While some homeowners may see foreclosure as a fate worse than death, others may think that it is their only solution. However you view the foreclosure process, one thing remains certain: it isn’t something you want to suffer. The foreclosure process typically begins after three consecutive missed payments, although that isn’t a hard and fast rule. As a result, many people receive threats of foreclosure even when they thought they were safe.
Rather than allow a foreclosure to soil your credit report, GA Investments makes it simple to sell with high offers provided quickly. Otherwise, you could get faced with years of struggling to reverse your foreclosure.
Don’t allow unnecessary hardships take root when you sell your home to us now. We help you miss out on more unpleasant situations than any other Dallas TX investment group.
Even if you were to have a credit score in the high 700s, a foreclosure could have a significant impact going forward. Depending on the amount you owe, as well as other penalties and fees, you might lose as many as 300 points.
That is enough to drop into the next lowest tier of scores or several, making it challenging to qualify for loans, credit cards, and possibly rental housing. It isn’t worth the risk if you can avoid a foreclosure on your credit report.
Getting evicted is an unpleasant experience, and yet it’s one that millions of Americans experience every year. Once you get removed from your home, however, your troubles don’t end.
Although the process may not occur for a year or longer, it can head to court. In addition to what you already owe, you’ll likely have legal fees on top of it all.
You Must Wait for Home Ownership
Following a home going to foreclosure, you’re unable to qualify for a purchasing a house again for several years. Although the amount of time varies by region, you might have to wait seven years before qualifying again.
Although you can rent a home in the meantime, you’ll find it challenging to locate a landlord who will feel willing enough to take your application. They may see your foreclosure as a red flag that you won’t pay your rent, either.
Your Property Value Affects the Neighborhood
The way homes get priced the way that they do is a property appraiser makes a suggested sales figure based on the surrounding home values. Because these reports become an average of the closest houses and their histories, a foreclosure in the neighborhood will curve the appraised prices negatively.
Even in a competitive neighborhood, a single foreclosure can knock several thousands of dollars from the immediate area. Not only will your neighbors find it challenging to sell their houses, but it’s likely that more real estate agents will avoid the neighborhood entirely.
There are plenty of other reasons as well, and none of them are pleasant. Avoid the foreclosure process and call GA Investments today for the better option
8080 N Central Expressway, Suite 1220 Dallas TX 75206 Phone: 214-714-0713 https://www.gainvestmentstx.com