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Never skip a mortgage payment without saving the money. Many homes lost to foreclosure begin with an intentionally missed payment “to get the bank’s attention.” You do not have to be late on your mortgage to qualify for a Mortgage Modification program. Never miss a payment on purpose or rely on strategic default without seeking experienced guidance in advance. Read our Foreclosure Process article
People rarely start out intending to miss a mortgage payment, but events happen and people are often unable to make all their monthly payments. If you have missed a mortgage payment, it is critical that you act quickly. Missing a payment can be the beginning of losing your home to foreclosure. If you miss a payment, seek immediate legal assistance in arranging a repayment plan with your mortgage company. You may qualify for a forbearance or mortgage modification that puts missed payments at the end of your loan. Get prompt experienced assistance. Read our Foreclosure Process article
The simple answer is YES. New holders of your mortgage are legally bound by the terms and conditions of a properly modified permanent modification.
To read more about the impact of Mortgage Modification on your loan, click here.
A loan modification is a change to a loan contract agreed to by both the lender and the borrower. The lender agrees to modify an existing loan in a time of documentable hardship. The ultimate goal is to make the loan affordable for the long term. Loan modifications often come in the form of rate reductions, fixed interest rates and a rewriting of the loan to accommodate missed payments. Loan modifications are generally given to borrowers when they are behind on payments and have documentable hardships, such as loss of employment, illness or death in the family.
Loan modifications often result in tens of thousands of dollars in additional costs to homeowners. Banks provide loan modifications to benefit themselves, not homeowners. Don’t sign one without legal advice. Read about other options for Foreclosure
Connecticut has instituted mandatory foreclosure mediation during the initial phases of foreclosure. Mediation can be an invaluable opportunity that should never be squandered. Successful mediation requires experienced, good legal counsel, financial documentation, a well-constructed hardship letter, and a full understanding of what the banks and mediators need to see to properly modify your mortgage and save your home from foreclosure.
Mediation without legal representation is the number one cause of home loss in Connecticut since it began in 2008. Read about other options for Foreclosure
Chapter 13 remains the best way to save homes throughout Connecticut. It allows for repayment of mortgage arrearages along with reduction or elimination of unsecured debt. Additionally, Chapter 13 allows for removal of second mortgages under certain circumstances. In the end, the combined elimination of unsecured debt and removal of second mortgages is proving to be the most successful means to long-term home ownership. Read about other options for Foreclosure
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Thanks for all the help. Now I can put all my bad choices behind me and move forward in my life.”
Mark Linhard
