Foreclosure is a major stress to any homeowner and to the whole family, regardless of why it is happening. If you are looking at foreclosure, here in Rochester, or anywhere in Monroe County, NY, this is what you need to know. First we will look at the effects and the ways of easing them.
Foreclosure In Rochester NY, what does it mean to Sellers
- Loss of your home – Hear is the dreaded reality, now that COVID has ended and the moratorium on foreclosures in NY, banks are moving forward on foreclosures.
- Decrease in Your Credit Rating – Your credit rating takes a hit every month there is a missed payment, and with the foreclosure. There isn’t a simple formula for determining the how much of a decrease you’ll experience, but you could see your credit score drop by 100 points or more.
- Depression and Stress – Living under the shadow of foreclosure in NY, or anywhere, takes its toll on your mental health. It is a high pressure and exhausting situation.
- House Values In Your Community – You may not be too concerned with the value of your neighbors home, but because foreclosures effect the value of the other homes in your neighborhood, but in Rochester or Pittsford, NY, your neighbors may care. Nobody wants the value of the houses in their neighborhood to be effected.
What Can Be Done To Ease The Effects Of Foreclosure In Rochester
There are options when you are facing foreclosure. You don’t need to just let it happen. For the well being of you and your family, you need to mitigate the effects of foreclosure as much as you can. And 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, and they can even help you put together a plan to catch up 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 Flower City House Buyers: We know the local Rochester NY real estate market, we’ve been through this before with others, and we can help point you in the right direction for you. Give us a call at (585) 678-5050 and we can guide you toward the resources that can possibly help you.
- Sell your house: As of this writing, it is a seller’s market. If you’d rather find a way to sell your house and avoid the foreclosure all together, great! We buy local Rochester 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 (585) 678-5050 or shoot us your details through this website. Even if you owe more than the house is worth, we can do what is called a short sale. Warner Fisher is an expert with short sales and we work together to solve your problem.
With the above knowledge on foreclosure effects in Rochester – what sellers need to know, you can guard yourself by calling Flower City House Buyers at (585) 678-5050 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!