On behalf of Law Offices of Mark M. Kratter, LLC on January 14, 2012
Foreclosures have declined in to their lowest rates since the recession began according to new reports from the Associated Press. Although the number of foreclosures has dropped, 1.9 million homes still entered foreclosure in 2011. Foreclosure listing company RealtyTrac Inc. says that this is the lowest level of nationwide foreclosures since 2007.
In Connecticut, banks are not allowed to foreclose on a home until they attempt to make a deal with a distressed homeowner through the mediation process. An experienced Connecticut foreclosure defense attorney can help homeowners through the stressful foreclosure process and represent homeowners in mediation sessions.
Mediation is a serious of in-person meetings between a homeowner and a bank in which the homeowner's attorney and a representative from the bank attempt to reach a deal to modify the homeowner's mortgage loan. It is important to have an attorney on your side who is up to date on foreclosure law and understands the Connecticut mediation process.
Foreclosure experts predict that the mediation process will become more important than ever because the decrease in foreclosures is not a sure sign that the market is improving. Many of the foreclosures have been stopped due to the "robo-signing" scandal in which many of the nation's largest banks stopped processing foreclosures after the exposure of serious documentation issues in foreclosure filings.
"Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year," RealtyTrac's CEO said.
This means that foreclosure defense attorneys will become increasingly important in helping Connecticut residents say in their homes in the years to come.
Source: Associated Press, "2011's foreclosure rate lowest since pre-recession," Jan. 12, 2012
