Foreclosure in Chester, SC more common than most people think. In South Carolina 1 in 671 homes were effected by foreclosure in Q1 of 2023. As inflation eats away at the family budget homeowners are more likely to experience first hand what foreclosure can do to a family.
Foreclosure takes a toll on our overall quality of life, our well being and our neighbors. Today we are going to look at the foreclosures effects in Chester, South Carolina and what local house sellers need to know. First, we will look at the effects and the ways of easing them.
Foreclosure Effects in Chester, SC to Sellers
- Loss of your home – Being removed from your home. The result of a foreclosure in Chester SC is of course the loss of the home to the bank. The foreclosure process can take anywhere from a few months to several years. The end result will be the loss of your home if the bank loan is not restored.
- 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. A drop in your credit score rating impacts not just future loans you apply for but will have consequences when you relocate. For example turning on utilities may require having to pay security deposits.
- Depression and Stress – The situation that led to the loss of your home would have already taken its toll on your mental health. There is the added stress of finding a new place to live. Will you have to move out of Chester or can you relocate your family nearby? Facing the reality of foreclosure than having to go through it is emotionally exhausting. Depression and stress impact our overall health at a time when we need it the most.
- House Values in Your Community – The number of homes in Chester, SC that are in foreclosure affect the value of a home. Neighborhoods with foreclosures are impacted by lower appraisal values overall. Property appraisals on foreclosed homes are often lower due to the condition the home was left in. When homes are vacant and boarded up they are often plagued with squatters and crime. New home buyers will not be drawn to these communities. The City of Chester’s Comprehensive Plan keeps an ongoing inventory of vacant homes. This inventory is made available to investors and developers with the goal of improving neighborhoods and home values.
How You Can Ease The Effects Of Foreclosure In Chester.
It is possible to minimize the impact of foreclosure on your family and the community of Chester SC. While the process is difficult there are options available that will help you. The best first step is to acknowledge the situation. Ignoring the situation only makes it worse. By taking action you’ll be able to get this behind you and be free from the weight of situation.
First…
- Call your bank and work with them: Be proactive and get ahead of missed bills. Ask your bank about a loan modification. Do they have any programs set up to help homeowners keep their home through hardships? Banks want to avoid foreclosure. The foreclosure process for banks is costly and time consuming. They don’t want to take back your house. Most banks are very willing and ready to work with you if your job loss is.
- Talk with a local real estate expert, like JMS Home Buyers LLC: We know the local Chester real estate market and have experience in stopping foreclosures in Chester. Give us a call at 704-707-6016 and let’s have the conversation about where you are in the process. We can direct you to local foreclosure attorneys and other helpful resources.
- Sell your house: If the situation you find yourself in requires selling your home now is the time. There are circumstances that require you to sell your home. Stopping foreclosure before the bank takes your home is possible. And the faster you sell the home the more cash at closing you will have. Missed mortgage payments and bank fees add up quickly. This is the time to get your cash out of the home. To avoid foreclosure all together you can take control of the home selling process and sell it fast. We buy local Chester houses for cash regardless of the condition. We work with families that are going through difficult times and need a solution to selling their home. JMS Home Buyers buys you home. We are not real estate agents who want to list your home. There are no showings, no open houses, or pictures of your home on Zillow. We also understand that during this stage in your life the home may have deferred maintenance. We buy houses as-is. You will not have to make any repairs or clean out the house. Call us at 704-707-6016 or email your details through through our website. We will answer your questions about the selling process. We are local to the Chester area and want to meet with you as soon as possible.
With a little perspective on foreclosure effects in Chester SC – what sellers need to know, you can minimize the hardships your family will experience by calling JMS Home Buyers LLC at 704-707-6016. We are available to connect with you and help you find the best solution for you and your family.