For those who are selling their properties in Contra Costa County, we will cover the 5 ways the foreclosure of your Contra Costa county house will impact you in the future. Traditional listings for this type of property are not suggested as they don’t attract most buyers, take far too long, and are too costly for most owners of a distressed property.
Life can bring unexpected changes that leave you searching for solutions. Homes can fall into states of disrepair that are far beyond the owner’s capacity to handle. There could have been a death, divorce, illness, or job loss, leading to lost income or a forced relocation at play.
In this article, we’ll walk you through dealing with a distressed property. We Buy Houses in Conta Costa County and we know how your situation is stressing you. As house buyers in Contra Costa County CA, we can help you have a stress-free sale by buying your house from you! Let’s dive into some of the options to sell a distressed property in Contra Costa County CA.
Costly
One of the ways the foreclosure of your Contra Costa County house will impact you is the expense; your attorney will charge thousands, not to mention any fees that accumulate on the mortgage loan or from the process of foreclosure itself, which can be substantial as well. Therefore, allowing your home to fall into foreclosure is a procedure that is costly not only to you as the homeowner but to the lender, the local government, and local property owners.
Lose Equity
Another way the foreclosure of your Contra Costa County house will impact you in the future is by the loss of equity. As homeowners pay down their mortgage balance, the difference in the amount owed and the home’s current market value is known as equity. As the fees and costs of the foreclosure add up, the equity you’ve built over the years will slowly begin to drop. Additionally, lenders typically go with the lowest appraisal value, further depleting the level of any remaining equity.
Future Credit
One of the most immediate impacts of the foreclosure of your Contra Costa County house is the effect on your credit. While it won’t last forever, your foreclosure will be on your credit report for seven years. While not impossible to acquire credit with this red mark on your records, rest assured you will pay much higher interest rates as a penalty, making life even more expensive as a consequence. It will help your creditworthiness as you work towards rebuilding your credit and regain control of your financial future.
Future Homeownership
Qualifying for a mortgage will be difficult. Under several government programs, it will be impossible for the next seven years; if you qualify for VA loans, the period may be as short as two years following the foreclosure of your Contra Costa County house. There are, however, some extenuating circumstances, such as illness, divorce, or job loss, that will allow these lenders to work with you, so don’t put your head in the sand again; reach out and take charge of your future.
Future Employment
As more employers run credit checks in the attempt to find more productive workers, your future employment potential has become another one of the ways the foreclosure of your Contra Costa County house will impact you. If you are in this situation, concentrating on credit repair will work in your favor. Although it doesn’t make every job impossible, your hirability is more dependent on your creditworthiness if the job requires you to handle money or customers’ financial data.
Sell Quick California is here to help. Discuss the impending foreclosure of your Contra Costa County house with the direct Contra Costa home buyers at Sell Quick California without any obligations. The experienced pros at Sell Quick California want to help you end your foreclosure nightmare today. Call Sell Quick California at 1-866-497-8248 or send us a message to learn more.
Interested in more great articles, read this one about 5 Property Management Mistakes Solano County Investors Often Make.
Sell My House In Contra Costa County CA To An Investor
No matter which option you choose, make educated decisions by taking the time to understand all of your options. We’re here to assist you with your current situation. We are Contra Costa County home buyers and we can buy your house from you. This means that you can sell your house in Contra Costa County directly to us no matter your situation.
When working with Sell Quick California, you don’t have to worry about fees and commissions! You can get a cash offer in just a few days as we offer cash for houses in Contra Costa County CA.