Connecticut Foreclosure Rates Double: What Can Homeowners Do?

Real estate analysts recently disclosed that Connecticut's foreclosure rate more than doubled between July 2011 and July 2012.

2012-09-28

September 28, 2012 (Press-News.org) Recent news regarding foreclosure rates in Connecticut shows that plenty of homeowners are still in peril of losing their homes due to financial distress. Real estate analysts disclosed that Connecticut's foreclosure rate more than doubled between July 2011 and July 2012.

Looking at current foreclosure rates on the regional level, New Haven County had the second highest rate in the state, with one in every 854 housing units in the county in foreclosure. In Fairfield County, the rate is slightly better at one of every 903 units, but the rate is much higher in cities like Bridgeport (one in 460) and New Haven (one in 547).

Homeowners who face the threat of foreclosure have several clear options that they can discuss with a Connecticut attorney who understands real estate and bankruptcy law. While keeping the home may be an important goal, avoiding foreclosure also has major long term implications for a person's credit rating. Several common options include:
- Convincing the bank to accept a short sale involving a buyer who makes an offer at an assessed value that is less than the amount due on the mortgage
- Offering the lender a deed in lieu of foreclosure, essentially handing over the property to the bank and avoiding further legal proceedings
- Working with a bank or mortgage servicing company to achieve a mortgage modification and lower the interest rate or extend the payback period on a existing home loan
- Entering into foreclosure mediation based on the new Connecticut Foreclosure Mediation Program to resolve certain issues regarding mortgage arrears, modification of terms and payment of remaining principal

All of these options have certain advantages for homeowners, based on a person or couple's unique financial circumstances and personal developments such as divorce, loss of a job or pending retirement. A debt relief lawyer can explain all of these processes in detail and help clients understand associated issues such as deficiency judgments, second-mortgage stripping and the implications of other debt burdens.

Why Are Connecticut Foreclosure Rates Rising So Steeply?

Some mortgage industry commentators have speculated that the recent scandals over inadequate mortgage documentation and robo-signing had held back the tide of foreclosures. The floodgates reopened after the federal government and state attorneys general entered into a comprehensive agreement with major mortgage servicing companies earlier this year.

Part of that agreement was a renewed commitment to helping people stay in their homes despite underwater mortgages and the harsh effects of plummeting real estate values and a down economy. A consultation about stopping foreclosure or getting out from under an unsustainable mortgage can help homeowners understand strategies for regaining their financial footing.

Article provided by David G. Volman, Attorney at Law, L.L.C.
Visit us at www.volmanlaw.com

ELSE PRESS RELEASES FROM THIS DATE:

196 Billion Text Messages: Distracted Driving is the New Drunk Driving

2012-09-28

Ubiquitous. Definition: existing everywhere, present everywhere at once or seeming to be. The cellphone is ubiquitous. No matter where you go, whether to the store, restaurants, bars, parks, movies, streets and cars. Today, cars seem to have become the new phone booths. Many drivers are on the phone before they have even backed the car out of the driveway. Is Anyone Paying Attention? How could they be? The phones are so enticing. Not just talking, but texting, surfing the web, shopping (one click!), checking sports scores, updating Facebook, who has time to watch ...

South Carolina Task Force Aims to Reduce DUI with More Roadblocks

2012-09-28

The Community Action for a Safer Tomorrow Coalition (CAST) has announced that the local community is going to increase its efforts to reduce drunk driving accidents and underage drinking. The members of CAST are a taskforce of local police, highway control, representatives from the local school district and other community members. Together they plan to provide more education, more DUI checkpoints and more training for law enforcement to deter people from driving under the influence. CAST has revealed that since March 1, 2012, the police have conducted 46 DUI checkpoints ...

Some Repeat DWI Offenders Receive Probation

2012-09-28

While more law enforcement agencies are moving towards "no refusal" protocols to take suspected drunk drivers off the road, those who are convicted are more likely to receive probation rather than jail time. Indeed, probation is common for first time offenders as many accept the terms of probation. However, a growing number of repeat offenders are receiving probation; even those convicted of their third DWI. According to a report by WOAI.com (WOAI 4 News), just over half of all felony DWI offenders across all Bexar County District Courts receive probation in cases ...

More Older Americans at Risk of Foreclosure

2012-09-28

While reports emerge about the nation's improving housing market, the effects of the ongoing foreclosure crisis still affects millions of Americans, especially the elderly. The American Association of Retired Persons (AARP) recently reported that nearly than 600,000 people age 50 and older are facing foreclosure, and an estimated 625,000 are at least 90 days delinquent on their mortgage payments. At the end of 2011, nearly three percent of loans held by older Americans had been foreclosed; eight times the number of foreclosures affecting older homeowners in 2007 (the year ...

Older Homeowners Hit Hard by Housing Crash

2012-09-28

Jewel Lewis-Hall, 57, works two jobs. Her husband lost his job at a farmer's market and has been unable to earn much money since. They live a fairly modest lifestyle, driving a 1991 car for example, but they are still unable to make enough money to pay the mortgage on their Washington home. They had been making late payments for around a year when the dreaded foreclosure letter arrived. Now, what was once a bright future is much less certain and hopeful. The housing market crash hit older Americans particularly hard. According to a new AARP Public Policy Institute report, ...

Chicago's Ralph E. Meczyk Played a Vital Role in Peterson Defense

2012-09-28

In a high-profile criminal matter like the recent murder trial of Drew Peterson, the testimony of one witness can make or break the case. Chicago criminal defense attorney Ralph E. Meczyk demonstrated the importance of effective cross-examination in the Peterson trial, exposing important nuances in witness testimony. One of six defense attorneys representing Peterson, Meczyk avoided the media spotlight throughout the course of the trial. "It's not my style," he explained to the Chicago Tribune. Instead, he chose to shine inside the courtroom, specifically ...

Virginia Government Takes Important Step Toward Reducing Eyewitness Misidentification

2012-09-28

It is a question faced by law enforcement agencies around the country: are eyewitness identifications trustworthy? Research performed by The Innocence Project indicates that they aren't. Innocence Project figures reveal that up to 75 percent of cases wherein a wrongfully convicted individual's innocence was proven by DNA testing involved a misidentification by an eyewitness. Virginia's Eyewitness Identification Policies Fourteen of The Innocence Project's 289 overturned wrongful convictions have been in Virginia. As a result, the Commonwealth's law enforcement agencies ...

Washington Governor to Take New Look At Sex Offender Identity Disclosure

2012-09-28

On August 3, Washington governor Christine Gregoire visited Prosser as part of a two-day tour of the state. One of the questions posed to Governor Gregoire in Prosser concerned her stance on a state law policy recently revealed by a new government report. A performance report conducted by the state auditor's office was released just prior to the governor's visit, and its main focus was sex offenders in child care, foster care and school settings. According to data in the report, 28 registered sex offenders lived in state regulated or subsidized child care settings during ...

Driving Drowsy Is as Irresponsible as Driving Drunk

2012-09-28

The state of Florida held its Drowsy Driving Awareness Week in early September, 2012, in honor of a little Tallahassee girl who died when a cement truck hit the vehicle she was riding in. Tragically, the truck driver had fallen asleep at the wheel. The Florida Department of Transportation reports that in 2011, drowsy drivers were involved in almost 3,000 road accidents in the state. In those crashes, 2,393 people were hurt and 21 died. Not only are people at risk of falling asleep when they drive while too tired, but also their response times and alertness are dulled. ...

Safety Groups Work Together to Prevent Falls at Construction Sites

2012-09-28

A new cooperative initiative between the Occupational Safety and Health Administration (OSHA), the National Institute for Occupational Safety and Health (NIOSH) and the American Society of Safety Engineers (ASSE) is currently being launched with the aim of fostering construction fall prevention. Construction Falls: Deadly but Preventable Incidents Every year, 225 construction workers die and more than 10,000 are injured in construction falls. In 2010, 264 of the 774 total construction fatalities in the United States were caused by falls, and most of these were falls ...

LAST 30 PRESS RELEASES:

The U-shaped relationship between admission peripheral oxygen saturation and all-cause hospital mortality in acute exacerbation of chronic obstructive pulmonary disease: a retrospective analysis using