Foreclosure is a nightmare to any family going through it irrespective of the reasons why they are about to lose their house. Today we are going to look at the foreclosures effects in New Jersey and what local house sellers need to know. First, we will look at the effects and ways of easing them.
Foreclosure Effects in Jersey Shore New Jersey to Sellers
- Loss of your home – Pretty self-explanatory here. The major end result of a foreclosure in NJ 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 does it go down? 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 NJ 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.
We know that the items we pointed out above are pretty depressing – let’s take a look at how to make your situation better!
How You Can Ease The Effects Of Foreclosure In New Jersey
For the well being of yourself and your family, you need to mitigate the effects of foreclosure as much as you possibly can. The process can be frustrating and super time consuming, but there are people who can help you navigate the different options available to you in the process.
- Call your bank and work with them: Most banks are willing and ready to work with you… if you can show that with their help you can get back on track and save your home. Or, if you just want out of the property 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 We Buy Jersey Shore Houses LLC: We know the local Jersey Shore real estate market well and are very experienced in the foreclosure process here in NJ. Give us a call at (732) 456-7580 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 Jersey Shore 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 (732) 456-7580 or shoot us your details through this website.
With the above knowledge on foreclosure effects in New Jersey – what sellers need to know, you can protect yourself by calling We Buy Jersey Shore Houses LLC at (732) 456-7580 and we shall assist you in the shortest time possible to sell your house. However, to speed up the process, kindly fill out our website contact form to give us more information about you and your specific situation. We’d love to connect with you and help you find the best solution!