Foreclosure is a nightmare for any family going through it irrespective of the reasons why they are about to lose their home. Your mailbox becomes full with letters, lenders pursue you with phone calls, and you may be served with legal papers. Below, we are going to look at the foreclosures effects in Baltimore, MD and what local house sellers need to know. First, we will look at the effects and the ways of easing them.
Foreclosure Effects in Baltimore, MD to Sellers
- Loss of your home – This is pretty self-explanatory. The major end result of a foreclosure in Maryland 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 depends on how high your current credit score is. However, 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.
- Lender Harassment – Lenders are in the business of getting their money back after a loan. If they’re not receiving payments than they will aggressively persue you with phone calls and mailings. Even if you list your house for sale, they will continue to contact you until they’ve received payment.
- 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.
- House Values In Your Community – Another one of the big foreclosure effects in Baltimore, MD 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 to Ease the Effects of Foreclosure in Baltimore
Mitigate the effects of foreclosure will require effort of your end. You’ll want to move quickly, simply for the sake of both yours and your family’s sanity . The process can be frustrating and time consuming, but there are people who can help you navigate your different options in the process. Remember, the quicker you act, the more options you’ll have.
- Call your bank and work with them: The banks want to make money and foreclosure is not their most profitable option. Most banks are very willing and ready to work with you. That is, if you can show that with their help you can get back on track and save your house. But, if you simply want out of the house and 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.
- Try a short sale: Sometimes a bank will allow you to sell the house below what you owe on the property. You’ll likely have to become current with your unpaid balance but is a good option if you have the money available.
- Talk with a local real estate expert, like Dependable Homebuyers: We know the local Baltimore real estate market well and are very experienced in the foreclosure process here in Maryland. Give us a call at (410) 779-4622, and we can guide you toward helpful resources.
- Sell your house: If you’d rather find a way to sell your house and avoid the foreclosure all together, great! We buy local Baltimore 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 (410) 779-4622 or shoot us your details through this website.
With the above knowledge on foreclosure effects in Baltimore, you can guard yourself by calling Dependable Homebuyers at (410) 779-4622 and we will happily 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!