On behalf of Law Offices of Mark M. Kratter, LLC on November 23, 2011
Connecticut residents may be shocked to hear that in October, there was one foreclosure filing for every 1,127 households in the state. That grim statistic is nonetheless an improvement from last year, when foreclosure filings were about 38 percent higher. So although things are improving, too many residents are still seeking debt relief as they struggle with their financial obligations.
To assist homeowners, the state recently held two foreclosure prevention forums, a five-day one in October and another on Nov. 15. The forums gave borrowers a chance to meet with lenders and servicers in an attempt to reach agreements on their payment plans that would allow them to keep their homes. Often times, the mortgage lender may be willing to agree to a reduced rate or reduced payments rather than resort to a foreclosure process that could end up being expensive.
Unfortunately, the forums only appear to be held in Hartford and it's likely that many Connecticut residents either have no notice of the forums or were otherwise unable to make it. However, the state does provide foreclosure prevention counseling through the Department of Banking. The courts also offer a foreclosure mediation program.
Yet foreclosure is just one of the many difficulties that homeowners are currently facing with little relief on the horizon. However, those facing foreclosure or some other form of financial hardship should consider meeting with an experienced attorney. Often times, there are many options available, and the attorney may be able to assist not only with assessing these options but also with creating a debt repayment plan. In some cases, bankruptcy may be possible, in which case the attorney may be able to provide aid as the debts are restructured and discharged under the protection of a court.
Source: The Hartford Courant, "Another Shot At Foreclosure Prevention At Forum in Hartford," Kenneth R. Gosselin, Nov. 10, 2011
