Foreclosure is an issue that affects Rhode Islanders all across the state. Although the number of homes that are foreclosed on varies by county and town, every community in Rhode Island is affected by foreclosure.
In Rhode Island, foreclosure happens in about 1 out of every 3,400 households. However, some counties have more foreclosures than others. For example, Washington County has the least amount of foreclosures, with only 1 in every 9,000 homes being foreclosed on. However, Kent County has the most foreclosures, with 1 in every 2,700 homes being foreclosed on.
Even within the counties, the number of foreclosures depends on which city or town the home is in. For example, Coventry, which is part of Kent County, has about 1 foreclosure for every 14,000 homes. Narragansett, part of Washington County, has about 1 in every 9,000 homes foreclosed on.
Across America, approximately 250,000 homes go into foreclosure every 3 months. Homes go into foreclosure for many reasons. The bottom line is that the homeowner gets behind on their mortgage payment, and the bank forecloses on the home as a result. Many times, an emergency or other unexpected situation occurs that causes the homeowner to get behind on their mortgage payment. For example, a homeowner could lose their job, or have to deal with unexpected medical expenses. Approximately half of all Americans live paycheck to paycheck. Further, almost half of all Americans don’t have enough money saved to support themselves for three months if they needed to.
Most homeowners want to avoid foreclosure. Foreclosures impact your credit score negatively, which can impact your financial future. Further, many love their homes, and don’t want to go through the hassle of moving and uprooting their families.
If you live in Rhode Island, mortgage companies are required to work with you to avoid foreclosure if it’s possible. In certain situations, a mortgage modification may be able to stop a foreclosure. A mortgage modification changes a term of the original mortgage to help the homeowner in some way. For example, a mortgage modification may lower a mortgage payment, or it may help a homeowner become current without paying all of the money owed up front. Because of this, a mortgage modification may allow you to stop a foreclosure.
The Mortgage Modification Center
If you are facing foreclosure but want to keep your home, the Mortgage Modification Center may be able to help you. Attorney John S. Simonian, who leads the Mortgage Modification Center, has been helping clients throughout Rhode Island and Massachusetts for over 26 years. In addition to helping clients with their mortgage modifications, Attorney Simonian also specializes in bankruptcy law and other financial matters. For your free initial consultation to see how the Mortgage Modification Center may be able to help you, please call (401) 467-7998.