Foreclosure Effects In Metro Detroit Michigan – What Sellers Need To Know

foreclosure effects in Metro DetroitForeclosure is a nightmare to any family going through it irrespective of the reasons why they are about to lose their home. Today we are going to look at the foreclosures effects in Metro Detroit Michigan and what local house sellers need to know. First we will look at the effects and the ways of easing them.

Foreclosure Effects in Metro Detroit Michigan to Sellers

  • Loss of your home – Pretty self-explanatory here. The major end result of a foreclosure in Michigan is of course the loss of the home to the bank.
  • Decrease in Your Credit RatingYour 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 Metro Detroit Michigan 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 Metro Detroit

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…

  1. 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.
  2. Talk with a local real estate expert, like Metro Detroit Home Buyer: We know the local Metro Detroit real estate market well and are very experienced in the foreclosure process here in Michigan.  Give us a call at (586) 697 0065 and we can guide you toward the resources that can possibly help you.
  3. Sell your house: If you’d rather find a way to sell your house and avoid the foreclosure all together, great! We buy local Metro Detroit 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 (586) 697 0065 or shoot us your details through this website

With the above knowledge on foreclosure effects in Metro Detroit – what sellers need to know, you can guard yourself by calling Metro Detroit Home Buyer at (586) 697 0065 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!

Timoune

About Timoune

Christian Chabi is active in the Real Estate Marketplace in Metropolitan Detroit. He buys and sells Real Estate for his own portfolio and helps others reach their Real Estate Investment goals. In a fast-paced and dynamic industry, Christian Chabi’s approach to Real Estate investing is no-nonsense, high-energy and knowledge-based. He has studied with the best investors in the game, and is a voracious reader. He applies his knowledge with a “show me the money” frame of mind insisting that knowledge must be applicable not just theoretical. In other words, he tests all the principles he teaches with actual profit (or loss) experience. Mr. Chabi is experienced in fix and flips, as well as buy and hold, scenarios. Depending on the profitability he will do either one with confidence. Core to his philosophy is his desire and willingness to work with others. His belief is that people are more valuable than any commodity. At any given time Mr. Chabi is working in some capacity on several projects (as a Real Estate Agent, Investor or Partner). He is particularly fond of helping investors get their FIRST property. He has written several books on the subject and numerous articles. He teaches new investors to define their goals, plan their strategy and implement their Real Estate Investment Program with confidence and humility. Some of Christian’s Mantra’s are: - Ask questions until you are satisfied with the answers. - If it doesn't make profit-cents, then have the sense to walk away. - Be patient. Look for deals that have your name on them. - All deals must be win-win for all involved.

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