Foreclosure can be a nightmare for any family to go through, regardless of the reasons why they are unable to continue payments. Today we are going to discuss the Effects of foreclosures in Rhode Island and what local house sellers need to know to make an informed decision. First we will look at the general effects foreclosure has on local markets and then I will discuss the options available for limiting negative effects.
Foreclosure Effects for Sellers in Rhode Island
- Loss of your home – The primary and most notable effect for homeowners facing foreclosure in Rhode Island is the loss of their home. This is pretty self-explanatory, however, it is important to understand the major end result of a foreclosure in Rhode Island is of course the loss of the home to the bank. Losing a home to foreclosure can be a major detriment to the community for several economic and social reasons. Foreclosure tests the resilience of local Rhode Island communities and the effects can be felt far and wide.
- Decrease in Your Credit Rating – Your credit rating will be lowered by the foreclosure. How much exactly? It depends on what your current credit score is…the higher your current credit score… the more your score will drop after a foreclosure. If you have a credit score of 680 or higher… you may see a drop of 100+ points. Credit ratings are extremely important for attaining a mortgage, car loan, personal loan and even can be taken into consideration for a rental application. If you are hoping to protect your credit score, a short-sale or cash offer from an investor may be just what you need to escape from foreclosure and the credit implications.
- Depression and Stress – Neverminded your economic health…your mental health is at stake as well because of the high pressure situation you’ve found yourself in. Going through a foreclosure is emotionally exhausting and frustrating to say the least. A trusted and local professional that can guide you through the process, answer any questions, and deal with logistics can make all the difference in the world when considering the mental stress that comes along with foreclosure.
- House Values In Your Community – Another one of the big foreclosure effects in Rhode Island is that they tend to lower the overall value of the houses in your neighborhood… especially if there are multiple foreclosures in the immediate area. Market value of homes in your direct neighborhood will be negatively effected by your home being foreclosed, therefore, neighbors and any family/friends who live in your neighborhood will also suffer. Keep this in mind when weighing your options and making a decision on how to move forward.
Available options for easing The Effects Of Foreclosure In Rhode Island
For the well being of you, your family, and your neighbors you need to mitigate the effects of foreclosure as much as you can. The process can be frustrating and time consuming, but there are people who can help you navigate your different options throughout each step.
Firstly…
- Call your bank and work with them: Most banks are very willing and ready to work with you… if you can show that with their help you can get back on track and save your house from foreclosure. In certain cases, the bank may be willing to refinance or restructure your loan and lower your monthly payments. Or, if you just want out of the house but you owe more on it than it’s worth… see if the bank has any programs to lower the mortgage burden so you can get out from underneath it without it going through an expensive foreclosure. Do some research on a short-sale and what it would look like to sell to an investor…if you have any interest – at Home Tree LLC we work with Rhode Island sellers in your situation and are able to make cash offers and close on your timeline which may help you avoid foreclosure.
- Weigh your options with a local real estate expert, like Matt at Home Tree LLC: We know the local Rhode Island real estate market well and are very experienced in the foreclosure process. Give us a call at 401.684.3937 and we can guide you toward the resources that can possibly help you. We work with local investor buyers who are ready to make you a cash offer and close on your timeline. In some circumstances we are able to purchase the property and rent it back to you so you may not even have to move! Give me a call today for your no obligation cash offer and we can discuss the value of your Rhode Island Property.
- Sell your house: If you’d rather find a way to sell your house and avoid the foreclosure all together, great! We buy local Rhode Island houses for cash… and would love to look at your situation and make you a fair all-cash offer on your house. Just call us at 401.684.3937 or shoot us your details through this website. We can offer creative financing and purchase terms that will help you get the most from your foreclosed property and move forward with your life.
With the above knowledge on foreclosure effects in Rhode Island – potential sellers should know you can guard yourself by calling Matt at Home Tree LLC – 401.684.3937 and he can assist you in the shortest time possible to sell your house. However, to further fast track the process, kindly fill out our website contact form to give us more information about you and your property so we can get the due diligence started. We’d love to connect with you and help you find the best solution to your foreclosure in Rhode Island – Call us today!