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 Phoenix AZ and what local house sellers need to know. First we will look at the effects and the ways of easing them.
Foreclosure Effects in Phoenix AZ to Sellers
- Loss of your home – Pretty self-explanatory here. The major end result of a foreclosure in AZ 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.
- 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 Phoenix AZ 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 Phoenix
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.
With the above knowledge on foreclosure effects in Phoenix – what sellers need to know, you can guard yourself by calling The Trusted Home Buyer at 866-488-9923 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!