, and we can guide you toward the resources that can surely 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 Raleigh 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 984-689-9785 or shoot us your details through this website.
With the above knowledge on foreclosure effects in Raleigh – what sellers need to know, you can guard yourself by calling Present Day Properties at 984-689-9785 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!