Foreclosure Effects In Nashville TN – What Sellers Need To Know

foreclosure effects in NashvilleForeclosure 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 Nashville TN and what local house sellers need to know. First we will look at the effects and the ways of easing them.

Foreclosure Effects in Nashville TN to Sellers

  • Loss of your home – Pretty self-explanatory here. The major end result of a foreclosure in TN is, of course, the loss of the home to the bank.
  • Decrease in Your Credit RatingYour 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 Nashville TN 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 Nashville

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.

First…

  1. 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.
  2. Talk with a local real estate expert, like Southern Homes Investments: We know the local Nashville real estate market well and are very experienced in the foreclosure process here in TN.  Give us a call at (615) 235-0612 and we can guide you toward the resources that can possibly help you.
  3. Sell your house: If you’d rather find a way to sell your house and avoid the foreclosure all together, great! We buy local Nashville 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 (615) 235-0612 or shoot us your details through this website

The key to foreclosure is to work quickly with the bank. Delaying contact with the bank or an investor could lead to more penalties, interest and attorney fees. Different banks have varying leniencies for delinquent payments. Many banks give homeowners just 2 to 3 months for behind payments, others just one month for late payments. Once a home is in pre-foreclosure the bank turns the process over to the foreclosure attorneys. The third party attorneys have an established timetable for events that end with an auction, become the point of contact, control the process going forward, and set the auction time and location, usually on the courthouse steps.

Be that said, foreclosures can still be stopped by a savvy investor who knows the processes involve and has the means to buy the house before the auction date. Foreclosure effects in Nashville, Murfreesboro, Smyrna, Columbia, Lewisburg, and other Middle Tennessee areas will be different from other states. We at Southern Homes Investments have stopped foreclosures and saved the owners from the brunt of the full foreclosure process.

With the above knowledge on foreclosure effects in Nashville – what sellers need to know, you can guard yourself by calling Southern Homes Investments at (615) 235-0612 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!

 

David Wright is a licensed real estate agent and this article is not a solicitation to list your home to sell.

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