North Kingstown Short Sale Home Sold- Woodland Heights Neighborhood.
Some Rhode Island short sales come easier than others. However, these North Kingstown short sale sellers had to go the distance with me to make this
short sale happen. It was not a ‘pretty’ transaction but it is important for all short sale sellers to know the possible outcomes when dealing with lenders such as Rhode Island Housing and a mortgage insurance company.
These first time home buyers bought a North Kingstown home for sale in the height of the Rhode Island real estate market, new and fresh and excited about their home purchase. Yet, they were guided poorly I will say by all parties involved at the time.
So things went awry for the sellers and R I Housing would not modify their loan more than an .125% on an interest only mortgage. The sellers had no other choice but to short sale their North Kingstown home.
Some forgiveness of monies was obtained. Yet, I was unhappy in how the MI company would not budge on their dollars wanted from the sellers at closing.
Also, RI Housing was hemorrhaging monies now because of giving past years short sale sellers forgiveness and is making current RI short sales’ sellers pay their due.
The word I had to give my North Kingstown short sale sellers is that I have done the best job I could to find a buyer and retained them. But could not do what I hoped I could do on forgiveness of all mortgage debt. Some dollars will have to be paid back with a promissory note.
That is the reality right now if your income can support future payments to the lenders and you were Never behind on a mortgage payment. Continuing to pay your mortgage responsibly can sometimes be the death knell in a short sale when it comes to a deficiency judgment. Talk with me about the reality of today’s short sales!
As North Kingstown short sale agents, Ginny Gorman and her team helps clients navigate the rough short sale waters throughout RI, contact Ginny if you are having trouble paying your mortgage. When you are in need of an internet savvy RI realtor® who sells homes in this real estate market, call Ginny today at 401.529.7849. North Kingstown Short Sale Home Sold – Woodland Heights Neighborhood.
Ginny Lacey Gorman is your go to North Kingstown Realtor® for real estate in North Kingstown RI and beyond…knowing the geographic area, schools, happenings, important tidbits of information and businesses well. Waterfr