We Buy Houses Atlanta GA. Foreclosure is a nightmare to any family going through it irrespective of the reasons why they are about to lose their home. As local homebuyers in Atlanta, we are going to look at the foreclosures effects in Atlanta Georgia and what local house sellers need to know. First we will look at the effects and the ways of easing them.
Foreclosure Effects in Atlanta Georgia to Sellers
- Loss of your home – Pretty self-explanatory here. The major end result of a foreclosure in GA 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 Atlanta GA 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.
- Higher Taxes – Foreclosure can have a very negative tax ramifications, depending on your individual situation. Any losses accrued by the bank or lender on a short sale or foreclosure are shown as income for tax purposes. The exception is when it is a part of a bankruptcy.
- Minimal Chances of Credit Availability – The damage to your credit will make it very difficult to get credit for a few years. What you will be able to get will come with high interest rates and low limits. The longer you wait to reestablish credit, the harder it will be.
How You Can Ease The Effects Of Foreclosure In Atlanta
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.
- 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 We Buy Any House Atlanta: We know the local Atlanta real estate market well and are very experienced in the foreclosure process here in GA. Give us a call at 404-671-8376 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 Atlanta 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 404-671-8376 or shoot us your details through this website.
With the above knowledge on foreclosure effects in Atlanta – what sellers need to know, you can guard yourself by calling We Buy Any House Atlanta at 404-671-8376 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!