Regardless of why the misfortune has happened, foreclosure is never any fun. In fact, it can be one of the most stressful things that any family will ever have to deal with. When it comes to your home and your family’s lifestyle, you want to do everything you can to protect it and maintain peace and consistency.
This article talks about what the consequences look like for foreclosure, and some of the ways to take some of the pressure off.
Consequences of Foreclosure in Bakersfield California for Homeowners
- Loss of property – Perhaps the most obvious part of foreclosure is the loss of one’s home. This is the main consequence of failing to pay a mortgage, as the bank will sell your home to pay off the remaining debt.
- Damage to Credit – If a foreclosure goes on your record, it will severely impact your credit for the worst. The higher your credit before the foreclosure, the more it will drop. In fact, it could drop upward of 100 points or more if it’s currently above 680 or so. This will impact any living situation you seek for the next decade at least. It will be harder to find another lender willing to give you a mortgage, and even a landlord that will be willing to rent to you.
- Emotional Devastation – Going through such a stressful situation will certainly take it’s toll. Your mental and emotional state will take a huge hit, which is why it is so important to try to take care of yourself and stay as calm as possible throughout the entire situation if at all possible.
- Nearby Property Value – Foreclosure tend to hurt nearby property values as well. One or two might not have as much of an impact, but multiple foreclosure can severely impact values and drive prices down.
How to Ease the Impact of a Foreclosure In Bakersfield
You do have some options that might be able to help you make this process less stressful for you and your family. Foreclosure is always stressful, but there are a few things that can help take some of the pressure off.
- Talk to Your Lender – Most lenders want to resolve the situation before it ends up in foreclosure. See what kind of programs they have to offer, or if they know of any government plans that will help you make your payments. They are not in the house selling business, they are in the lending business. Every foreclosure they have to carry out is one less mortgage that is making them money. Foreclosure is costly for everyone involved, so see if you can work something out before it’s too late.
- Talk to a local real estate professional, like Buyers of Bakersfield – We know the Bakersfield market very well, and would love to help you through this scary process. It costs absolutely nothing to call and talk to us, and we will try to help you the best way we can!
- Sell your property – Maybe this isn’t the most fun option to think about, but it might just be the solution to your problem. If you would rather just avoid foreclosure altogether and skip the nightmare, then ask us about buying your house! We buy local Bakersfield houses for cash, and we would love to be able to make you a fair all-cash offer that works for you! Call us at (661) 384-7021 or fill out our super quick form on the site!
Now that you know a little more about the effects of foreclosure in Bakersfield, you can make a better decision for you and your family. We know most people want to try to avoid foreclosure, and we would love to help you in any way we can. We can help you by buying your house, or simply pointing you in the right direction of someone who might be able to help you stay out of foreclosure altogether. Reach out and use our experience to help you today!