What is Foreclosure in West Warwick, Rhode Island?

Find the right Foreclosure Bankruptcy attorney in West Warwick, RI

Foreclosure is a judicial process in which a mortgage lender recoups some of its losses in the event of default by taking possession and/or ownership of the home that secured the loan in the first place in West Warwick, Rhode Island Foreclosure usually requires the house to be sold at an auction. Usually, banks want to rid themselves of the property as soon as they can, in order to collect as much money as possible.

In every state, including Rhode Island, borrowers have the option to go through foreclosure by judicial sale. This means that the auction will be overseen by a court, to make sure that the bank makes an effort to get as high a price as possible (to increase the chances that the entire balance will be covered, as well as the odds that there will be some money leftover for the borrower). In many states, original mortgages (as opposed to refinanced loans) are "non-recourse" loans, meaning that the most the lender can collect is whatever the foreclosed property sells for. The bank cannot go after the borrower for the balance, if the sale nets less than the amount due. You should consult a lawyer in West Warwick, Rhode Island to learn the details of the law here. You should also know that this rarely applies to loans which have been refinanced.

How Can I Avoid Foreclosure in Rhode Island?

First of all, you shouldn't ignore the problem. You should stay in contact with your bank, and be honest with them. Ignoring the issue will not make it go away. It is crucial to remember that banks don't really want to own homes in West Warwick. In issuing a mortgage, they expect to make a profit through interest on the loan, and they'd prefer to continue collecting from you. Therefore, they're likely to make reasonable accommodations to your financial situation if it will enable you to keep paying them in the long run.

If you believe that foreclosure is imminent, there are some other options. For example, you might be able to engage in a "short sale," which sometimes allows you to sell your house for whatever amount you can get, give the proceeds to the lender, and walk away free of your mortgage debt, even if the sale netted less than the balance of the mortgage. A "short refinance" might also be an option in some cases. This allows you to have some portion of the debt forgiven, while refinancing the rest.

How Can A West Warwick, Rhode Island Attorney Help?

If you are faced with the possibility of foreclosure in West Warwick, Rhode Island, an attorney might be able to help. At the very least, he or she can advise you of your legal options.

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Life in West Warwick

West Warwick is located in Rhode Island's Kent County. Per the 2010 census, its population is 29,191 people.

The city is surrounded by the Pawtuxet River. An unfortunate incident involving the Pawtuxet was that in 2010, extreme rainfall caused the water level to rise approximately 21 feet. This caused flooding throughout must of the city.

Popular sites include Arctic, Centerville, Clyde, Lippitt Mill and Natick.

West Warwick, along with surrounding cities, together comprise of a very competent legal force. Attorneys in the wide area practice in many fields of law and are very experienced. Thus residents do not have to travel far to seek competent legal counsel.

Overall, Westwarwick is a charming, quaint place to live or visit!

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