Today we are going to look at the effects of foreclosures in Fort Worth Texas and what local house sellers need to know. Here, we will look at the effects and the ways of easing them. First among them is the sale at the courthouse steps – #1Thing to avoid! STOP the SALE before it happens!
Owning your home is a dream come true, but sometimes it becomes a foreclosure nightmare! If you or someone you know is facing this unfortunate situation, read on, or share this article with them!
Effects of Foreclosure in Fort Worth Texas on Sellers
- Loss of your home – Pretty self-explanatory here. The major end result of a foreclosure in Texas is, of course, the loss of the home to the bank. In Tarrant County, all homes that lenders are ‘taking back’ are auctioned off on the first Tuesday of every month, regardless of holiday or not. They will sell foreclosed houses whether or NOT it is New Year’s day, for example!
- A 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. Also, the more payments you miss, the bigger the negative effect it will have on your credit score. The faster you sell your house, the sooner the damage to your credit rating will subside!
- Depression and Stress – This is a cost that you cannot put a dollar amount on. Noone should subject themselves to a continuous 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 Fort Worth Texas 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 Help Avoid The Direct Effects Of Foreclosure In Fort Worth
For the well being 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 Metroplex House Buyers, LLC: We know the local Fort Worth real estate market well and are very experienced in the foreclosure process here in Texas. Give us a call at (817) 953-4700 and we can guide you toward the resources that can possibly help you.
- Sell your house fast: If you’d rather find a way to sell your house and avoid the foreclosure altogether, great! We buy local Fort Worth 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 (817) 953-4700 or shoot us your details through this website.
With the above knowledge on effects of foreclosure in Fort Worth – you can make the best choice for you and your family. Do yourself a favor, if you are ready to sell your house fast, call Metroplex House Buyers, LLC at (817) 953-4700 and we’ll assist you in the shortest time possible to sell your house. Or, if you prefer to contact us through an email, 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!