As of Oct. 2016 Florida still lead the U.S. in number of foreclosures. According to a report released by CoreLogic this past year. Even though things are getting a little better, we are still healing from the financial collapse. Florida had 55,000 foreclosures from Aug. 2015- Aug. 2016, which easily beat all other states. Even though that sounds bad its less then the 94,000 from the year before. not to mention this is the lowest it has been since 07.
No matter why you are losing your home, foreclosure is horrible for any family to go through. In this article we will look at the foreclosure effects in Florida and what you as a home owner need to know. Let’s start by looking at the things you can do to make the effects easier on you and your family.
Foreclosure Effects in Florida to Sellers
- Loss of your home – Pretty self-explanatory here. The major end result of a foreclosure in FL 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 FL 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 Ease The Effects Of Foreclosure In Florida
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 Now Home Buyers: We know the local FL real estate market well and are very experienced in the foreclosure process here in FL. Give us a call at (954) 634-5755 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 Florida 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 (954) 634-5755 or shoot us your details through this website.
With the above knowledge on foreclosure effects in Florida – what sellers need to know, you can guard yourself by calling Now Home Buyers at (954) 634-5755 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!