Whatever situation forces you into foreclosure, the process and worry of losing a home can be a nightmare for any family to deal with.
When a homeowner fails to pay their mortgage for 3-6 months, lending institutions, such as banks, etc. will first issue a warning known as a foreclosure notice of default. This letter will notify the homeowner that they need to pay soon or risk losing their property. This period is known as “pre-foreclosure.”
That’s why today, we are going to look at the effects of foreclosure in Miami, Florida. We’ll focus on what local house sellers need to know, the effects of foreclosure, and ways to lessen their impact.
Be Aware Foreclosure Can Affect More Than You Think!
- You Lose Your Home
- Decrease in Your Credit Rating
Foreclosure will significantly affect your credit rating. “By how much?” I hear you ask. Well, that depends on how high your current credit score is. Unfortunately, the higher your current credit score, the more damage foreclosure can do. If your credit score is 680 or higher, it can drop by 100+ points.
- Depression and Stress
The importance of mental health should never be overlooked. Foreclosure is a challenging and high-pressure situation; therefore, it’s no wonder that foreclosure is emotionally exhausting and frustrating for those it affects.
- House Values In Your Community
We’ve left this one till last as it impacts more than just you and your family. Foreclosure on multiple properties in your area can affect the entire local community in Miami, Florida. When foreclosed properties go to auction, they tend to sell for lower than market value, which can drive down the overall value of properties in your neighborhood.
Easing The Effects Of Foreclosure In Miami
For the well-being of you and your family, you need to mitigate the effects of foreclosure as much as you can. We understand it can be a tough time for everyone involved, and the process is frustrating, but you can rest assured knowing that people are willing and able to help you navigate and take back control of your options. To get started, take a look at the next three steps.
- Call your bank and work with them: Most banks will be willing and ready to work with you. All you need to do is show that you’re committed to sorting out your situation, and with their help, you will get back on track and save your house. Make sure to find out if your bank has any programs for struggling homeowners. Some programs will even lower monthly mortgage payments so you can get back in control of your finances and stop foreclosure. Alternatively, you could consider giving your house back to the bank.
- Talk with a local real estate expert, like Sunshine State Buyers: We know the local Miami real estate market well and have years of experience helping homeowners just like you deal with foreclosure here in Florida. Give us a call at (305) 916-3328, and we can guide you towards resources that may help. At the very least, we’ll offer you information and advice on how to tackle the situation you’re facing.
- Sell your house: If the financial burden of your mortgage and the worry of foreclosure closing in is too much to bear, then consider selling your property and avoiding foreclosure in Florida all together! At Sunshine State Buyers, we buy houses for CASH in Miami! We would love to support you and your decision to sell by looking at your situation and making you a fair ALL-CASH offer on your house. Just call us at (305) 916-3328. Or you can send us your details via this website.
With the information above, we hope you are now aware of foreclosure and its effects in Miami. You can now be one step ahead and take back control by calling Sunshine State Buyers at (305) 916-3328. We’ll do our very best to assist you in the shortest possible time frame. Check out our website >>> We Buy Houses Miami!
If you would like to speed up the process even further, please fill out our website contact form on this page with information regarding your property. We love connecting with homeowners and helping create win-win solutions for Miami residents and their families.
Additional Foreclosure Resources: