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 Greensboro NC and what local house sellers need to know. First we will look at the effects and the ways of easing them.
Foreclosure Effects in Greensboro NC to Sellers
- Loss of your home – Pretty self-explanatory here. The major end result of a foreclosure in NC 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.
- 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. Please click the link below for a list of North Carolina suicide hotlines should you be having any suicidal thoughts.
- House Values In Your Community – Another one of the big foreclosure effects in Greensboro NC 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 Greensboro
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 out of the house but you owe more on the house than it’s worth… see if the bank will allow you to apply for what is often referred to as a “short sale”. This process if approved by the bank will allow you to avoid having a foreclosure in your name. Instead, the bank will settle for a lesser amount than what you currently owe (your mortgage payoff). In this case, the seller can usually ask the bank for what is often called “relocation money or cash for keys”. I have seen this range from the norm of $2500 up to $10,000, however over $2500 is rare. If you think you qualify for a short sale make sure you choose someone who knows the process well and can get you results in a timely manner. Be prepared to stop a foreclosure while in the middle of waiting for the same bank to approve your short sale. With a decent attorney or alone you can go before the judge and by showing the purchase contract you will usually get an extension on the foreclosure. Sometimes the bank will postpone it, really just depends on the bak and asset manager on the file. Use this link for a list of all major banks phone numbers https://www.800-numbers.net/banks/
- Talk with a local real estate expert, like Helpful Homes : We know the local Greensboro real estate market well and are very experienced in the foreclosure process here in NC. Give us a call at 336-829-7400 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 Greensboro 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 336-829-7400 or shoot us your details through this website.
With the above knowledge on foreclosure effects in Greensboro – what sellers need to know, you can guard yourself by calling Helpful Homes at 336-829-7400 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!