A foreclosure is a nightmare to any family going through it, regardless of the reasons why they are about to lose their home. The purpose of today’s discussion is to examine the foreclosure effects in Savannah and GA and what local house sellers need to know. Let’s begin by looking at the effects and how to ease them.
Foreclosure Effects in Savannah GA to Sellers
- Loss of your home – Pretty self-explanatory here. A foreclosure in GA results in the bank losing ownership of the home.
- Decrease in Your Credit Rating – Your credit rating will be lowered by the foreclosure. By how much? It depends on how high your current credit score is… the higher your current credit score, the bigger the drop. In the event you have a credit score of 680 or higher, you can expect a drop of 100 points or more.
- Depression and Stress – There is a chance of stressing your mental health due to the high pressure situation. Being involved in a foreclosure is emotionally draining and frustrating to say the least.
- House Values In Your Community – Another one of the big foreclosure effects in Savannah GA 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 Savannah
It’s important to minimize the effects of foreclosure on you and your family as much as possible. It can be a frustrating and time-consuming process, but there are people who can help you navigate your different options.
- Call your bank and work with them: In most cases, banks are willing and ready to work with you but only if you can demonstrate that with their help you can get back on track and save your house. Even if you are just looking to get out of the house, but you owe more than it is worth, the bank might offer you a program to reduce the mortgage burden instead of going through a costly foreclosure.
- Talk with a local real estate expert, like 32Homes LLC: The local real estate market in Savannah is well known to us, and we have extensive experience with the foreclosure process here in GA. Give us a call at (912) 421-9907 and we can guide you toward the resources that can possibly help you.
- Sell your house: If you’d rather avoid foreclosure altogether, find a way to sell your house. We buy houses in Savannah for cash. We’d love to talk to you and make a fair all-cash offer on your house. Just call us at (912) 421-9907 or shoot us your details through this website.
By knowing about foreclosure effects in Savannah – what sellers need to know, you can guard yourself by contacting 32Homes LLC at (912) 421-9907 and we will help you sell your house as soon as possible. We’d love to connect with you and help you find the best solution!