Does Being Heavily Endowed Allow You Certain Advantages as a Homeowner on Foreclosures?
No, no not that kind of endowed now… no trash talk here people. I mean home wise and mortgage wise for sure and especially if you have a home with a mortgage over $417,000. Since short sales are steadily increasing in my North Kingstown area and around RI real estate, I found this a newer revelation. A leading foreclosure watch site noted that in studying foreclosures of over 150,000 homes over the past 3 1/2 years that banks strategically wait significantly longer to foreclose on a home with higher mortgages than smaller mortgages…significantly longer say over 100 days longer.
So being heavily endowed mortgage wise allows an underwater borrower to live in their home without paying a mortgage and building up a ‘kitty’ for over a year. Unfortunately, these homeowners are pursuing a foreclosure on their home instead of a short sale (the free mortgage stay does not result in a better outcome with a foreclosure). In fact, this report states that looking at the current months 2011 dollar amount of these under water mortgages in the higher mortgage balance dollar amounts, the mortgages average about $616,000.
So is this some kind of discrimination here on who gets picked first to foreclose upon? That is something to think about.
It seems to indicate that the smaller you are endowed with a leaner under water mortgage amount the less time you can stay in your home. These homeowners the banks want to remove faster! Tell me why aren’t homeowners under water and struggling to pay their mortgages calling out for help to put their home on the real estate market with a North Kingstown short sale agent? Foreclosure is not the answer to a homeowners distress right now and a short sale is a better alternative.
Banks would rather sit on the higher mortgaged under water homes and prolong that dollar write off for as long as the accounting standards allow them to do.
Homeowners, do not be a number waiting in a checkout line for the bank to foreclose on the property. Call a Real Estate Agent who works with short sales and can guide you through this process and don’t be one of the statistics.
Does Heavily Endowed Allow You Certain Advantages as a Homeowner on Foreclosures?
Ginny Lacey Gorman is your go to North Kingstown Real Estate agent for homes in North Kingstown RI and beyond…knowing the geographic area, schools, happenings,important tidbits of information and businesses well.
She’s the North Kingstown short sale agent to contact if you are having trouble paying your mortgage.
Waterfront, oceanfront, luxury and coastal RI homes for sale are her specialty but all of RI is her backyard. When you are in need of a good professional for your buying and selling needs and an internet savvy marketer who sells RI houses in this real estate market – call Ginny at 401.529.7849.