Foreclosure 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 Minneapolis Minnesota and what local house sellers need to know. First we will look at the effects and the ways of easing them.
Foreclosure Effects in Minneapolis Minnesota to Sellers
- Loss of your home – Pretty self-explanatory here. The major end result of a foreclosure in MN 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 Minneapolis MN 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 Minneapolis
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…
- 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 Twin Cities Home Buyers, Inc.: We know the local Minneapolis real estate market well and are very experienced in the foreclosure process here in MN. Give us a call at (763) 503-0123 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 Minneapolis 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 (763) 503-0123 or shoot us your details through this website.
With the above knowledge on foreclosure effects in Minneapolis – what sellers need to know, you can guard yourself by calling Twin Cities Home Buyers, Inc. at (763) 503-0123 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!
If you have other questions about who we are, what we do and how we do it, our frequently asked questions page is a great resource of questions we get asked the most often working with Minneapolis, St. Paul home owners. If you don’t find the answer you are looking for, feel free to email us. We’ll help you to the best of our ability. We’ve come up with some creative solutions to the situations home owners find themselves in. By taking a look at your specific situation, we can give you the information you need to make an educated decision about your home.
When you work with Twin Cities Home Buyers to sell your house in Minneapolis, St. Paul, or smaller towns in the surrounding area, you are guaranteed to close on your house. We have never had a broken transaction and always close.
You can learn more about our process and how working with us is different than other home buying companies or listing your home with a realtor. To see our hassle-free process, visit our How It Works page. For more of an explanation about how we are different from a real estate agent, check out our compare page.