When a homeowner in Connecticut is starting to feel concerned about their ability to continue making mortgage payments on their house, they may think they are destined for foreclosure. Of course, foreclosing on a home is very upsetting for the owner because they are often losing one of the biggest investments of their life due to unforeseen financial circumstances. There are a few ways that an individual can work to save their home from a foreclosure.
If an individual is struggling to pay their mortgage, there is also the chance that they are struggling to make payments in other areas such as credit card bills, etc. When one’s financial situation is bleak and they feel they have nowhere else to turn, it may be time to consider bankruptcy. As soon as an individual files for bankruptcy, an automatic stay will go into effect. The automatic stay will stop all creditor collection actions, such as phone calls, letters, and other forms of communication. This also includes putting a stop to any foreclosure actions that are taking place.
At this point, the homeowner may determine whether they are eligible for any of the loan modification programs either through the bank or through the government. A loan modification may allow the homeowner to reduce their monthly mortgage payments due to a time extension of the loan. If you have questions about real estate matters in Connecticut, contact our firm today.
Marc N. Needelman is an experienced attorney working throughout the state of Connecticut. Contact the law firm to set up a free initial consultation for matters related to real estate, personal injury, criminal defense, estate planning, and more.
