Are Foreclosures Still Effecting Rhode Island Real Estate?

Are Foreclosures Still Effecting Rhode Island Real Estate?
By Emilio DiSpirito Realtor/ Real Estate Consultant / Radio Show Host

The housing market has seen its best year in sales numbers since 1986!! With that said, are there still foreclosures out there? If so, how many? You may be surprised at these statistics.

There are always going to be people & families all around us that are going through the struggle.. my family did.. I personally did.. you are probably looking over at the person next to you with a quiet smile thinking about more turbulent times in your life or maybe you or someone close to you is going through them right now!! Listen up, because we are not only going to talk stats, but also options out!

According to RealtyTrac.com:

• 1 out of every 1573 homes in Rhode Island is a foreclosure on average. 
• According to US Census Bureau there are 462,578 housing units for our 1,056,028 citizens in Rhode Island. 
• Meaning if their stats are right on RealtyTrac, there are approximately 294 active foreclosures on the market
• According to the Multi Listing Service aka MLS, where Realtors add properties on the market, there are 195 Active Foreclosure Listings and 366 pending! In retrospect, when you add up all of the Non Foreclosure listings in RI for Condos, Multi Families and Single Family housing we get a total of 7,891 total pending and active and 561 total pending and active foreclosures, thus making 14% of the current real estate market here in Rhode Island, foreclosures.

Here is a list of how many homes per county in Rhode Island are foreclosed homes

In the grand scheme of things, there are less than 1% of homes in the United States who are in foreclosure which represents a healthy and stable market compared to that of 2010 when 26% of all homes in the US were going through the foreclosure process!

What are the top 12 States in the US for foreclosures?  Click here to see the list! 

Now that brings us to our next topic on the topic!

Click here to read our blog on how to avoid foreclosures!

Easily obtain your homes value! You may have enough equity or we may be able to get a cash buyer for you to get out clean!! Call 401-359-2338 or www.HomePrice411.com to see!

How to Avoid Foreclosure

How to Avoid Foreclosure
By Emilio DiSpirito Realtor/Top Real Estate Agent/ National Speaker/ Radio Show Host/ Real Estate Blogger

How to get out of foreclosure!!

Good news is that you may have options!! Here is a no bull list for you!!

• File for bankruptcy
• Halts process for as little as a month and as long as bankruptcy filing takes in court in some cases. Allows you time to speak with your lender about a loan modification. 
• Loan modification
• In some cases in hardship, you can work with bank to modify your current mortgage. They look into changing aspects of the loan to fit what you can currently afford. The process is not always easy though. 
• Short Sale
• When you are going through a hardship, you can file for a short sale. That is when you owe more on your property than the current market declares it is worth. The bank forgives the remaining balance and right now until end of 2016, the IRS does not consider that remaining balance as income! 
• i.e $300,000 what you owe.. only worth $200,000 now = Bank forgives the $100,000 and IRS does not count the $100,000 as income (see what your home is worth here - will prompt you for contact info but that is not shared with anyone else nor sold off. You can also call us direct 401-359-2338 for a free fair market value and short sale consultation). 
• File a lawsuit - You may be able to Stop the foreclosure 
• If lender is using a system that tries to foreclose on your home outside of the court system, you may be able to file a lawsuit. 
• Speak with a real estate attorney who specializes in foreclosure to see if this is an option for you. We suggest Ted Topouzis.
• Cash Sale 
• We have a list of investors that buy properties cash. You may be able to avoid forclosure by paying off your mortgage. We can have cash investors bid on your property and you may be able to walk away with money in your pocket. We do not charge a fee for this service! Call 401-359-2338 ask for details. We do not suggest going directly to one cash investor. Why not have multiple bid?
• Fair Market Sale
• You may have a hard time making mortgage payments at the moment, however, you may be able to sell the property and turn a profit. 
• Rent out the property
• This can be risky because if the tenant does not pay rent, you are back to square one and the eviction process. 

For a FREE no obligation consultation, call 401-359-2338. If you are outside of Rhode Island, we have colleagues in all 50 States we can refer you to. You can also click here and fill out your information to get an accurate home value report for your home and we can contact you direct. www.Homeprice411.com

See foreclosure statistics here!