Home foreclosures are far too common and the hardship endured by Rhode Islanders and people throughout the country when their homes are foreclosed upon can be extremely difficult. Unmanageable debt and mortgage arrears can spiral out of control, and the fear of losing your home often leads to paralysis instead of taking concrete steps to avoid foreclosure and to stay in your home. Preventing foreclosure and maintaining homeownership is frequently the primary objective of my clients. In the state of Rhode Island, once a foreclosure occurs, it cannot be reversed. Delaying action can have serious consequences. If you’re ready to take action and do everything you can to prevent an imminent foreclosure and stay in your home, please call me.
Each individual’s circumstances are different, but there are several possible options to avoid foreclosure. While filing for bankruptcy is perhaps the most well-known method of stopping foreclosure on a home, loan modifications are frequently a viable alternative to filing for bankruptcy. We provide information that might help you decide if a loan modification is right for you on our RI home loan modifications page.