Foreclosure is a nightmare to any family going through it regardless of the reasons why they are about to lose their home. This has had serious consequences on both homeowners and those living nearby, leading to increased levels of poverty and unemployment as well as decreased property values. Today we are going to look at the foreclosures effects in Metro Detroit Michigan and what local house sellers need to know. First we will look at the effects and the ways of easing them. With proper planning and proactive measures, we can work together to reduce the number of foreclosures in Metro Detroit and make our community stronger for everyone.
Foreclosure Effects in Metro Detroit Michigan to Sellers
- Loss of your home – Pretty self-explanatory here. Losing a home to foreclosure is an incredibly difficult and painful experience. It can be overwhelming, stressful, and emotionally draining. Not only do you have to deal with the financial loss of your house, but also the emotional toll it takes on you and your family. Foreclosure can cause feelings of shame, guilt, anger, and sadness that can last for years after the process has been completed.
- 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. It could take years for you to recover from such an event, so it’s important to understand the consequences before making any major decisions about your mortgage or home ownership. While there are some steps you can take to lessen the impact of foreclosure on your credit score, nothing will be able to undo all of the damage done by this unfortunate situation.
- 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. The process itself is long, tedious, and often filled with uncertainty as individuals attempt to navigate their way through the foreclosure system in hopes of saving their home or at least minimizing losses. In addition, people may feel ashamed or embarrassed about being unable to keep up with mortgage payments. This can lead to feelings of guilt and failure which further contribute to anxiety and depression.
- House Values In Your Community – Another one of the big foreclosure effects in Metro Detroit MI 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. Foreclosures reduce demand for houses and cause prices to drop due to an influx of supply. Banks often list foreclosed properties at discounted prices as well, further driving down house values in the neighborhood.
How You Can Ease The Effects Of Foreclosure In Metro Detroit
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 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.
- Talk with a local real estate expert, like Fast Home Offer Guys: We know the local Metro Detroit real estate market well and are very experienced in the foreclosure process here in MI. Give us a call at (248) 590-3040 and we can guide you toward the resources that can possibly help you and your family. There are several options available to you from short sale, to mortgage assumptions, to cash sale, to saving your home and many other.
- Sell your house: If you’d rather find a way to sell your house and avoid the foreclosure all together, great! We buy local Metro Detroit 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 (248) 590-3040 or shoot us your details through this website.
With the above knowledge on foreclosure effects in Metro Detroit – what sellers need to know, you can guard yourself by calling Fast Home Offer Guys at (248) 590-3040 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!