Foreclosure can be a very trying time for any family or individual going through it regardless of the reasons of how they have gotten into the predicament. Today we are going to discuss how foreclosures can you effect in Reston Virginia and what local property owners need to know. First we will look at the potential effects of a foreclosure sale and how to minimize them.
Foreclosure Effects in Reston Virginia to Sellers
- Loss of your home – Ultimately, the worst case scenario when facing foreclosure in VA is of course the loss of the home to the bank. In this case the bank will often sell the house at auction and you will be left with nothing from the sale whether you have any substantial equity or not.
- Decrease in Your Credit Rating – Your credit rating will be lowered by the foreclosure. This is another inevitable effect of a foreclosure. How much your credit score drops depends on how high your current credit rating… in theory the higher your current credit score the more you stand to lose after a foreclosure. If you have a credit score of 680 or higher… you may see a drop of 100+ points.
- Depression and Stress – The foreclosure process is emotionally exhausting, frustrating, and can take its toll on your mental health. There is a lot of pressure and stress to find a solution or face the potential of losing your home.
- House Values In Your Community – Another potential effect of a foreclosure in Reston VA is that they may lower the value of the houses in your neighborhood… especially if there are multiple foreclosures in the immediate area. This is less likely because foreclosures happen all the time for all different kinds of reasons and in all different areas but it could play a part in the foreclosure process.
How You Can Ease The Effects Of Foreclosure In Reston
For the well being of you and your loved ones, you need to start the process of figuring out your options to limit the effects of foreclosure as much as you can as soon as possible. The process can be frustrating and time consuming especially for those who are not familiar with the process. The good news is that there are people like who can help you navigate your different options in the process.
First…
- Call your bank and work with them: What most people don’t realize is that banks are very willing and ready to work with you, the last thing they wants to do is foreclose on a property. It is very costly and time consuming for them. If you are able show that with their help you can get back on track and save your house, they may be willing to modify your loan in order to give you the relief they need. Call and ask about ‘loan modification’ or ‘foreclosure relief’. Be persistent and follow up often. This can be a time consuming process. You will need to fill out an application and provide reasoning for your hardship. Loan modification approval can take weeks or even a month or longer so don’t wait until it is too late.
- Talk with a local real estate expert, like Sell Simpli: We know the local Reston real estate market well and are very experienced in the foreclosure process here in VA. We have helped countless sellers avoid foreclosure and find financial relief by either selling their home or allowing us to walk them through the process of getting a loan modification. Give us a call at 703-544-7516 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 property and avoid the foreclosure all together, great! We buy local Reston houses for cash in as little as 7-14 days. We have even stopped foreclosures as close as THE DAY BEFORE the scheduled auction date. It’s never too late to reach out and speak with our foreclosure experts. We would love to look at your situation and make you a fair all-cash offer on your house. Just call us at 703-544-7516 or shoot us your details through this website.
With the above knowledge on foreclosure effects in Reston – what sellers need to know, you can guard yourself by calling Sell Simpli at 703-544-7516 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!