We buy houses in Katy Texas and provide residents with the ideal way to sell their homes fast by offering cash for houses in Katy TX no matter the circumstance or condition of the house. We know that foreclosure is a nightmare to any family going through it, irrespective of the reasons why they are about to lose their homes. So as homebuyers in Texas, we are going to look at the foreclosures effects in Katy, Texas and what local house sellers need to know. First, we will look at the effects and ways of easing them.
Foreclosure Effects in Katy, Texas to Sellers
- Loss of Your Home – Pretty self-explanatory here. The major end result of a foreclosure in Texas is, of course, the loss of the home to the bank.
- A 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 Katy, Texas 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 Katy City
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 Move On House Buyers: We know the local Katy City real estate market well and are very experienced in the foreclosure process here in Texas. Give us a call at (713) 561-5162, and we can guide you toward the resources that can possibly help you.
- Sell your house in Katy, Texas: If you’d rather find a way to sell your property and avoid the foreclosure all together, great! We would love to look at your situation and make you a fair, all-cash offer on your house. Just call us at (713) 561-5162 or shoot us your details through this website.
Sell My House in Katy Texas
We are Texas home buyers. With the above knowledge on foreclosure effects – what sellers need to know – you can guard yourself by calling Move On House Buyers at (713) 561-5162. We shall assist you in the shortest time possible to sell your house in Katy TX. 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!