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Foreclosure Effects In Houston TX – What Sellers Need To Know

foreclosure effects in HoustonForeclosure 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 Houston TX and what local house sellers need to know. First we will look at the effects and the ways of easing them.

Foreclosure Effects in Houston TX to Sellers

  • Loss of your home – Pretty self-explanatory here. The major end result of a foreclosure in TX 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 Houston TX 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 Houston

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 Hero Homebuyers: We know the local Houston real estate market well and are very experienced in the foreclosure process here in TX.  Give us a call at 713-379-4376 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 Houston 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 713-379-4376 or shoot us your details through this website

With the above knowledge on foreclosure effects in Houston – what sellers need to know, you can guard yourself by calling Hero Homebuyers at 713-379-4376 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!

Fred Paskell

Fred A. Paskell has served the Houston community for almost 20 years, providing real estate solutions and learning from some of the very best in the business. A native Texan and Army Combat Veteran, Paskell began his career in the commercial real estate sector and has since evolved into a subject matter expert in many aspects of both commercial and residential real estate, including valuation and investment analysis. Throughout his career he has worked for several notable and respected firms including Cushman & Wakefield, CBRE, Mohr Partners and the Newmark Group. On the commercial side, Paskell focuses on Office, Industrial and Retail assets while being purely focused on the investment side of residential real estate. While beginning his college studies at Louisiana State University (and still a big LSU football fan), he earned both his M.B.A. in Real Estate Finance and B.B.A. in Marketing from the University of Houston, cum laude, with honors. Paskell is also a CCIM designee, the pinnacle designation for commercial investment real estate. Fred devoted ten years of his life to protecting our country in the U.S. Army, including two combat tours to Iraq with the 7th Squadron, 6th Cavalry Regiment as an AH-64 Apache Helicopter Crew-chief, completing his service at the rank of Staff Sergeant. He is also an avid scuba diver of over 26 years having reached the levels of divemaster, rescue diver and technical diver. With this passion he enjoys scuba diving and spearfishing on the offshore oil platforms in the Gulf of Mexico in his spare time as well as fishing, playing poker, staying healthy and spending time with friends and family . Paskell also volunteers for several groups serving disabled veterans, including being a member of the Armed Forces Appreciation Committee at the Houston Livestock Show and Rodeo.

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