People who find themselves in the center of mortgage difficulties often don’t know how to properly stop foreclosure. However, foreclosure does not have to be inevitable. If you live in the state of Connecticut and you are struggling against foreclosure, then this blog is for you.
The most important thing to do is to get educated about all your options and what choices best fit your needs to take proactive steps. Many people hide from their lenders. But, this only makes things worse. The first and best step in stopping foreclosure is to be absolutely transparent about your problem and be clear about your suggested solutions, letting them know exactly what your situation is. You can start by trying for a temporary suspension of payments. The most important thing to do is to contact an experienced foreclosure defense attorney, who knows the proven necessary steps to help stop foreclosure.
You Have Options
Once you’ve engaged a specialized foreclosure relief attorney or bankruptcy attorney, they will explain your options to you. There are three main strategies to arrest any drive towards foreclosure:
1. Chapter 13 Bankruptcy
This is the strongest approach at the moment. Under Chapter 13 bankruptcy, you can renegotiate your payments to your creditors to make them more affordable to you and to eliminate unsecured debt. Eliminating or reducing unsecured credit card debt makes your mortgage far more affordable. Chapter 13 halts foreclosure and gives you the right to repay your back balance over 3 to 5 years without any bank approval necessary.
2. Court Mediation
The state of Connecticut has instituted mandatory foreclosure mediation. You need professional legal representation to make the most of this process, which can be very effective if handled properly. Mediation with banks and their attorneys without your own special legal representation causes more lost homes in mediation. Mediation success demands your own legal representation.
3. Government Programs
Ultimately, the best way out of foreclosure is with the experienced help of a specialized foreclosure relief attorney. Be careful of promises of government assistance and foreclosure prevention programs. The government and banks have done very little to stem the tide of Connecticut foreclosures. Don’t rely on the mercy of banks or the government to save your family home.
Do you need to stop foreclosure? Contact the Law Offices of Neil Crane, LLC. We can help you!