FORECLOSURE DEFENSE NEWS AND INFORMATION - Rhode Island

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AS RHODE ISLAND FORECLOSURES RISE SHARPLY, MORE HOMEOWNERS REQUEST LOAN MODIFICATIONS AND SHORT SALES TO STOP FORECLOSURE	2009-04-16

AS RHODE ISLAND FORECLOSURES RISE SHARPLY, MORE HOMEOWNERS REQUEST LOAN MODIFICATIONS AND SHORT SALES TO STOP FORECLOSURE

On April 16, 2009, the Warwick Beacon reported that acording to Brenda Clement, Executive Director for Housing Action Coalition of RI, over 2,700 RI tenants have lost their homes due to foreclosures. The number of foreclosure is expecting to rise through 2010 due to to the economic crisis.

The big unknown for the coming months is President Barack Obama's plan to help up to 9 million borrowers avoid foreclosure through refinanced mortgages or modified loans. Banks in Rhode Island have shown a willingness to seriously consider requests by homeowners for loan modifications or short sales. By submitting requests to their lenders for reduced interest rates or permission to sell homes for less than the balance of their loans, homeowners can avoid the devastation of foreclosure. However, many homeowners are unaware of the options that are available to them.

Homeowners interested in requesting mortgage modifications can download the required Mortgage Modification Request Kits for submission to their lenders. Homeowners seeking their lenders approval of short sales can download Short Sale Request Kits With minimal effort, many homeowners in Rhode Island can stop foreclosure of their homes.

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