Foreclosure is an extremely unpleasant event to any family going through it regardless of the reasons why they are about to lose their house. We are going to look at the foreclosures effects in Portsmouth Virginia and what local house sellers need to know. First we will look at the effects and the ways of making things a little easier.
Foreclosure Effects in Portsmouth Virginia to Sellers
- Loss of your home – this is pretty self-explanatory. The major end-result of a foreclosure in VA is of course the loss of the home to the mortgage lender.
- 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 here, because of this intense situation. Going through a foreclosure is emotionally exhausting and frustrating experience, mildly put.
- House Values In Your Community – Another one of the big foreclosure effects in Portsmouth VA 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. That may affect you, or a friend/relative who may own another home in the same neighborhood.
How You Can Ease The Effects Of Foreclosure In Portsmouth
For your future well-being, you need to work on reducing the effects of foreclosure as much as possible. The process can be pretty frustrating and time consuming, but there are people and organizations who can help you choose and evaluate your different options in the process.
- Call your bank and work with them: Most mortgage lenders are very willing to work with you… if you can show that with their help you can get back on track, catch up on your payments, and save the 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 Coastal Edge Homebuyers: We know the local Portsmouth real estate market really well and are very experienced in the foreclosure process here in VA. Give us a call at +1 (757) 414-7117 so we can inform and guide you toward the best resources that can possibly help you in your particular situation.
- Sell your house: If you’d rather find a way to sell your house and avoid the foreclosure all together, great! We buy local Portsmouth houses for cash, in “as is” condition… and would love to look at your situation and make you a fair all-cash offer on your house. Just call us at +1 (757) 414-7117 or shoot us your details through this website.
With the above knowledge on foreclosure effects in Portsmouth – what sellers need to know, you can protect yourself by calling Coastal Edge Homebuyers at +1 (757) 414-7117 and we will do our best to assist you in the fastest way possible to sell your house. However, to speed up this process, please fill out our website contact form to give us a little more information about you. We’d love to connect and help you find the best solution for! We are in business to help people!