Providence, RI, December 16, 2008 --(PR.com
)-- James Cotoia is a Realtor from Exit Realty Professional an international Real Estate Brokerage firm. James is currently working with attorneys, foreclosure intervention and loan modification specialists. James tells of options other than foreclosure available to homeowners.
James is holding loan modification and short sale seminars at the North Providence Library Wednesday's through the month of December and January.
The seminar will be open from 5-7pm. There will be a question and answer forum. This seminar is conduted for those unsure of what to do when under water in their mortgage.
A short sale is the sale of a property by a financially distressed borrower for less than the outstanding mortgage balance due. The proceeds from the sale will be used to repay the lender. The lender then accepts the less-than-full repayment of the mortgage and the borrower is released from the mortgage obligation in order to avoid what would amount to larger losses for the lender if it were to foreclose on the mortgage.
A mortgage short sale is one of several options other than foreclosure that might be available to a financially distressed borrower. Borrowers with temporary financial problems should try to negotiate a forbearance agreement with their lender. For borrowers with more lasting financial problems, in addition to a mortgage short sale, a deed in lieu of foreclosure or a short refinance might be potential options in avoiding foreclosure.
For more information about short sales, deed in-lieu or foreclosure please call 401 257 4117 or email email@example.com. All conversations are confidential.
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