Foreclosure occurs when, for whatever reason, agreed to payments for a mortgage loan and not being made in a timely and consistent manner. The reasons this can vary as widely as there are homeowners, from the sudden loss of life from a contributing family member, unexpected loss of income, or a myriad of other possibilities. Naturally, it is better to take swift action before things come to this point with the lender, as you are given multiple notifications and chances before this stage to ward off the legal proceedings.
As circumstances have led up to the point of foreclosure, likely, you had already had several late or missing payments on your history, and you have already begun to feel the ill effects of a negative credit score. Sleepless nights may become familiar as the communications from your lender have increased, leading up to the final point of foreclosure. Our imaginations are much worse than reality, so take heart, others have survived foreclosure, and you can as well by knowing what you face and that there is hope and a light at the end of the tunnel. It can set your mind at ease to take a realistic assessment. No matter how you have ended up in this situation, we will discuss five ways the foreclosure of your Dallas house will impact you.
Credit
Lenders hesitate to deal with the risk of a borrower with such a history. These financial penalties will continue for as long as the foreclosure remains on your credit score, a total of seven years. When lenders review your credit score details, the foreclosure of your Dallas house will impact you by either facing extremely high-interest rates or flat-out denial of credit. This lingering ill effect means that life will become even more expensive as it is difficult to survive without credit. Sadly, the higher your credit score, the more impact a foreclosure has on the new score. Typically a three-year period with timely payments will clear your credit history of the foreclosure.
Fees and Deficiency Payments
The financial blows from the court fees and any deficiency from the foreclosure of your Dallas house will continue to linger until the debt is satisfied. When you go through the foreclosure process in court, you are responsible for paying court fees. Additionally, you will still owe the difference between the amount realized for the property against any remaining debt to the mortgage lender, known as the deficiency.
Equity
Sold at an auction, lenders typically accept lower appraisal values and bids for foreclosures. You likely owe penalties in addition to the overdue payments, and this will all come from the proceeds. Whatever equity you may have gained over the years is likely about to be gobbled up by fees and penalties, along with a low sales price. The foreclosure sale tosses everything you have built right out the window. The loss of the home and your equity because of foreclosure of your Dallas house will impact you in retirement by having depleted what could have been a significant contribution to your golden nest egg.
Stress
When you are already experiencing a change in your life from whatever has caused the foreclosure to take place, the foreclosure itself becomes a looming nightmare. It is difficult to remember when emotionally invested that it is strictly business for everyone else involved. Losing your home and the equity you have built, facing court, and all of the expenses that come with it can have highly detrimental mental effects on yourself and your family. The stress of the unknown date the bank will evict you and where you will go is regrettably one of the most brutal ways the foreclosure of your Dallas house will impact you.
Standard of Living
Concerns about the standard of life you now face with your foreclosure history following you for years are valid. Because of the foreclosure, life has become even more costly. There are limitations on those with a foreclosure in the past. The red flag of a foreclosure on applications that require you to experience a credit history search can begin a downward spiral in areas of your life, such as the housing you find available and higher paying job opportunities. The job you accept and the area you live in can have a considerable effect on the enjoyment of your day-to-day life and is another way the foreclosure of your Dallas house will impact you.
Sell Directly to Hill REI Estate Sales
When it is time to sell an inherited house in Dallas, and many heirs are involved, let the experts at Hill REI Estate Sales help make it easy. If you would rather pay for the convenience of moving on with your own life, Hill REI Estate Sales will work with you to reach a fair agreement. If the property is in disrepair and you either have no interest or lack the finances to make the repairs, Hill REI Estate Sales takes on all of the risks of making repairs, relieving you of any legal repercussions following a traditional sale due to disclosure laws.
If you want to sell your TX property … we’re ready to give you a complete buyout offer.
Even if an agent can’t sell your house, we can help. (Sometimes selling a house through a real estate agent is not for everyone.)
And as a bonus…
- You don’t need to clean up and repair the property
- Don’t waste time finding an agent who you trust and who can deliver on their promise of selling your property quickly
- You won’t need to sign a contract that binds you to an agent for a certain term
- Or deal with the paperwork and the waiting and wondering (and hoping)
We work differently at Hill REI Estate Sales. When you contact us and submit the short property information form (below), we’ll give you a fair all-cash offer on your property within 24 hours… and the best part is: we can close whenever YOU choose to close – it’s entirely up to you. It doesn’t matter what condition the property is in, or even if there are tenants in there that you can’t get rid of… don’t worry about it. We’ll take care of it for you. And if you need the cash quickly, we can close in as little as 7 days because we buy any property with cash and don’t have to rely on traditional bank financing.
Why not let the experts at Hill REI Estate Sales help you through this challenging time? At Hill REI Estate Sales, we are happy to answer any questions or concerns you may have about a property you have inherited with other heirs, under no obligation! Send us a message or call us at 817-442-2669 today to learn more!
Hill REI Estate Sales understands all of the ways that foreclosure of your Dallas house will impact you. If you are facing foreclosure, don’t wait until it’s too late. If you are in foreclosure now, let Hill REI Estate Sales solve your problems. Ask any questions you like, with no obligation because Hill REI Estate Sales is here to help you. Give Hill REI Estate Sales a call right now at 817-442-2669 or send us a message!
