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

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