{"id":1762,"date":"2022-03-14T00:00:00","date_gmt":"2022-03-14T04:00:00","guid":{"rendered":"https:\/\/chrisbuyshomesstlseller11.carrot.com\/?p=1762"},"modified":"2025-02-15T15:29:07","modified_gmt":"2025-02-15T15:29:07","slug":"foreclosure-effects-in-detroit-mi","status":"publish","type":"post","link":"https:\/\/www.chrisbuyshomesdetroit.com\/blog\/foreclosure-effects-in-detroit-mi\/","title":{"rendered":"Foreclosure Effects In Detroit MI &#8211; What Sellers Need To Know"},"content":{"rendered":"<img loading=\"lazy\" decoding=\"async\" class=\"wp-image-398 alignleft\" src=\"https:\/\/cdn.carrot.com\/uploads\/sites\/1410\/2014\/04\/foreclosure-notice-of-default-2-300x134.png\" alt=\"foreclosure effects in Detroit\" width=\"378\" height=\"169\" \/>Foreclosure 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 <em><strong>foreclosures effects in Detroit MI<\/strong><\/em>\u00a0and what local house sellers need to know. First we will look at the effects and the ways of easing them.\n<h2><\/h2>\n<h2><strong>Foreclosure Effects in Detroit MI to Sellers<\/strong><\/h2>\n<ul>\n \t<li><span style=\"text-decoration: underline\"><strong>Loss of your\u00a0home<\/strong><\/span> \u2013\u00a0Pretty self-explanatory here. The major end result of a foreclosure in MI is of course the loss of the home to the bank.<\/li>\n \t<li><strong><span style=\"text-decoration: underline\">Decrease in Your Credit Rating<\/span><\/strong> \u2013 <a href=\"http:\/\/www.zillow.com\/foreclosures\/owner\/how-foreclosure-affects-your-credit-rating\/\" target=\"_blank\" rel=\"noopener noreferrer\">Your credit rating will be lowered by the foreclosure<\/a>. How much?\u00a0It depends on how high your current credit score is&#8230; but the higher your current credit score&#8230; the more your score will drop after a foreclosure. If you have a credit score of 680 or higher&#8230; you may see a drop of 100+ points.<\/li>\n \t<li><span style=\"text-decoration: underline\"><strong>Depression and Stress<\/strong><\/span> &#8211; 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.<\/li>\n \t<li><span style=\"text-decoration: underline\"><strong>House Values In Your Community<\/strong><\/span> &#8211; Another one of the big foreclosure effects in Detroit MI is that they\u00a0tend to lower the overall value of the houses in your neighborhood&#8230; especially if there are multiple foreclosures in the immediate area.<\/li>\n<\/ul>\n<h2><strong>How You Can\u00a0Ease The Effects Of\u00a0Foreclosure In Detroit<\/strong><\/h2>\nFor 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\u00a0there are people who can help you navigate your different options in the process.\n\nFirst&#8230;\n<ol>\n \t<li><span style=\"text-decoration: underline\"><strong>Call your bank and work with them:<\/strong> <\/span>\u00a0Most banks are very willing and ready to work with you&#8230; if you can show that with their help you can get back on track and save your house. \u00a0Or, if you just want out of the house but you owe more on the house than it&#8217;s worth&#8230; 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.<\/li>\n \t<li><span style=\"text-decoration: underline\"><strong>Talk with a local real estate expert, like Chris Buys Homes in Detroit:<\/strong><\/span> We know the local Detroit real estate market well and are very experienced in the foreclosure process here in MI. \u00a0Give us a call at (313) 217-9851 and we can guide you toward the resources that can possibly help you.<\/li>\n \t<li><span style=\"text-decoration: underline\"><strong>Sell your house:<\/strong><\/span> If you&#8217;d rather find a way to sell your house and avoid the foreclosure all together, great! We buy local Detroit houses for cash&#8230; and would love to look at your situation and make you a fair all-cash offer on your house. \u00a0<span style=\"text-decoration: underline\"><strong>Just call us at (313) 217-9851<\/strong><\/span> or <strong><a href=\"\/\" target=\"_blank\" rel=\"noopener noreferrer\">shoot us your details through this website<\/a>.\u00a0<\/strong><\/li>\n<\/ol>\nWith the above knowledge on foreclosure effects in Detroit &#8211; what sellers need to know, you can guard yourself by calling Chris Buys Homes in Detroit at (313) 217-9851 and we shall assist you in the shortest time possible to sell your house. However, to fast track the process, kindly <a href=\"\/\">fill out our website contact form<\/a> to give us more information about you. We&#8217;d love to connect with you and help you find the best solution!","protected":false},"excerpt":{"rendered":"<p>Foreclosure 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 Detroit MI\u00a0and what local house sellers need to know. First we will look at the effects and the ways of easing them. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[104],"tags":[38],"class_list":["post-1762","post","type-post","status-publish","format-standard","hentry","category-reason-to-sell","tag-foreclosure-effects"],"_links":{"self":[{"href":"https:\/\/www.chrisbuyshomesdetroit.com\/wp-json\/wp\/v2\/posts\/1762","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.chrisbuyshomesdetroit.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chrisbuyshomesdetroit.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chrisbuyshomesdetroit.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chrisbuyshomesdetroit.com\/wp-json\/wp\/v2\/comments?post=1762"}],"version-history":[{"count":1,"href":"https:\/\/www.chrisbuyshomesdetroit.com\/wp-json\/wp\/v2\/posts\/1762\/revisions"}],"predecessor-version":[{"id":18853,"href":"https:\/\/www.chrisbuyshomesdetroit.com\/wp-json\/wp\/v2\/posts\/1762\/revisions\/18853"}],"wp:attachment":[{"href":"https:\/\/www.chrisbuyshomesdetroit.com\/wp-json\/wp\/v2\/media?parent=1762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chrisbuyshomesdetroit.com\/wp-json\/wp\/v2\/categories?post=1762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chrisbuyshomesdetroit.com\/wp-json\/wp\/v2\/tags?post=1762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}