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 Connecticut CT and what local house sellers need to know. First we will look at the effects and the ways of easing them.
Foreclosure Effects in Connecticut CT to Sellers
- Loss of your home – Pretty self-explanatory here. The major end result of a foreclosure in Connecticut 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 Connecticut Connecticut 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 Connecticut
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.
- 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 CT Cash Homes: We know the local Connecticut real estate market well and are very experienced in the foreclosure process here in Connecticut. Give us a call at (860) 249-0950 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 Connecticut 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 (860) 249-0950 or shoot us your details through this website.
With the above knowledge on foreclosure effects in Connecticut – what sellers need to know, you can guard yourself by calling CT Cash Homes at (860) 249-0950 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!
Who Is CT Cash Homes And How Can We Help You If You’re Relocating And Need To Sell In Connecticut?
We’re investors. We support our families and beautify neighborhoods by buying houses from Connecticut homeowners who need to sell fast for one reason or another.
The types of sellers who tend to work with us include people who…
- Need to sell fast (we can close in as little as 7 days if you need us to)
- Don’t want to hassle with listing a property with an agent
- Don’t want to pay real estate agent fees
- Can’t sell their house for one reason or another (we buy houses in as-is condition)
- … or a variety of other reasons
But we’re passionate people, and we believe in the Connecticut community.
We’re honest and straightforward.
We’ll quote you a fair price, and we can close fast with cash.
If you’re prepared to wait and can hire professionals to help, you can manage the sale of your property from a distance. In certain circumstances that risk can pay off.
We’re happy to help you find answers to your toughest questions about your Connecticut real estate, so please feel free to call us at (860) 249-0950 and chat with us anytime.