Another North Kingstown RI Short Sale Approved.
By no means was this an easy road all around to receive that short sale approval letter. In fact it has been one of the most difficult
ones I have done in a couple of years in Rhode Island real estate. Everyone said that this particular lender was good to work with but that was a year or so ago…they are a local private agency lender set up by our legislature in 1973 and are hemorrhaging dollars now. They want their pound of flesh, as I now ask around to other attorneys, and are not giving a lot of mercy to sellers short selling. Very little mercy.
What homeowners need to know is that sometimes a short sale may cost you a bit in a promissory note over a number of years to be paid back or a cash contribution at settlement from the sellers to the bank.
Sometimes the settlement will cost you more than then a few dollars. The path to the final closing on a hemorrhaging lender is like climbing Mount Everest. Even stamina is tough.
I kept this short sale out of foreclosure and I need to remember that was a struggle..it is another North Kingstown RI short sale approved.
So the major step was getting this short sale approval letter and having the lender and the Mortgage Insurance company agree on dollar amounts. The MI company is tough. But it is almost done. Few weeks to closing and another chapter of life for these sellers will present themselves. I hope that any lessons learned from this North Kingstown RI short sale are good ones because there are enough bad lessons to unlearn in life…wouldn’t you say?!
If you are looking for guidance in the short sale world, please call me for a confidential meeting at 401.529.7849. Another North Kingstown RI Short Sale Approved.