Does Being Heavily Endowed Allow you Advantages as a
No, no not that kind of endowed now… no trash talk here. I am talking home 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 (foreclosureradar.com) 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 ‘cash pile’ for over a year. Unfortunately, these homeowners are pursuing a foreclosure on their home instead of a short sale (the extra time does not result in a better outcome with a foreclosure for a homeowner). In fact, this report states that looking at the current month’s 2011 dollar amounts of these under water mortgages, in the higher mortgage balance dollar amounts, shows 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 homeowner’s distress right now and a short sale is a better alternative. In fact, some bank programs will actually give you money back to move and get on with your life like HAFA or Bank of America’s Co-op programs. But banks would rather sit on the higher mortgaged under water homes and prolong their dollar write off and loss for as long as the accounting standards allow them to do. There is something wrong about this process.
Homeowners in distress – do not be a number waiting in line for the bank to foreclose on your 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. As North Kingstown short sale agents, my team works will homeowners to get them through short sales and moving on with their life, call me today at 401-529-7849.
Does Heavily Endowed Allow You Advantages as a Seller?
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.
As North Kingstown short sale agents, if you are having trouble paying your mortgage contact Ginny to help you through the short sale process successfully.
Waterfront, oceanfront, luxury and coastal RI real estate 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.