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How Foreclosure Will Impact You In Quakertown and surrounding areas

How Foreclosure Will Impact You In Quakertown and surrounding areas

Across the country, people are still losing their homes to foreclosure every day. The banks are taking houses and leaving hard-working people with nothing to show for it. If you are behind on your mortgage, you don’t have to let the fear of foreclosure ruin you. There are alternatives! In our latest post, we explore how a foreclosure will impact you and what you can do to stop it.

Losing your house to foreclosure can have both long and short-term effects. There could be problems you might not have even considered as a result of foreclosure. If you are close to losing your home, there are solutions and ways to stop the banks from proceeding. First, let’s discuss the effects of foreclosure.

The Financial Effects

When you are foreclosed on, it will obviously have an adverse effect on your credit. Your credit score can drop by over 250 points. making it difficult for you to open a new line of credit with anyone. Do see your credit begin to rise again, you will need to be patient and not have any other financial slip-ups. It will take about 3 years for your credit score to rise again. If you want to buy another house, you will need to wait approximately 2-7 years to be able to qualify for financing.

If you are foreclosed on, and the bank is not able to recover the full amount borrowed, the difference is considered income. You might find yourself having to pay income taxes on the amount you were not able to pay back. Consult with an attorney or CPA to learn how a foreclosure will personally impact you in Quakertown and surrounding areas.

Mental Effects

Losing your house isn’t fun. The prospect of being homeless can cause stress, depression and lowered self-esteem. Losing your house is a loss of comfort, shelter, and recluse. But remember, this happens to people every day and it will pass. Here at Cyndy Buys Houses, we can help you avoid this situation.

What To Do About It

The fastest and best option is to sell your house right away. However, if you are facing foreclosure you might not have the time to wait for the traditional listing process. In addition, a listing will incur costs upfront. If you have missed mortgage payments, coming up with the cash to fix, repair and upgrade the house may not be readily available. You can choose to sell your house quickly to a professional homebuyer. Cyndy Buys Houses can make you a fair offer on your house, allowing you to sell quickly and walk away from the troubles you have been facing.

Not all homebuyers are the same. Before you agree to sell your house to a homebuyer, make you have run the numbers and that you won’t be hit by any hidden fees or charges. Cyndy Buys Houses is a full-service buyer. We handle everything from start to finish so you can get out of your difficult situation quickly.

Do you want to avoid foreclosure on your Quakertown and surrounding areas house? We can help! Send us a message or give us a call today! 610-200-5544

About cyndybuys

Cyndy and Tom Dumire are experienced 22+ year real estate investors. They have mastered how to buy real estate without using any of their money and mentored students for over 12 years. They have built their business, partnered and trained many students to become very successful so they can give up their job! Cyndy and Tom started by studying Ron's system 15 years ago and built their business becoming experts in the ACTS program, subject to, wholesaling, lease options and purchasing homes with their “out of the box” methods. Cyndy is also a marketing guru and it always on the cutting edge developing new methods on buying and selling properties. They will show you what to say, how to say it, how to get a deal and then get a check. Are you looking to fire your boss or go to the next level? It is time to take the challenge and make your first deal. Investors love to work with Cyndy and Tom because they will give you the confidence, guide you how to write contacts and get the checks!
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