Foreclosure Help in Connecticut
Do you find yourself lagging with your mortgage payments? Or finding it difficult to stay on top of your loan repayments?
Well, you’re not alone. There are millions of Americans every year who face the threat of foreclosure.
On the upside, it can be prevented. By following these tips, we show you how to avoid the possibility of foreclosure in Connecticut and what to do, should it happen to you.
The Foreclosure Process
Finding yourself a few days late on your mortgage payment won’t send the lender into a panic, but if you fail to make a payment within the grace period, you may find yourself in hot water.
16 days overdue
The lender will contact you to discuss a repayment schedule to get you back on track.
30 days overdue
Also, failing to submit the following month’s payment will result in the onset of a collection process.
36 days overdue
Your lender will contact you directly. Ensure you take the calls and open any correspondence.
45 days overdue
Your lender will notify you in writing and will advise your options to avoid foreclosure.
120 days overdue
Formal foreclosure proceedings will likely be initiated.
Once you realize you’re having difficulty making payments, address the problem immediately. By ignoring it, it won’t go away. It is essential to be proactive.
Contact your Lender
Re-examine the T&Cs of your mortgage. Don’t wait until it’s too late. Make a call to your lender to discuss your options to avoid foreclosure.
- Revising the repayment plan
- Modifying the loan
- Forbearance (paying your mortgage at a lower rate temporarily or, put it on hold briefly)
- A short-sale on your home (selling your home for less than you owe on your mortgage)
- Hand ownership of your home over to your lender to avoid the foreclosure process
Have a specific question about Avoiding Foreclosure in Connecticut? Check out our Foreclosure FAQ’s section.
Housing counselors can:
- Explain the loss mitigation options provided by your lender and which options could work for you
- Provide guidance with the process or paperwork
- Assist you with creating a budget, managing credit card debt or other financial issues that make it difficult for you to pay off your mortgage
Watch for Scammers
People can try to take advantage of a homeowner in default of foreclosure. These scam artists offer false promises in exchange for your hard-earned money.
Be wary of anyone who:
- Guarantees they can have the terms of your mortgage altered
- Advises they’re affiliated with the government
- Asks for money upfront
- Assures you, you won’t lose your home
- Requests you sign over the title of your home
- Instructs you to send payments to a third party other than your lender
- Offers to perform a “forensic audit”
- Directs you to cease paying off your mortgage
Despite our best intentions, things happen. A lost job, an extra mouth to feed or unforeseen medical expenses.
Falling delinquent on home repayments can happen. But to face the threat of foreclosure is a stressful, overwhelming and a terrifying thought.