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 foreclosure effects in Cincinnati OH and what local house sellers need to know.
We help homeowners all over Cincinnati – Madisonville, Forest Park, Deer Park, Silverton, Walnut Hills, Evanston, and in NKY as well – who are struggling with foreclosure
First, let’s take a look at the effects of foreclosure and the ways of easing them.
Foreclosure Effects in Cincinnati OH to Sellers
- Loss of your home – Pretty self-explanatory here. The major end result of a foreclosure in KY and Northern KY is of course the loss of the home to the bank. This is devastating to any family.
- 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. This has major ramifications on future purchases of homes, cars, or even getting credit cards.
- Depression and Stress – Your mental health is at stake because of the high pressure situation. There is a physical tole that occurs when you go through a foreclosure. This can show up in any number of physical ailments. Stress is not good for your health!
- House Values In Your Community – Another one of the big foreclosure effects in Cincinnati or NKY 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 Cincinnati or Northern Kentucky
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 [Team Sztanyo]: We know the local Cincinnati real estate market well and are very experienced in the foreclosure process here in KY. Give us a call at (859) 412-1940 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 Cincinnati & NKY 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 (859) 412-1940 or shoot us your details through this website.
At We Buy NKY Houses, you’ll find someone who genuinely cares about you and your situation. We will sit down with you and clearly explain your options. If a cash offer makes the most sense for you, we can buy cash and close quickly. If putting your home on the market makes more sense, we can help you list the property as well – possibly netting more cash for you. With us, you have options, and we will have your best interest in mind.
Give us a call today or fill out the form below to get started.