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 Indianapolis, Indiana and what local house sellers need to know. First we will look at the effects and the ways of easing these nuances.
Foreclosure Effects in Indianapolis, Indiana to Sellers
- Loss of your home – Pretty self-explanatory here. The major end result of a foreclosure in Indiana 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. Now, although there are ways or rebuilding your credit after foreclosure, it will take some time and is best to try avoid at all cost.
- 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, espicially if you are left searching for a new place to live. This can also be a red flag for future landlord or rental community managers that do credit checks.
- House Values In Your Community – Another one of the big foreclosure effects in Indianapolis, Indiana (and around the country) 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 Indy
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.
First…
- Call your bank and work with them: Most banks are very willing and ready to work with you as they are not in the business of property management. If you can show that with their help you can get back on track and save your house they would be happy to assist. If you just want out of the house all together 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 Turner Property Group: We know the local Indy real estate market well and are very experienced in the foreclosure process here in Indiana. We know that you have a lot of options when it comes to real estate professionals but give us a chance to see why we are different and should be your first choice. Start by calling us at at 317-795-1966 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 Indy houses for cash… and would love to look at your situation and make you a fair all-cash offer on your house. This probably seems like a nobrainer but this should be identified early into the onset of notcing that the mortgage is going to be a problem. This will ensure there is time on your side to prevent the forclosure process. You could also Just call us at 317-795-1966 or shoot us your details through this website.
With the above knowledge on foreclosure effects in Indy – what sellers need to know, you can guard yourself by calling Turner Property Group at 317-795-1966 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!