No matter the reason for it, it is an absolute nightmare to any individual or family facing the possibility of foreclosure and loosing their home. Today, we are going to look at the foreclosures effects in Baltimore Maryland and what potential house sellers, such as yourself, need to know. Then we will review ways to ease these negative effects.
How Will Going Through Foreclosure Impact You?
- Loss of your home – The major end result of a foreclosure in Maryland that the bank takes back your house, leaving you with nothing.
- Decrease in Your Credit Rating – Your credit rating will be lowered significantly by 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. Your credit score may drop as much as 200 to 300 points.
- Depression and Stress – Your mental health is at stake because of the high pressure situation that foreclosure places you in. The process of going through a foreclosure is emotionally exhausting.
How You Can Ease The Effects Of Foreclosure In Maryland?
In order to preserve the well-being of you and your family, it is important to understand the options you have in lessening the potential effects of going through a foreclosure. The process will be time-consuming and even frustrating at times, but you do have options. There are people who can help you navigate this options to help you determine which one is right for you.
- Call your bank to see if they will work with you: It is costly for banks to foreclose on a property. This means you can use that to your advantage. 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 has any programs to lower the mortgage left on the home so you can get out from underneath it. This will prevent the bank from having to go through an expensive foreclosure process and will help to save your credit, and your home, from being taken.
- Talk with a local real estate expert, like We Buy Houses Fast in Maryland: I know the local Baltimore real estate market well and have partnered with those who are very experienced in the foreclosure process here in Maryland. Give me a call at (410) 870-9228 and I can help you get you to the resources necessary to ease your situation.
- 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 and houses throughout Maryland and DC for cash… and would love to look at your situation and make you a fair all-cash offer on your house. Give me a call at (410) 870-9228 or shoot us your details through this website.
- Keep your home: If you would like to remain in your current home, we can help you with that as well. Even if you are behind on your mortgage payments, facing foreclosure, or have little to no equity in your home. You do have other options aside from giving up your home. I can help you decide if any of those options are right for you. Feel free to call me anytime at 410-870-9228. I would love to hear from you!
With the above knowledge on foreclosure effects in Baltimore – what sellers need to know, you can guard yourself by calling Creo Home Solutions at (410) 870-9228 and we shall assist you in the shortest time possible to review your available options, from selling your house, working with your bank, or remaining in your home. 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!