Are You Walking the Tight Rope Towards Foreclosure | Think Short Sale

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Are You Walking the Tight Rope Towards Foreclosure| Think Short Sale

 

In the past week I have had two

Are You Walking the Tight Rope Towards Foreclosure | Think Short Sale in Real Estate

Are You Walking the Tight Rope Towards Foreclosure | Think Short Sale in RI real estate

homeowners in RI real estate who have reached out to me about their dire home situations.  About to lose a job and job loss (hours cut in half) for both of these couples.  I told them it is NOT an option to do a foreclosure on their home…that is it.  They are walking the tight rope towards foreclosure thinking that somehow someone from somewhere will rescue them. Only they can make the rescue.

They have already tried a loan modification attempt with both of their banks and it was not a solution.

An attempt at loan modification (oh, can you guess the cynicism here) and one all homeowners who are thinking foreclosure or short sale need to try to do.

 

Are You Walking the Tight Rope Towards Foreclosure | Think Short Sale

Understanding the long term financial consequences of foreclosure is so important.  READ THIS:  Your lender will probably require you to pay some of your mortgage debt outstanding if you walk away from your home and the home goes into foreclosure.  It may not be this year or next year but they can come after you for that debt amount.  They will want that money.   You need to understand that there are other alternative options out there for you like short sale.

 

Be aware that most mortgage lenders do not want to foreclose on your home.  They want you to come up with another solution whether it is deed in lieu or short sale.  My goal as a RI short sale agent is to get you successfully out of a home through short sale and moving on with your life without the debt burden following you.  Have questions on short sales, foreclosures and options in your RI home sale situation then contact me at RiByTheBay@gmail.com or call me at 401.529.7849.  

Foreclosure can lead to owing the Mortgage lender the deficiency balance on your outstanding mortgage amount after they foreclose on the home.

 

Also, it will take you longer to buy another home with a Fannie Mae mortgage for at least 7  years due to the negative hit on your credit score.  Know your options?  If not call me.

 

A short sale allows you to move on with your life in a home sale much better than a foreclosure.

Ensure you work with a skilled RI real estate short sale agent who gets short sales done for her clients.  I work with an extraordinary RI legal team that does just that.  Remember you do not want to walk the tight rope towards foreclosure!  There are other solutions.  Let us talk about whether a short sale will work for you.  

Are You Walking the Tight Rope Towards Foreclosure| Think Short Sale.

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Ginny Lacey Gorman is your go to waterfront Rhode Island agent for real estate in Washington and Kent County RI and beyond…knowing the geographic area, schools, happenings and important tidbits of local information.  Email her at RiByTheBay@gmail.com to make an appointment to find the home of your dreams too!

Waterfront, oceanfront, luxury and coastal Rhode Island real estate are my specialty but all of RI is my backyard.  When you are in need of a true real estate professional for your buying, selling or relocating needs and an internet savvy agent who sells RI houses in this real estate market call Ginny at 401.529.7849.