Like many other struggling borrowers, you may be finding it difficult to afford your Providence RI home. While there are quite a few loan workout options, short sales seem to be the most permanent alternative to foreclosure.
When a borrower owes more on his home than it is worth, and he can prove to his lender that he is facing a financial hardship, a Providence RI short sale can occur. Viable hardships include job loss, relocation, decreased income, divorce or legal separation, vacant rental property, medical expenses, and others.
The typical short sale transaction lasts around six months. Some can close in as little as two months while others take longer than a year. This depends on many different factors within the transaction.
Though a short sale generally causes damage to one's credit, it is fairly easy to recover from. Your credit will likely bounce back enough within two years to allow you to qualify for a new loan.
Incompetent Realtors are not capable of successfully completing a short sale. The process can be quite complex and requires short sale specialists who are very experienced in short sales.
In most cases, borrowers are forgiven of the deficiency amount at closing. Though this is not an automatic, it typically occurs.
Short sale your Providence real estate with expert Realtor help to stop foreclosure on your home. FREE short sale help to Providence RI homeowners in financial hardship. Our short sale specialist Realtors work areas such as Cranston RI short sales as well as the rest of Rhode Island.
Please note that we do NOT offer short sale services directly in the state of Rhode Island. CLICK HERE for more information on our services.
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