If you fail to make your monthly payments on your home’s mortgage, your mortgage company can foreclose on the home. This means that the bank will take your property back, and you and your family need to move out of your home. If you receive notice that your home is in foreclosure, you may be looking for foreclosure help to avoid foreclosure.
The foreclosure rate varies in Rhode Island according to where your home is located. Generally, in Rhode Island, approximately 1 in every 3,600 homes is foreclosed on.
Providence County has about 60% of Rhode Island’s population living in it, and contains Cranston, Providence, East Providence, Central Falls, Pawtucket, Woonsocket, as well as towns such as Johnston, Cumberland, North Providence, and Smithfield. In Providence County, about 1 in every 3,300 homes is foreclosed on.
In Kent County, which contains Warwick, West Warwick, Coventry, East Greenwich, and West Greenwich, about 1 in every 2,800 homes are foreclosed on.
However, that number falls to 1 in every 6,000 homes in Newport County, which contains Newport, Jamestown, Portsmouth, Tiverton; and 1 in every 6,200 for Washington County which contains Charlestown, Narragansett, North Kingstown, South Kingston, Westerly, and Richmond.
Rhode Island Foreclosure Map is from (https://www.realtytrac.com/statsandtrends/foreclosuretrends/ri/).
Foreclosure is extremely disruptive. If your home is foreclosed on, you are forced to abandon your home. Further, your credit will be impacted negatively by the foreclosure. Many new landlords or new mortgage companies run a credit check before approving you, so this could affect your ability to find a new place to call home. Additionally, foreclosure can be stressful and disheartening, especially if it is a home that you love or you have worked hard to keep.
However, you may have options instead of foreclosure. If you are experiencing a financial hardship, then you may qualify for a mortgage modification. Not everyone is approved for a mortgage modification, but if you are, your mortgage payment may decrease.
Additionally, even if your mortgage payment does not decrease, a mortgage modification may benefit you in other ways. A mortgage modification can help you become current on your account by adding all of your late payments and fees to the end of the loan. This may help you avoid foreclosure. Further, if a mortgage modification helps you to avoid foreclosure, then you won’t have to find a new place to live. Finally, although a mortgage modification may impact your credit score, it will not impact your credit score as drastically as a foreclosure would.
The Mortgage Modification Center
If you live in Rhode Island or Massachusetts and are in danger of having your home foreclosed on, a mortgage modification may help you avoid foreclosure and stay in your home. Please reach out to Attorney John S. Simonian at the Mortgage Modification Center at (401) 467-7998 for your free initial consultation. Attorney Simonian has helped numerous clients throughout his 26 years of practice, and he may be able to help you.
Attorney John S. Simonian is a Rhode Island and Massachusetts lawyer who specializes in bankruptcy law and mortgage modifications. Click here to learn more about Attorney Simonian.