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 prevent 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

It is likely formal foreclosure proceedings will 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 in order to avoid foreclosure.

Possible options:

  • Refinancing
  • Revising the repayment plan
  • Modifying the loan
  • Forbearance (paying your mortgage at a lower rate temporarily or, put it on hold temporarily)
  • 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.

Get Help

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.