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 foreclosure effects in Kitchener and what local house sellers need to know.
Foreclosure Effects in Kitchener For Sellers
- Loss of Your Home – this is pretty self-explanatory. The major end result of a foreclosure in Ontario 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 Kitchener and other cities in Ontario is that they tend to lower the overall value of the houses in your neighbourhood, especially if there are multiple foreclosures in the immediate area.
How You Can Ease The Effects Of Foreclosure In Kitchener
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 Ontario Property Buyers: We know the local Kitchener real estate market well and are very experienced in the foreclosure process here in Ontario. Give us a call at 226-778-8950 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 houses in Kitchener and surrounding areas for cash and would love to help you with your situation and make you a fair all-cash offer on your house.
With the above knowledge on foreclosures in Kitchener, you can guard yourself by calling Ontario Property Buyers at 226-778-8950 and we will assist you in the shortest time possible to sell your house. If you want to fast track your process, kindly fill out the form below to give us more information. We’d love to connect with you and help you find the best solution!