You’re In Pre-Foreclosure, Now What? Here Are The Top 5 Facts Rhode Island Homeowners Should Know
1) You Still Own The House
The bank has notified you that your house is in pre-foreclosure, but take a deep breath; you won’t lose your house during this stage. Think of this as more of a final warning.
2) Your Credit Has Taken A Hit, But Not As Bad As You May Think
Credit Score is lowered based on amount of late payments. If you’re just receiving your notice of pre-foreclosure than you’ve missed THREE payments. The good news is as long as you don’t go into foreclosure, than your credit can recover. Having the bank foreclose on your home will make it much tougher to get a loan in the future.
3) You Have Options
Yes, receiving the pre-foreclosure notice from the bank is scary. You’re a bit stressed out right now, but you still have some options. The last thing you want is to go into foreclosure, loan modifications and short sales are a few of the options to help avoid that.
4) Loan Modification Can Help Homeowners In Trouble
Loans can be modified in various ways. What you want to do is make sure you obtain a lower, more manageable monthly payment. This can be done by lowering the interest rate or lengthening the terms of the loan.
5) We Can Help!!
- We have knowledgeable experts in the pre-foreclosure field that can help address any questions you may have. Give us a call to see how we can help you.
- We buy houses throughout the Rhode Island area and can provide a cash offer to help you navigate this situation.
- We understand pre-foreclosure is a difficult time, we will provide you free guidance in order to help you make an educated decision.