If you are trying to decide between selling your home, and modifying your mortgage, the real estate market in Rhode Island might make that decision a little easier for you. Spring is typically the most popular time to buy and sell homes, but the Rhode Island Association of Realtors recently reported that there is not a large supply of houses on the market. Further, the median cost of houses in Rhode Island is continuing to rise, even from last year.
This means if you are looking for a new home, you might have a hard time finding one. If you do finally find one, there is a good chance that other buyers will be interested in the home as well. If multiple buyers are bidding on the home, it can drive up the final price of the home, or you could even be outbid.
If you are considering a mortgage modification on your home, this may be a good time to pursue that option. Interest rates are still relatively low, so if you took your mortgage out during a time where the rates were higher, you may be able to get a lower interest rate as part of your modification. Additionally, you wouldn’t have to go through the hassle and expense of moving and uprooting your family from your home. To learn more about how mortgage modifications work, please visit this post.
The Mortgage Modification Center
If you are experiencing a financial hardship, and you don’t want to move or lose your home, you may not have to. The Mortgage Modification Center, led by Attorney John S. Simonian may be able to help you. Attorney Simonian and his highly-trained staff have helped numerous Rhode Islanders stay in their homes and avoid the stress of moving when they don’t want to. Attorney Simonian offers a no cost initial consultation to help you make the best decision for yourself and your family. The Mortgage Modification Center may be reached at (401) 467-7998.