Foreclosure Defense in Connecticut
Are you facing foreclosure of your home or business?
The prospect of foreclosure can be overwhelming, frightening, and potentially devastating to an individual or family. Prompt and effective representation can often increase the likelihood of saving your property. For example, there are both federal and state-sponsored programs that assist homeowners in either avoiding or forestalling foreclosure. If a homeowner does not qualify for one of these programs, declaring Chapter 7 or Chapter 13 bankruptcy can also prevent or delay foreclosure. For homeowners with a variable rate or interest only subprime mortgage, a loan modification may also be an option if a mortgage lender is willing to offer a fixed rate loan or refinance an existing mortgage.
It is our goal to understand your objective and your personal circumstances and to take action to achieve your goals and to protect your rights. Temporary financial setbacks during difficult economic times should not result in the loss of your home or business property. After we determine what your goals are, we will take a course of action designed to obtain the best possible result for you. This may involve negotiation with your bank, pre-foreclosure to restructure your mortgage loan, asserting legal defenses in court on your behalf, facilitating a short sale or deed in lieu of foreclosure, or assisting you in applying for one of the federal or state programs available to borrowers who are delinquent on their mortgage payments. In all cases, we will defend your rights and protect your interests throughout the foreclosure process.
Home foreclosure and state-funded programs
The state of Connecticut recognizes the potential social and financial consequences of widespread foreclosure and therefore strives to keep as many homeowners as possible in their homes. As a result, homeowners can apply for state-sponsored loans or funding that can help bring them current on delinquent mortgage payments or assist them in offsetting higher interest payments on variable rate loans. Our attorneys can explain how these programs work and, if possible, help you apply for assistance. Some of the specific programs that may be available to you include:
- Emergency Mortgage Assistance Program
- Homeowner’s Equity Recovery Opportunity Loan
- Connecticut Fair Alternative Mortgage Lending Initiative and Education Services
- Foreclosure mediation
In general, banks are willing to work with homeowners when they believe they stand to recover more money through a loan modification than if they foreclose on a home and attempt to resell it. Loan modifications are usually reserved for homeowners who are in financial distress or have a high variable rate mortgages. By building strong relationships in the community, opening channels of communication, and bringing attention to your financial situation, we are often able to work out loan modifications with local and national banks. If a bank is willing to modify a loan, a homeowner is typically given a 30 year fixed rate mortgage, extending the life of the loan but decreasing monthly payments as a result.
Are you a tenant who recently learned that your landlord’s property is being foreclosed? We are also here to defend your rights as a tenant. Depending on whether you have a written lease or an oral, month-to-month lease, you may have the right to remain in the leased premises through the duration of your tenancy.
Act now and let us protect you from foreclosure
The worst thing that you can do for yourself and your family is ignore a foreclosure action that is brought against you. The sooner you contact an attorney, the more likely you are to have options that can save your property. If you are facing foreclosure or are finding it increasingly difficult to make monthly mortgage payments, don’t wait any longer to contact us.
At Collins Hannafin, P.C., we assist homeowners and business owners in taking steps both prior to and during foreclosure actions that can either prevent or delay foreclosure.