No matter why a family is about to lose their home, foreclosure is a nightmare. Today we are going to look at foreclosure in Detroit, Michigan and what local homeowners need to know. Let’s start with the effects and how to ease them.
Foreclosure Effects in Detroit, MI to Sellers
- Losing your home – Pretty self-explanatory here. The major end result of a foreclosure in Michigan is of course the loss of the home to the bank.
- Losing your credit score – 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.
- Losing your sanity – 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.
- Losing equity – Another one of the big foreclosure effects in Detroit MI 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 Detroit
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 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 Wise Property Buyers: We know the local Detroit real estate market well and are very experienced in the foreclosure process here in MI. Give us a call at 313-513-8824 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 Detroit 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 313-513-8824 or shoot us your details through this website.
With the above knowledge on foreclosure effects in Detroit – what sellers need to know, you can guard yourself by calling Wise Property Buyers at 313-513-8824 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!