Stop Foreclosure and Confront Debt Problems the RIGHT Way

These “fake solutions” have been used to keep people away from the legal advice and representation they need. Don’t go it alone. Solid and experienced legal advice can save your home and modify your mortgage.

False promises under the guise of modification may be the single greatest contributors to foreclosure in America.

Obtain Effective Debt Relief Through Chapter 13 Bankruptcy

Chapter 13 stops foreclosures and restructures or eliminates all other forms of debt while providing you a 3 to 5 year Plan to save your home, created in our office to fit your personal budget. Chapter 13 stops foreclosures, protects homeowners, and never requires bank approval.  It’s a law that protects Borrowers, not Banks.

Chapter 13 encompasses all creditors of any kind by prioritizing repayment toward homes with other types of debt elimination in a manner which saves your home. All Chapter 13 repayment plans pay homes before credit cards. Repayment plans focus on first mortgages and tax claims prior to any money wasted on credit cards or consumer debt.This assures that homeowners catch up on mortgage payments and eliminate or reduce other less important debt over the course of a three- to five-year repayment period.

Chapter 13 saves homes.  At the Law Offices of Neil Crane, we’ve used Chapter 13 to save thousands of homes throughout Connecticut. Don’t let bank delay jeopardize your chance to save your home.

Defining Foreclosure And Its Process

Foreclosure is a legal process that allows a lender to recover the balance of a loan when a homeowner fails to make mortgage payments. When payments fall behind, the lender can initiate foreclosure proceedings to take possession of the property and sell it to recoup the outstanding debt. For homeowners, foreclosure represents a serious risk of losing their home and facing significant financial consequences, including potential damage to credit scores and difficulty securing housing in the future.

The foreclosure process generally begins after a borrower misses multiple mortgage payments. Once the payments are overdue, the lender will typically send notices to the homeowner, outlining the missed payments and potential consequences. If payments remain unpaid, the lender has the right to begin legal proceedings to take ownership of the home.

Stages Of Foreclosure

The foreclosure process varies somewhat depending on state laws, but it typically involves a few main stages. First, after missed payments, the lender sends a notice of default to inform the homeowner of their overdue status and the possibility of foreclosure. This notice is a critical point at which the homeowner may still have options to avoid foreclosure, such as by catching up on missed payments or negotiating with the lender.

If the missed payments are not resolved, the lender may proceed with filing a foreclosure lawsuit, formally beginning the process of reclaiming the home. This filing often comes with a notice of sale, indicating the lender’s intention to sell the property at auction. At this point, the homeowner can still avoid losing the home by paying off the mortgage in full, entering a repayment plan, or exploring alternative solutions such as loan modification or refinancing.

Once the notice of sale is issued, a foreclosure auction may be scheduled. During this auction, the property is sold to the highest bidder, which could be the lender or a third party. If the home does not sell at auction, it may become “Real Estate Owned” (REO) by the lender, which means the lender holds ownership and will attempt to sell the property on the open market.

Consequences Of Foreclosure

Foreclosure has lasting financial and personal impacts. Losing a home can create emotional and financial stress, as homeowners are displaced and may struggle to find new housing. Additionally, foreclosure negatively affects a homeowner’s credit score, which can make it more difficult to secure housing or loans in the future. The effects on credit can last for several years, creating an ongoing challenge for those affected.

It’s essential for homeowners to be aware of alternatives to foreclosure. In some cases, working directly with the lender to modify the loan or arrange a short sale (selling the home for less than the mortgage balance with lender approval) can provide relief. Additionally, bankruptcy may offer a way to prevent or delay foreclosure, allowing the homeowner time to reorganize their finances.

Seeking Legal Assistance

Given the high stakes involved, many homeowners facing foreclosure choose to consult with a legal professional to understand their rights and options. An experienced attorney can help homeowners assess possible alternatives and advocate on their behalf to find a solution. The foreclosure process can move quickly, making it important to act promptly to explore all available options.

If you or someone you know is dealing with the threat of foreclosure, The Law Offices of Neil Crane is here to help. Contact us today to discuss your situation and learn about possible strategies to protect your home and your financial future.

Client Review

“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

Foreclosure Process Resources