If you’re facing the possibility of foreclosure, it’s crucial to take quick action. Ignoring letters, emails, and phone calls from your lender will only make the situation worse, leading to emotional turmoil, long-term financial repercussions, and hefty expenses. Don’t wait until it’s too late to avoid foreclosure, as it can quickly become a legal matter outside of your control. Instead, we’ll provide you with solutions on how to eliminate these concerns and avoid the foreclosure of your RI home.
To avoid foreclosure of your RI home, consider talking to your lender. They may be able to work with you and modify your mortgage note payments based on certain criteria. Be prepared to provide a lot of paperwork proving your financial hardship, including the cause and expected length of it, as well as your current and future income estimates. This will help your lender understand your situation and determine if they can assist you in affording your mortgage payments.
Selling your RI home is another option to avoid foreclosure, but it comes with its own expenses. You may need to make updates and repairs to make your home photo-ready for online listings and professional photography. Whether you sell on your own or through an agent, online marketing and advertising are necessary expenses. Additionally, the condition of your property may require repairs before the lender approves the loan. All of these expenses will come out of your pocket, with no guarantee that your home will sell or how much it will sell for. Keep in mind that selling your home may be a viable option, but be aware of the associated costs and potential outcomes.
Foreclosure can have severe short and long-term effects on your life. It can take away your home, damage your credit score, and even lead to being denied employment or housing. Government-backed financing through Fannie Mae will be unavailable to you for seven years, and you may still owe any debt not paid by the lender in the foreclosure sale. However, working with a professional buyer like Ocean State Buyers can help you avoid these negative impacts. By making a direct sale, you can solve your problem and prevent foreclosure of your RI home. We buy homes as-is, meaning you can have peace of mind with a guaranteed sale and a fast closing in as little as 7 days. Don’t let foreclosure disrupt your life – contact Ocean State Buyers today.
Tired of tossing and turning, worrying about losing all of the equity you have built over the years? Don’t wait until foreclosure begins, let Ocean State Buyers help lessen your burdens. At Ocean State Buyers we are happy to help you learn more about how to avoid foreclosure of your house in RI. Ocean State Buyers is here to listen to your circumstances and help you with the best solution. Just send us a message or call Ocean State Buyers at (401) 318-3125 today.
Check out this great article from the National Association of REALTORS regarding foreclosure!