Across the country, people are still losing their homes to foreclosure every day. The banks are taking houses and leaving hard-working people with nothing to show for it. If you are behind on your mortgage, you don’t have to let the fear of foreclosure ruin you. There are alternatives! In our latest post, we explore how a foreclosure will impact you and what you can do to stop it.
Losing your house to foreclosure can have both long and short-term effects. There could be problems you might not have even considered as a result of foreclosure. If you are close to losing your home, there are solutions and ways to stop the banks from proceeding. First, let’s discuss the effects of foreclosure.
The Financial Effects
When the foreclosure of your property starts, it will have a negative impact on your credit score, which can drop by more than 250 points! This will make it difficult for you to open a new line of credit with anyone. After this, you have to be rather careful and patient not to repeat any financial slip-ups if you ever want to see your credit rise again. To make matters even worse, you will have to wait for around 2-7 years to be able to qualify for a loan if you want to buy another house.
If you are foreclosed on, and the bank still didn’t recover the full amount that you owe, then the difference is considered income and you have to repay it. This way, you might also find yourself having to pay income taxes on the amount that you weren’t able to pay back. This is why it’s important to consult with an attorney or CPA to learn how a foreclosure will impact you personally in Milwaukee.
Losing your house is a tough thing to go through. The thought of being left homeless causes stress, depression and lowers your confidence. When you lose your home, you have lost your comfort, shelter and safety. You have to remember, though, that this is something that can happen to everyone and that it will pass. Here at Sparks Property Investors LLC, we can help you avoid this situation.
What To Do About It
The fastest and best option is to sell your house right away. However, if you are facing foreclosure you might not have the time to wait for the traditional listing process. In addition, a listing will incur costs upfront. If you have missed mortgage payments, coming up with the cash to fix, repair and upgrade the house may not be readily available. You can choose to sell your house quickly to a professional homebuyer. Sparks Property Investors LLC can make you a fair offer on your house, allowing you to sell quickly and walk away from the troubles you have been facing.
Not all homebuyers are the same. Before you agree to sell your house to a homebuyer, make you have run the numbers and that you won’t be hit by any hidden fees or charges. Sparks Property Investors LLC is a full-service buyer. We handle everything from start to finish so you can get out of your difficult situation quickly.