Foreclosure can be a real nightmare and a major cause of stress for any family going through it regardless of the reasons why they are about to lose their home. Today we are going to look at the foreclosures effects in Eugene OR and what local house sellers need to know. First we will look at the effects and the ways of easing them.
Foreclosure Effects in Eugene OR to Sellers
- Loss of your home – The major end result of a foreclosure in OR is of course the loss of the home to the bank, but the other aspect is knowing where you and your family will go if your house is fully foreclosed on.
- 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 -The effects of dealing with foreclosure on your mental health are staggering. The day to day concern and worry can cause a domino effect of problems in other areas of your life. Going through a foreclosure is emotionally exhausting.
- House Values In Your Community – Another factor when it comes to foreclosure effects in Eugene OR is that they tend to lower the overall property value of the houses in your neighborhood… especially if there are multiple foreclosures in the immediate area.
- Future Home Ownership – If your house is taken back by the bank and is fully foreclosed on, it will become incredibly difficult for you to obtain another loan in future if you want to own another home.
How You Can Ease The Effects Of Foreclosure In Eugene
For the well being of you and your family, you need to control and mitigate the effects of foreclosure as much as you can. The process can be extremely frustrating and time consuming, but there are people who can help you navigate your different options in the process. It is crucial that you stay strong and take the necessary steps to stay in your home.
First…
- Call your bank and work with them: Most banks are very willing and ready to work with you, but you have to communicate with them. 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 you will want to 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. When you call your lender it is important to stay on the phone with them until they put you through to someone that can actually discuss your loan. If they say someone will call you back it is often the case that they won’t. Prepare yourself for long wait times and being punted to different representatives when calling.
- Talk with a local real estate expert, like Property Bridge: We know the local Eugene real estate market well and are very experienced in the foreclosure process here in OR. Give us a call at (541) 833-0304 and we can guide you toward the resources that can possibly help you. We talk with folks everyday that are in the same situation.
- Sell your house: If you’d rather find a way to sell your house and avoid the foreclosure all together, that is something we can help with as well. We buy local Eugene houses for cash, as-is, and would love to look at your situation and make you a fair all-cash offer on your house. Selling will allow you to clear your mind and relieve your stress because we will work you with you to understand exactly what you need to move forward. Just call us at (541) 833-0304 or shoot us your details through this website.
As we mentioned above, we talk with folks everyday that are dealing with the foreclosure process and we would love to talk with you as well.
With the above knowledge on foreclosure effects in Eugene – what sellers need to know, you can guard yourself by calling Property Bridge at (541) 833-0304 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!