Foreclosure effects in America can be a nightmare to any family going through it irrespective of the reasons why they are about to lose their home. The reality of this situation for the average American is that they have no other choice but to find a new home. But as we know, foreclosure effects in our lives can start many other issues, and finding a new home in this economy is not an easy task. During this time, the average American may lose their home to foreclosure.
Today we are going to look at the foreclosure effects in Portland Oregon and what local house sellers need to know. First, we will look at the effects and the ways of easing them.
Foreclosure Effects in Portland Oregon to Sellers
- Loss of your home – Pretty self-explanatory here. The major end result of a foreclosure in Oregon 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 Portland Oregon 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 Portland
For the wellbeing 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.
First…
- 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 Bridgetown Home Buyers: We know the local Portland real estate market well and are very experienced in the foreclosure process here in Oregon. Give us a call at 503-765-9326 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 Portland 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 503-765-9326 or shoot us your details through this website.
With the above knowledge on foreclosure effects in Portland – what sellers need to know, you can guard yourself by calling Bridgetown Home Buyers at 503-765-9326 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!
Anything you have to share with us about your house, the condition of it or anything else that we can learn about it, we’ll be happy to hear from you! Please don’t hesitate to contact us for more information about our services.
Bridgetown Home Buyers has a proven track record of helping Portland sellers sell their houses faster and for the best price.