On behalf of Law Offices of Mark M. Kratter, LLC on January 20, 2012
In our last post we discussed the drop in the national foreclosure rate and the importance of hiring a Connecticut foreclosure defense attorney if you have a delinquent mortgage or face hardship making your mortgage payments. More homeowners in Connecticut and around the country will face foreclosures in the coming year and the flood of these foreclosures is expected to depress the housing market.
RealtyTrac says that banks have resolved their foreclosure process issues and the number of foreclosures will ramp up in the coming months.
"There were strong signs in the second half of 2011 that lenders are finally beginning to push through some of the delayed foreclosures in select local markets," said RealtyTrac CEO Brandon Moore. "We expect that trend to continue this year."
The good news is that loan modifications are appearing to come quicker for some homeowners. One nonprofit housing counseling professional said that homeowners no longer have to spend a half year wondering whether a bank will foreclose on their property or grant them a loan modification.
"We're not seeing people have to wait six or seven months to get an answer," she said. "It's more like six or seven weeks."
The average foreclosure time varies drastically across the country. In California the average foreclosure takes around 350 days. By comparison the average foreclosure timeline for Floridians is 806 days and 1,019 days for New Yorkers. Both of those states require extensive court involvement in foreclosures.
In Connecticut mediation is required before a bank can foreclose on a property. An experienced foreclosure defense attorney can help a homeowner through the mediation process and facilitate discussions that may help reduce a homeowner's monthly mortgage payment.
Source: Los Angeles Times, "Foreclosures expected to rise, pushing home prices lower," Jan. 12, 2012
