Below are common foreclosure myths that many people have when facing losing their homes.
Foreclosure Myths #1: You can’t save your home once Foreclosure begins
Yes, you can! Foreclosure in Connecticut is a long court process that takes months or longer. Thousands of homes are saved from the throes of a pending foreclosure each year. There are state and federal laws that protect homeowners by stopping and fixing foreclosures. At the Law Offices of Neil Crane we’ve had tremendous real success in saving homes through foreclosure mediation. While the process is often laborious and somewhat slow, our office has successfully negotiated mortgage rate reductions, principal reduction and home retention solutions through the Connecticut foreclosure court system. Any bankruptcy filing stops a Connecticut foreclosure.
Foreclosure Myths #2: Banks want to help you keep your home
Don’t rely on the bank to save your house. Banks and mortgage companies are only concerned with corporate profits. As large, bailed-out institutions, Banks and servicers don’t care about your home, your family, or your future.
How to Win at Foreclosure Mediation
Financial turmoil can turn your life upside-down. Debt problems can quickly overwhelm you – you are several months behind on your mortgage and the bank stops accepting payments. Phone calls and efforts with your bank prove unrewarding. You may even receive the dreaded foreclosure notice. This is happening to hardworking homeowners just like you, all across Connecticut. The government’s answer for homeowners? Work with your lenders to modify mortgage obligations, and when that doesn’t work, negotiate terms under the foreclosure mediation process. But lenders don’t seem interested or motivated, and don’t often help – You need to get solid advice from our experienced mortgage modification and foreclosure experts.
Foreclosure Myths #3: I can just negotiate with the Banks to adjust my mortgage
No Bank can be forced by any Foreclosure Court Judge or private homeowner to negotiate with a borrower. While State Court foreclosure mediation is mandatory, thousands of homeowners without lawyers never get to negotiate with their banks, even in Court. In Connecticut, a properly filed mediation request must be made within 15 days of a foreclosure return date. Banks never actually attend foreclosure mediation and you will not be in front of a Judge. Foreclosure Judges have no power to control Banks or lenders.
Participation in mediation is a right, but it can’t force banks or servicers to negotiate.
Foreclosure Mediation is an option if you obtain a Foreclosure Relief Attorney to Fight for You.
Other than a successful mediation or bankruptcy protection, the foreclosure process is a bank-run, steady path to home loss and deficiency judgments. Unfortunately, thousands of homeowners fail at mediation because they try to go it on their own. This is a huge mistake.
Foreclosure Myths #4: I don’t need a lawyer for Foreclosure Mediation
Not true. You do need an experienced foreclosure defense or bankruptcy attorney to win at mediation. Every Bank has a lawyer – You need one, too.
Foreclosure Mediation Attorneys Save Homes
The foreclosure system scares homeowners, causing them to freeze up or go it on their own. In fact, the mediation system encourages self-representation, and many unknowing homeowners fail to obtain legal counsel with the experience necessary to save their homes. Mediators and court officials are wrongly encouraging homeowners to fight their banks for modifications without the benefit of any legal representation. Banks have attorneys hired to take your home as promptly as possible. Mediators are paid by the foreclosure courts. Who represents you and your family?
Attempting foreclosure mediation without the benefit of experienced legal counsel is the biggest most common, disastrous mistake made by homeowners in foreclosure.
Foreclosure Myths #5: I can Refinance to save my home from Foreclosure
Banks almost never refinance homeowners in foreclosure. No matter what’s “promised,” don’t rely on a refinance to save your home. Do not count on a bank or servicers to save your home. Banks collect payments or liquidate homes. Despite what you may be promised, banks rarely resolve or refinance loans for borrowers that are already in trouble. This is especially true in today’s economic climate.
Foreclosure Myths #6: There is a guaranteed way to reduce your mortgage payments without Foreclosure Mediation
There is no guaranteed way to reduce mortgage payments through courts, mediation, or otherwise. A mortgage is a fully legally enforceable contract in any court in America, other than the Bankruptcy Court.
Avoid scams. Seek out only legitimate and experienced professional help. Avoid out of state companies and internet scams. Remember that foreclosure is a legal proceeding that can only be handled by an attorney licensed in Connecticut.
Predatory Loan Modification Companies Continue to Hurt Homeowners
You may have seen the advertisements, perhaps on Internet advertisements or on flyers. “Reduce your mortgage payments now! We know the tricks banks aren’t telling you!” Sounds too good to be true? Unfortunately, it is. Scared, unsuspecting homeowners can be easily trapped into paying a large fee to companies who end up hurting the homeowner’s situation even more. Get experienced foreclosure legal counsel.
In Connecticut, taking upfront fees for mortgage modification is illegal. Always meet with a specialized attorney in Connecticut. You should always check the state bar association where an attorney is licensed by calling or checking its website to make sure you are dealing with a legitimate attorney. Read our testimonials and get educated.
Foreclosure Myths #7: There are Government programs that can bail me out
Unfortunately, there are very few, if any, government programs that provide real help to distressed homeowners. Don’t wait for someone else to save you, take action now.
Government programs don’t help Second Mortgages or allow for Lien Removal
Many homeowners over-leveraged their properties through second mortgages, HELOCS and credit lines that now destroy their homes’ equity and threaten their ability to make monthly mortgage payments. Many of these “easy” credit lines were interest only and are now coming due. First mortgage holders don’t address second mortgage problems, even if it’s the same bank or lender. To be truly successful, all homeowners need to address all forms of debt, including second mortgages, credit card debt and other bills. Fortunately, with proper legal counsel, homeowners can resolve these second mortgages and equity lines by restructuring or eliminating those secured obligations through the Chapter 13 bankruptcy process.
Foreclosure Myths #8: The only alternative to Foreclosure is Short selling my home
Make sure you understand the full short sale process before allowing lenders to press you to “short sell your home.” Short sales almost never benefit most homeowners. Get educated on short sales.
Be careful. Banks will always encourage short sales but almost never truly assist the homeowner in producing a swift and successful short sale. In truth, short sales are very rare and in almost all cases slow and painful. They rarely benefit homeowners who are already behind or in foreclosure. They force families out of their homes, don’t help their credit score, and often produce a very serious federal and state tax problem. They also don’t work for homes with other mortgages or liens.
Only in rare situations is a short sale a viable or proper option for a Connecticut homeowner..
Consult with our experienced attorneys in advance to determine if a short sale will provide you with proper debt relief and assure you a lasting and improved financial future.
Foreclosure Myths #9: The bank is offering Mortgage Modification risk free
Banks never offer anything free. If you think it’s good for you, it’s way better for them. While everyone wants a lower mortgage payment, the mortgage modification process is rife with dangers and pitfalls. Modifying your mortgage often means risking your family’s home. Be certain that you understand all of the risks involved and don’t ever try to modify your mortgage without the experience and assistance of an expert mortgage modification attorney.
The mortgage modification process has a number of substantial risks, many common mistakes are made by families seeking modification without the benefit of legal counsel. At the Law Offices of Neil Crane, we have saved thousands of Connecticut homes over 35 years. Let our knowledge and experience guide you through the mortgage modification minefield.
Foreclosure Myths #10: Once the Modification process starts, I can stop paying on my mortgage
Only if you save the money each month. The modification process is long, slow, and no guarantee. Even a successful modification starts with a “trial modification” which is 3 to 6 months with no promise of the final terms of the permanent modification. Most modifications extend mortgages for a new forty-year term, assuring that you’ll never own your home. While some modifications produce lower payments, all modifications make tens of thousands of dollars in new profits for banks and lending companies.
Missed Monthly Payments are the greatest danger to successful modifications and the leading cause of lost homes in Connecticut. Missed payments create big back balances, including late fees, default charges, home inspection fees and forced insurance. These back charges or “arrearages” are due at once on demand. If your bank doesn’t modify your mortgage, missing payments will cause you to go into foreclosure. Missing payments means that even modified mortgages will have high monthly payments as back balances are jammed into the remainder of the loan or spread over decades of additional payments.
Lack of Savings creates an inability to catch up on payments missed during the modification process. Families who miss payments almost never save the money. Over 35 years of experience saving homes shows us the people who don’t make mortgage payments never save the money they don’t pay on the mortgage. Failing to save missed payments is the biggest mistake made by homeowners seeking modification.
Ways a Bankruptcy Attorney Can Help
An experienced bankruptcy attorney can help you separate the myths from the facts and provide real customized answers that will work for you and your family, with a thorough discussion of your financial situation. An attorney can get you educated about all the steps needed to save your home or help you prepare for mediation with your lender. An attorney can also explain how Chapter 13 bankruptcy might be right for you – and how it is one of the most reliable process for saving your home.
If you are in danger of losing your home, don’t panic and fall for a loan modification scam, or a hollow bank promise. Speak with a bankruptcy and foreclosure defense attorney who can fully explain all of your options and work with you to save your home.
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.
Be Proactive
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.
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.
Foreclosure mediation is a court-sanctioned program wherein Connecticut law provides homeowners an opportunity to request a modification of their mortgage during the pendency of a foreclosure action.
While it is a well-intentioned program, it isn’t a full financial solution for the homeowner and it doesn’t properly assist in saving the home. 98% of the time, the proceedings are not run by Judges and mediators side with the Banks’ attorneys. Nonetheless, It provides homeowners a chance to meet with their bank’s attorneys and present their case for a resolution of the foreclosure problem. It’s an opportunity to have your lawyer speak to their lawyer. Don’t meet a Bank lawyer without an expert lawyer there on your behalf.
This is a great option if you’re properly prepared with a lawyer on your side and a good plan and proper documentation. It’s a court process, so you need an attorney, preferably one with the knowledge and experience to present a winning case. At The Law Offices of Neil Crane, LLC, our attorneys are experienced with various banks in the numerous foreclosure courts throughout Connecticut. There are thousands of foreclosures pending in Connecticut and you need to stand out from the crowd. Our attorneys know how to get your case noticed. We know what the banks want and need to hear.
Don’t go it alone and experiment with your home. Bank attorneys are trained with one goal – to take your home as promptly as possible.
Get educated and be prepared, because:
Professional assistance from experienced attorneys can save your home
Your first chance is your best chance
Avoid common pitfalls
Mediation takes knowledge, preparedness and persistence
Mediation has strict time limits
Step #1: Analysis of your Full Financial situation
We will carefully analyze your full financial picture and determine the best options available to you, so that you can make the most informed decision possible. You do not have to allow your home to go into foreclosure, and you should only consider a short sale or a Deed-in-Lieu of foreclosure if it’s your goal to give up your home. Instead, understand all the alternatives that are in your best interests; including:
Deed-in-Lieu of Foreclosure: A homeowner not wishing to keep their home may have no other debt problems other than a difficult first mortgage. In this case, a return of the property to the bank without further obligation for the mortgage can be the best option available.
Chapter 7 Bankruptcy: Chapter 7 relief provides for the elimination of mortgage obligations and other unsecured debt. After Chapter 7 debt relief, you may be able to become current on monthly mortgage payments or negotiate a mortgage modification you can afford.
Chapter 13 Bankruptcy: If a short sale isn’t right for you, a Chapter 13, can help you completely restructure all types of debt, stop foreclosure, and eliminate or modify unsecured debts, a second mortgage, credit lines or tax debts.
Foreclosure defense: We can fight on your behalf to prevent improper and illegal foreclosure actions. With our specialized knowledge and experience, we can save your home from foreclosure.
Foreclosure mediation: Foreclosure mediation is mandatory in Connecticut. Comprehensive financial documentation, a convincing hardship letter, a thorough understanding of what your lender wants out of the deal and specialized legal counsel is essential in achieving a modified mortgage with lower interest rates and the re-working of past-due balances.
Mortgage modification: If you don’t want to short sell your home but need to solve back-due payments or obtain a lower interest rate, we can help you negotiate with your lender to rework the interest rate and terms of your mortgage. A comprehensive, well-prepared mortgage modification can lower your monthly payments and cure past due mortgage payments.
If you want to give up on your house, you can try a Deed-in-Lieu or a short sale.
Deed-in-Lieu of Foreclosure: A homeowner not wishing to keep their home may have no other debt problems other than a difficult first mortgage. In this case, a return of the property to the bank without further obligation for the mortgage can be the best option available.
A Short Sale means that your house is underwater/worth less than you owe, and you just want to sell it and give up. It’s a painful process, so you need advice early so that you know what you’re doing is correct, your goal, and what the process involves.
Step #2: Follow Connecticut Law On Foreclosure
Successful mediation requires prompt legal representation, comprehensive financial documentation and strong legal advocacy. Connecticut has provided mandatory mediation if promptly requested within fifteen (15) days of the Return Date. Despite promises under the national settlement with big banks, false promises of bank help and mortgage modifications causes thousands of homeowners to lose their houses in Connecticut mediations every year.
Step #3: Prioritize your Resources and save your mortgage money
With a plan and timeline in place, you need to prioritize your resources. Carefully analyze your monthly income and expenses. Take into account all other debts. No expense should have priority over your home. The number one mistake made by homeowners in foreclosure is not retaining an attorney to fight for them. The number two mistake is not saving unpaid mortgage amounts.
Save your mortgage money. It is essential that you save as much of your back-due mortgage balance payments as possible. This financial “cushion” and excellent legal help are the key to your successful future.
Step #4: Create a Mediation Plan
Foreclosure mediation has options. Determine what you would really like to do first. Banks will try to sway you in a direction that is either easy or good for them. You should decide what you want to do if it’s keeping your house or moving on.
Step #5: Determine a Timeline
Make sure you are aware of deadlines and build out a timeline of when information needs to be delivered. The foreclosure process can take as little as 3 months, or close to a year. Foreclosures generally take four to six months, or close to a year, most commonly ending with a law day or a foreclosure sale.
Step #6: Get your financial documents prepared
Follow the plan and timeline that your attorney has set for you and be sure to get your financial and mortgage documents filled out and returned in a timely manner. Good foreclosure defense and bankruptcy attorneys seeking to save your home will probably need the following documentation:
Two months of bank statements for all open bank accounts
Signed and dated current Federal Tax Return
Current Utility Bill
Hardship Letter detailing why you need the loan modification and why finance documents now show you’ll be successful
General Financial Worksheet from your lender most refer to them as modification application.
Two months of proof of income
Pay stubs if you are a W-2 employee, operating reports if self-employed
Please note that if you are self-employed, you will have to provide additional documentation of your income, operating reports, profit & loss statements, and reasons for fluctuating income.
In almost every instance the Bank requires that these documents be updated and resubmitted on multiple occasions. Banks are renowned for “losing” your documents. Be prepared to send and resend these documents through a diligent attorney.
Call Us to ensure you have the best opportunity to save your home
It is critical to put together a complete and accurate application because you often get only one opportunity to protect your home and your family from foreclosure. At The Law Offices of Neil Crane, LLC, we are committed to collecting a comprehensive amount of accurate financial information. We shape this information into convincing arguments that are easy for banks to process and understand. The result is that we have helped thousands of Connecticut residents save their homes since 1983.
Many people who face mortgage problems never realized that their financial problems could be solved legally. In fact, your mortgage is a contract. There are laws for your protection. Financially speaking, almost nothing can have a greater impact on a family than losing a home to foreclosure. We’ll explore the foreclosure options that are available to you.
Foreclosure Options
Mortgage modification: If you don’t want to short sell your home but need to solve back-due payments or obtain a lower interest rate, mortgage modification allows you to request your lender to rework the interest rate and terms of your mortgage. A comprehensive, well-prepared mortgage modification can lower your monthly payments and cure past due mortgage payments. However, Banks have a reputation for delay and lost documents along with a transient and uncaring work force. We can help you with an effective plan to force banks and servicers to stop delaying and quickly get you back on track with new lower payments.
Mortgage/foreclosure mediation:– If your lender has failed to properly negotiate a meaningful mortgage modification, state court mediation is mandatory in Connecticut during the initial phases of foreclosure. Successful mediation requires experienced and specialized foreclosure defense attorneys. Our attorneys can help you avoid ill-advised short sales by preparing and submitting an application for mortgage mediation based on your unique hardship. Comprehensive financial documentation, a convincing hardship letter, a thorough understanding of what your lender really wants and specialized legal counsel is essential in achieving a modified mortgage with lower interest rates and the reworking of past-due balances.
Foreclosure defense: Foreclosure defense may be needed against predatory lending, misleading marketing practices and illegal foreclosure actions. When you couple a fully prepared plan and expert legal advice, you can save your home and solve your financial problems on a long-term basis. Foreclosure defense without an alternative plan is just a lawsuit. We can fight on your behalf to prevent improper and illegal foreclosure actions. With our specialized knowledge and experience, we can save your home from foreclosure.
Chapter 7 Bankruptcy: This stops the foreclosure process immediately and allows you to discharge unsecured debt obligations, freeing you up to make mortgage payments or negotiate a mortgage modification you can afford. Not all consumers automatically qualify for Chapter 7 Bankruptcy relief. Our guidance through Chapter 7 relief provides for a temporary halt on mortgage obligations and elimination of unsecured debt. After Chapter 7 debt relief, your new better budget may allow you to become current on monthly mortgage payments or negotiate a mortgage modification you can afford. We can help you save your home and avoid deficiency judgments without the detrimental tax implications of a short sale or deed in lieu of foreclosure by qualifying you for Chapter 7 Bankruptcy.
Chapter 13 Bankruptcy allows homeowners to become current on their mortgage loans and other debt through and affordable three- to five-year repayment plan, which also provides for the discharging of unsecured debts, an automatic stay to immediately stop foreclosure, stripping of a second mortgage and modified loan payments. If a short sale or deed in lieu of foreclosure isn’t right for you, a Chapter 13, can help you completely restructure all types of debt, stop foreclosure, and eliminate or modify unsecured debts, a second mortgage, credit lines or tax debts. We have obtained thousands of successful Connecticut Chapter 13 plans enabling families to reach an affordable three- to five-year repayment plan with all types of creditors while protecting all of their family’s assets.
Deed-in-Lieu of Foreclosure: Under certain circumstances, a homeowner not wishing to keep their home may have no other debt problems other than a difficult first mortgage. In this case, a return of the property to the bank without further obligation for the mortgage can be the best option available. Under this alternative, a deed-in-lieu of foreclosure transfers the house to the bank without the need for an outside sale or any further deficiency obligations.This process is slow and difficult and needs to be well-analyzed for your circumstances, and properly documented by a legal professional. It has serious and permanent long-term effects on your finances and credit score.
Short Sale: This is a process wherein you sell your home for less than the full debt due. It’s complicated, painfully slow, and rarely successful. To see if it fits your circumstances, call an attorney to learn all the steps, hurdles and goals involved before you even consider a short sale. Don’t get left with a deficiency.
Mortgage Modifications in Connecticut
Your First Chance to Secure a Modification May Be Your Only Chance
Banks rarely consider a poorly presented application for loan modification and almost never reconsider a denied application. Most banks are swamped with loan applications. We distinguish your application from other homeowner submissions.
The key to obtaining approval is to obtain the bank’s attention through the merit and thoroughness of your application.
Get experienced legal counsel. It takes many years of experience with Banks to maximize the chance for a successful Modification. We know what Banks need and what they want to hear.
Don’t rely on out-of-state internet modification companies. These companies can make things worse, and they are actually not legally conducting business in Connecticut. Connecticut state law protects Connecticut homeowners from these scam modification companies – but the law has gone unenforced for over 10 years.
Be prepared. All modifications require a solid, well-founded plan for success in advance. Don’t expect your bank to come up with a solution for you.
Formulate a solution before you contact your lender. Many people are overwhelmed by their finances, especially when they are unable to pay all of their bills and have trouble getting assistance from their lender. That’s why the help of an experienced professional is the most important step to success.
Act sooner rather than later. If you find yourself falling behind on mortgage payments, it is better to act sooner rather than later to stop foreclosure. You may have more foreclosure options available to get it right at the beginning. Seek professional help.
Save your payments. It is essential that you don’t spend payments not accepted by your bank. Although much has been written about so-called “strategic default,” saving at least some of the money not sent to the bank is critical to success.
Don’t give up your cash. Never make any deal or plan with a bank that involves giving them all your savings as an upfront payment. Homeowners always need a “cash cushion” and any arrangement that doesn’t leave a family with some savings is highly likely to “break” and go back into default in the near future.
Second Mortgages. Many people have second mortgages or so-called “equity lines” on their homes. These loans are secondary and less important than your first mortgage. Paying a second mortgage while not paying a first mortgage is a poor choice, even if it’s the same bank or servicer. Nonetheless, second mortgages, equity lines and HELOCs need to receive attention and solid solutions.
Chapter 13 bankruptcy saves homes by providing relief from obligations beyond just first mortgage modification. Even if homeowners get a chance to modify a first mortgage, if they don’t get relief on other mortgages, equity lines, or overall debt relief a first mortgage modification alone is unlikely to provide steady, modified mortgage payments or long term financial health. This is especially true given the size of many of these secondary obligations and the fact that they are often variable rate, interest only, short-term lines of credit. Sizeable payments on second mortgages and equity loans with no principal reduction or guarantee of interest rate protection rob family income from more essential payments. Mortgage modifications or solutions that don’t address these other concerns are unrealistic and contrary to the global, long-term success available under Chapter 13 plans.
Remove a Second Mortgage or Equity Line in Connecticut
Under the provisions of Chapter 13, borrowers can petition to remove, reduce, or eliminate certain encumbrances on properties that have fallen in value, such as:
Home Equity Lines of Credit (HELOCs)
Other liens
Second mortgages
Tax liens
Given the drastic reduction in real estate values, creditors that once appeared to be secured by high real estate values are now “unsecured” or “under-secured” and can therefore be subject to lien removal, reduction, or restructuring under Chapter 13. Depending on the value of the underlying asset, second mortgages and credit lines can be readjusted and even eliminated in total if property values show that the creditor’s claim is truly not “secured.” This is commonly known as lien removal or lien stripping.
Chapter 13 bankruptcy allows for the removal of second mortgages, equity lines, and lines of credit in circumstances that are increasingly common in today’s depressed real estate market. The removal of second mortgages and other lien obligations also reduces your monthly mortgage payments while increasing and protecting your equity. This assures that homes are as affordable as possible while also assuring long-term home ownership.
What Government programs are available during Foreclosure?
There are various programs to stop home foreclosure, but they are still complicated and often unsuccessful. All of the programs depend on banks and servicers who just don’t care. The programs are designed for homeowners who have experienced a serious hardship, like illness, loss of a job or divorce. To participate, homeowners must document their financial hardship and their income.
Obtaining documents can be very challenging. The paperwork is lengthy and confusing to most homeowners. The application must be complete and accurate.
You do not need to be late on your mortgage payment to qualify for mortgage modification. But most current mortgages never get attention.
Government programs for helping homeowners have been widely reported as terribly unsuccessful. Many lenders don’t participate and many professionals believe that government plans have provided false hopes to millions whereby they have actually not saved homeowners, but have led to the loss of even more homes to foreclosure.
The government has provided huge bailouts and financial windfalls to the banking industry. It is not advisable to rely on that same government to protect your home over the interests of the banking industry.
All of us at The Law Offices of Neil Crane, LLC, have focused considerable legal knowledge and other resources in response to the growing need for foreclosure options and prevention assistance. We know that the surest path to providing the greatest relief to the greatest number of homeowners is the hard work to be done by our experienced team of committed professionals. Our lawyers and experienced professionals have spent their careers protecting the rights of people struggling with debt save their homes and obtain necessary debt relief.
Connecticut People Working for Connecticut People
We have maintained a strong commitment to hardworking local communities since 1983. While other companies may solicit throughout the country, including Connecticut, they are not located in Connecticut and have no commitment to our state’s residents. Our commitment to local communities serves our clients well, whether they are pursuing an interest rate reduction, principal reduction, term extension or saving a home from foreclosure. Meet with an experienced attorney for free, face to face, so you can truly get to know the experienced and reputable professionals who will be helping you end your mortgage problems.
Successful Mortgage Modification Is Hard Work. We Focus on Organized and Detailed Presentations That Lenders Respect.
At The Law Offices of Neil Crane, LLC, we take the time and make the effort to collect information about your financial history and organize it into a format that banks truly recognize. We place great emphasis on attention to detail — providing clear and concise financial information. After over three and a half decades, we’ve learned exactly how to handle banks and foreclosure options.
The best way for you to learn about your foreclosure options is to speak with an attorney today. Contact us at The Law Offices of Neil Crane, LLC, by calling 203-230-2233 or contact us online.
Connecticut homes can be saved with good legal counsel and low interest rates.
Every week hundreds of Connecticut families are sued for foreclosure. But they don’t realize that there are numerous solid legal solutions to save their home from foreclosure through use of various legal options and experienced legal representation. The vast majority of Connecticut homes can be saved. But thousands of families in Connecticut will lose their homes to foreclosure never knowing that there are laws in place to prevent this and protect them. They just never made an initial call to an attorney to learn their legal options. Connecticut homes can be saved with experienced legal advice.
Will I lose my home in foreclosure?
No, we save homes from foreclosure! Thousands of Connecticut residents in foreclosure save their homes every year, but it’s imperative to seek help from the best possible legal counsel with the knowledge and experience gained by saving thousands of Connecticut homes. Don’t rely on a bank, government agency or out of state website to save your home from foreclosure. Get prompt, local and experienced legal advice. Other alternatives end up costing you wasted money and losing your home. Furthermore, direct discussions with your bank don’t stop the court process. Many banks give people a false sense of impending resolution while they use their lawyers to speed forward and take your house through the legal process. No amount of discussion stops the court process.
Connecticut law offers mandatory foreclosure mediation on all residential foreclosures. This can be unfair as self-represented homeowners are encouraged to go it alone and fight highly specialized foreclosure lawyers who are trained to take your home.
Foreclosure is extremely dangerous and stressful, but with our legal help it is an opportunity for well-prepared homeowners to present their case for modification. Prompt, experienced legal representation saves homes. But never go it alone. The lender will be represented by a very experienced counsel dedicated to taking back your home. Be sure that you are well-represented by an experienced attorney dedicated to saving your home.
Don’t despair — There are many ways for our attorneys to succeed in saving your home.
What is Foreclosure?
Foreclosure is the State Court legal process where a bank, lender or government tax authority seeks to take back the title to your house. It starts with service by a state marshall of a foreclosure writ, which need not be served to you in hand, but instead can just be left at your property. The rest of the process happens in the county court house with notices sent by mail only. The court system requires that you file an appearance to assure you receive notice of all actions by all parties to the foreclosure. In Connecticut, foreclosure takes between 3-6 months and can be further delayed or stopped by informed, strategic legal action.
Foreclosure is an important legal process that is intended by the Lender to take your home. Seek immediate and experienced legal advice or representation if you are threatened with or presently a defendant in a pending foreclosure.
Foreclosure is just the beginning of a solvable and somewhat prolonged process. Don’t panic. Instead, get prompt, experienced help.
Should I seek legal advice if I’m behind on my mortgage or in foreclosure?
Definitely, whether you’re in foreclosure or not, our properly qualified attorneys have the experience to assist you and maximize your chances for success. Financial problems that involve your home are legal issues and an experienced attorney can save your house. Don’t rely on the assurances of non-qualified “experts,” or out-of-town companies, court mediators or “friends” who have limited knowledge or experience. All foreclosure problems are difficult but fixable. Your situation is specialized to you and needs to be treated with an importance and uniqueness that is specific to your exact problem and your proper solution. Experienced foreclosure defense and bankruptcy attorneys understand the problems and the solutions.
What are my legal options if I’m in foreclosure?
Connecticut has various laws to protect homeowners from foreclosure. They include the right to decelerate your loan by back payments, underemployed or unemployed protection, foreclosure protection and mediation. Mandatory mediation in court is an option available to all Connecticut residents who take proper advantage of this state law protection for homeowners. There are also various legal defenses to combat lending and foreclosure abuses. Most importantly, there is an entire set of federal laws that are available to rescue Connecticut residents from losing their home through foreclosure. Federal Bankruptcy Laws created for your protection automatically stop all foreclosures in any State including Connecticut. Chapter 13 is the number one means to stop foreclosure.
The Law Offices of Neil Crane Can Stop Foreclosure in Connecticut
Every week, hundreds of families are sued for foreclosure. But do not despair. There are solutions out there and an experienced lawyer can help you save your home and get the debt relief you deserve.
At The Law Offices of Neil Crane, LLC, our Connecticut foreclosure solutions attorneys have been saving homes for Connecticut residents since 1983. We have the resources and experience to help you save your home through a mortgage modification, foreclosure mediation or Chapter 13 that allows you to make payments you can afford.
You Have Questions. We Have Solutions.
Whether you are behind on your mortgage payments or your lender is no longer returning your calls, you want to do everything you can to prevent foreclosure. Perhaps you have tried refinancing your home, but you do not have the equity or the credit to make it work.
Our firm is dedicated to solving immediate mortgage problems and creating long-term home ownership through affordable mortgage payments. We will help you consider your full range of options.
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“My experience was a very positive one. Dealing with Neil Crane and his staff was the best decision that I could have made. Neil has helped me get back on a solid financial path. My case was a tough one and the Neil Crane Law Firm was the best Law Firm I could have chose. Thanks for all the help. Now I can put all my bad choices behind me and move forward in my life.” Mark Linhard
