Foreclosure is a nightmare to any family going through it irrespective of the reasons why they are about to lose their home. Today we are going to look at the foreclosures effects in Philadelphia Pennsylvania 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 PA is of course the loss of the
home to the bank.
- 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. The lower credit score will increase your borrowing costs and limit your access to preferred financing offers.
- 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. Consider speaking with Credit Counselors, trusted friends, close family members to help reduce feelings of anxiety, frustration, and helplessness.
- House Values In Your Community – Another one of the big foreclosure effects in Philadelphia PA 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. While this is not the primary concern of the homeowner, it is a concern for their neighbors.
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.
- 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. The bank would rather have a payment plan that you can afford rather than take back 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 SellPAHomeFast: We know the local Philadelphia real estate market well and are very experienced in the foreclosure process here in PA. Give us a call at (484)713-4009 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 (484)713-4009 or shoot us your details through this website.
The Foreclosure Timeline in Pennsylvania
The infographic to the right provides an overview of the foreclosure timeline process in Pennsylvania. Take note of where you are in the process.
With the above knowledge on foreclosure effects in Philadelphia – what sellers need to know, you can guard yourself by calling SellPAHomeFast at (484)713-4009 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!