Across Dallas Fort Worth, people are still losing their homes to foreclosure every day. The banks are taking houses and leaving hard-working people in the DFW metroplex with nothing to show for it. If you are behind on your mortgage, you don’t have to let the fear of foreclosure ruin you. There are alternatives! In our latest post, we explore how a foreclosure will impact you and what you can do to stop it.
How Foreclosure Will Impact You in Dallas Fort Worth
If you are unable to avoid foreclosure in Dallas Fort Worth and end up losing your house to the bank, there can be both long and short-term effects. Unfortunately, there are many problems associated with foreclosure that many homeowners find out about after they lose their house. If you are close to losing your home, there are a few solutions and ways to stop the process of foreclosure. First, let’s discuss the effects of foreclosure.
The Financial Effects of Foreclosure – Dallas Fort Worth
One of the biggest residual issues with foreclosure is the damage it does to your credit score. Your credit score may drop over 250 points, making it difficult for you to open a new line of credit with anyone. The only way to improve your credit score over time is to be patient while making on-time payments on credit cards and remaining loans. You can’t have any financial slip-ups when you are trying to repair your credit after foreclosure. Count on it taking about 3 years for your credit score to improve. Keep in mind, if you want to buy another house you will likely have to wait 2-7 years before qualifying for financing.
If you are foreclosed on, and the bank is not able to recover the full amount borrowed, the bank considers the difference as income on their financial records. As such, you might find yourself having to pay income taxes on the amount you were not able to pay back. Consult with an attorney or CPA to learn how a foreclosure will personally impact you in Dallas.
Mental Effects of Foreclosure in Dallas Fort Worth
Losing your house to foreclosure isn’t fun. The prospect of being homeless can cause stress, depression and lowered self-esteem. Losing your house is a loss of comfort, shelter, and recluse. But remember, this happens to people every day and it will pass. Here at Happy Buy Homes, we can help you avoid this situation.
What To Do About Foreclosure in Dallas Fort Worth
One of the most effective ways to avoid foreclosure in Dallas Fort Worth is to sell your house as fast as possible. However, if you are facing foreclosure you might not have the time to wait for the traditional listing process. In addition, a traditional real estate listing tends to involve upfront costs before paying off. If you have missed mortgage payments, coming up with the cash to fix, repair and upgrade the house may not be readily available. You can choose to sell your house quickly to a professional Dallas home buyer. Happy Buy Homes can work fast to make a fair cash offer on your house, allowing you to sell quickly and walk away from the troubles you have been facing.
Not all home buyers are the same. Before you agree to sell your house to a Dallas home buyer, make you have run the numbers and that you won’t be hit by any hidden fees or charges. Happy Buy Homes is a full-service cash home buyer in Dallas Fort Worth. We handle everything from start to finish so you can get out of your difficult situation quickly.
Do you want to avoid foreclosure on your Dallas house? We can help! Send us a message or give us a call today! (817) 345-6444