Going through a foreclosure is a struggle for any family. Regardless of the reasons why they are going through it, the family is about to loss their home. In this article, we are going to examine the foreclosures effects in Grand Rapids Michigan and what local house sellers need to know. Here are the effects and some ways to ease them..
Effects of Foreclosure in Grand Rapids Michigan to Sellers
- Loss of the home – The unfortunate reality is foreclosure results in the loss of your home. After the foreclosure is completed in MI, the home is owned by the bank.
- Decrease in Credit Rating – Your credit rating will be lowered – sometimes dramatically – by a foreclosure. How much depends on how high your current credit score is. The higher your current credit score is, the more it will drop after a foreclosure. If your credit score is 680 or higher, it may drop 100+ points, which means you may not be able to get a loan of any kind in the near future.
- Anxiety – In any high pressure situation, your personal health needs to be considered. Going through a foreclosure can be exhausting and frightening to say the least.
- House Values In Your Neighborhood – One of the big foreclosure effects in Grand Rapids MI is that they usually reduce the overall value of the houses in your neighborhood… especially if there are multiple foreclosures area. This effects your neighbors house value even if they have not gone through a foreclosure.
There Are Ways To Reduce The Effects Of Foreclosure In Grand Rapids
Mitigating the effects of foreclosure will reduce your personal stress level and benefit the community at large. It may not be easy, but you do have different options. Here we list some immediate ways you can reduce the effects of foreclosure.
- Calling your bank and work with them: If you are willing to work hard to avoid a foreclosure, most banks are very willing and to work with you. What they want is for you to show that you can get back on track with your payments to save your house. When the bank sees regular payments, they see a good customer. Or, perhaps you just want out of the house, but your owe more than it is worth…be honest with the bank…they bank may have programs to lower the mortgage burden so you can get out of it without going through an expensive and stressful foreclosure.
- Call a local professional house buyer, like AKJ Sell Today: We know the Grand Rapids real estate market well and have helped others quickly and painlessly avoid foreclosure here in MI. Call or text us at (616) 303-7378 and we can sit down with you and discuss your options.
- Sell your house: If you want a fast way to sell your house and avoid foreclosure, great! We work with local real estate investors to buy Grand Rapids houses for cash. We offer fair prices and can close in as fast as 5 days. Call us at (616) 303-7378 or shoot us your details through this website.
With the above information on foreclosure effects in Grand Rapids – what sellers need to know, you are armed with the next steps to help your situation. Avoiding foreclosure will greatly reduce your stress and give you a new start on life. Please just let us know if we can help.