Foreclosure is a nightmare for any family facing it, regardless of the cause for the impending loss of their house. Today, we’ll examine the foreclosure consequences in Pittsburgh, Pennsylvania, and what local home sellers should know. To begin, we will examine the impacts and methods for mitigating them.
Possible Effects of Foreclosure on Sellers in Pittsburgh, PA
• Homelessness – This is rather self-explanatory. You could be forced out on the street if you do not have other accommodations. Worse you won’t be able to access any of the equity in your home to use for future purchases. Lossing your home to a bank is a huge risk.
• Credit Rating Decrease – As a result of the foreclosure, your credit rating will be decreased. But by how much? It is mostly dependent on your present credit score. Nonetheless, the better your present credit score, the greater the reduction in your credit score following a foreclosure. If your credit score is 680 or above, you might witness a loss of more than 100 points. A foreclosure will also be a huge negative red flag for future creditors when you are looking to finance transactions (car, home, credit cards, etc).
• Future Job Security – As a result of foreclosure, your job searches can be impacted. Foreclosure can hurt your background checks for some types of employment making it more difficult to get a job that is part of your optimal career path.
• Depression and Stress — As a result of the high-pressure environment, your mental health is at risk. To put it mildly, going through a foreclosure is emotionally draining and unpleasant.
• House Values in Your Neighborhood – Another significant consequence of foreclosures in Pittsburgh, PA is that they tend to reduce the general value of the homes in your neighborhood, especially if there are numerous foreclosures in the near region. Areas with high rates of foreclosure tend to have higher crime and drug rates.
How To Ease The Foreclosure Effects In Pittsburgh
For the sake of your family’s well-being, you must alleviate the impacts of foreclosure to the greatest extent possible. While the procedure might be tedious and time-consuming, there are those that can assist you in navigating your many alternatives.
1. Contact your bank and work with them: Most institutions are more than eager and willing to work with you. Often if you can demonstrate that with their assistance, you can regain your footing, you may be able to save your home. If you are upside down in debt on your property, there are some federal programs and Pennsylvania programs that may help you ease the pressure and give you a fighting chance at avoiding foreclosure. Ultimately banks do not want to go through foreclosure, they lose a lot of money and end up with a property they do not want to maintain.
2. Consult a local real estate professional, such as 717 Home Buyers: We are well-versed in the local Pittsburgh real estate market and have extensive expertise with the foreclosure process in Pennsylvania. Give us a call at 717-639-2164 and we can point you in the right direction.
3. Sell your property: If you’d like to sell your house and avoid foreclosure altogether, that’s fantastic! We buy houses in the Pittsburgh area for cash and would be happy to assess your situation and make you a fair all-cash offer for your home. Simply contact us at 717-639-2164 or send us your information on our website.
4 Download our FREE Guide: Do you need further information on the foreclosure procedure and How To Avoid Foreclosure? Here is a link to our FREE Stop Foreclosure Guide. Alternatively, you may Contact us at any time if you have questions, would like a no-obligation cash offer, or would want to learn more about how we can assist homeowners in avoiding foreclosure or selling unneeded homes for cash.
With the information above on what foreclosure impacts in Pittsburgh – what sellers need to know, you can protect yourself by contacting 717 Home Buyers at 717-639-2164. We will assist you in selling your property in the shortest amount of time possible. To expedite the process, please fill out our online contact form with more information about you. We’d love to contact with you and assist you in determining the best course of action!
About Josh Eberly
A native of Lancaster County, Josh’s roots run deep in his commitment to this community. He especially enjoys helping people find solutions through real estate. Josh is a seasoned investor with experience in many sides of buying and investing in real estate. Josh enjoys reading, listening to podcasts, digital marketing, and hanging out with his family. Feel free to connect with him here.