Experiencing foreclosure can be a distressing situation for any family, regardless of the circumstances leading to the potential loss of their home. In this article, we will explore the impacts of foreclosures in Boston, MA, and provide essential information for local homeowners. Let’s delve into the effects and strategies to mitigate them.
Foreclosure Effects in Boston MA to Sellers
- Loss of your home – Pretty self-explanatory right… The major end result of a foreclosure in MA is of course the loss of your home to the bank or financing institution holding your mortgage.
- Decrease in Your Credit Rating – Your credit rating will be lowered by a foreclosure. The amount it goes down completely 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 could possibly see a drop of 100+ points.
- Depression and Stress – Your mental health will take a huge toll because of the high pressure situation you’ll be in constantly until you come to some sort of resolution. Going through a foreclosure is emotionally exhausting and frustrating to say the least for everyone involved.
- House Values In Your Community – Another major foreclosure effects in Boston MA is that they tend to lower overall values of houses in your neighborhood… especially if there are multiple foreclosures in the immediate area.
How You Can Ease The Effects Of Foreclosure In Boston
To protect your family’s well-being, it is crucial to minimize the overall impact of foreclosure. While the process may seem demanding, overwhelming and completely unfair, there are professionals available to assist you in exploring the various options available to you.
First…
- 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. Alternatively, if you just want out of the house but you owe more on the house than it’s worth, explore if the bank has any programs to lower the mortgage burden or agree to a short sale so you can get out from underneath it without it going through an expensive foreclosure process.
- Talk with a local real estate expert, like Gaeta Properties: We know the local Boston real estate market inside and out and are very experienced in the foreclosure process here in MA. Give us a call at (781) 258-6976 and we can guide you toward the best resources that can possibly help you. You’ll never really understand all the potential options you may be able to utilize for your specific situation.
- Sell your house: If you’d rather find a way to sell your house and avoid the foreclosure all together, great! We buy local Boston 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 (781) 258-6976 or shoot us your details through this website. If you aren’t looking for a cash sale and would like to go on market we can also partner with you to get the highest price.
Understanding the impact of foreclosures in Boston is crucial for sellers looking to navigate this challenging market. If you’re facing this situation, Gaeta Properties is here to support you every step of the way. If you would like more information in how to actively Stop Foreclosure on your house now, check out our page focused on that with our prevention guide to hopefully help you succeed.
Contact us at (781) 258-6976 to start the process of selling your house quickly and efficiently. For expedited assistance, please take a moment to complete our website contact form with more details about your situation. We look forward to connecting with you and finding the best solution together!