foreclosure prevention

Connecticut homeowners with an underwater mortgage may soon see relief. March 1 begins a new program by Freddie Mac and Fannie Mae. The program will allow homeowners forced to stay in their homes because it isn't worth as much as they owe to move out and be relieved of their debt. This program could benefit those who are contemplating filing for bankruptcy.

Good news has been issued concerning Connecticut-area foreclosures. The rate in the Norwich area has decreased from the numbers reported in October of last year. However, many families are still affected by foreclosure and may feel like they are drowning in debt. When this occurs, several options exist including bankruptcy. Filing for bankruptcy or seeking other alternatives can help homeowners who may be struggling to keep their homes while still juggling other debts.

While some states are seeing lower numbers of foreclosure, Connecticut is turning out to be the opposite. Currently, the state has seen a foreclosure increase of 38 percent. In the south central region of the state, those numbers have increased a whopping 75 percent, from 481 foreclosures in 2011's first quarter to 851 in 2012's first quarter.

As the foreclosure crisis continues across the nation, some help may be on the way for Connecticut residents. On Jan. 30, the state attorney general and U.S. Rep. Rosa DeLauro held a joint news conference at the United Way in Milford to tout measures that may bring some relief and protection to area homeowners. The measures are designed to reduce frustration and to potentially avoid foreclosure in some cases.

The White House recently announced the creation of a new program that will hopefully help stem the number of foreclosure filings in Connecticut. The new program is called the Home Affordable Refinance Program and will hopefully allow more homeowners to refinance their mortgages before they are forced into foreclosure or short sales.

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.

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.

Many Connecticut residents are painfully aware of the stress that can be associated with undergoing a foreclosure. Foreclosure can be an embarrassing and financially worrisome process, which is why it is important to contact an experienced foreclosure attorney who can help you stay in your home. Solutions such as lien stripping may help save a homeowner's properties and stop the foreclosure process.

Everywhere you look in today's economy, Connecticut families are losing their homes to foreclosure. Unfortunately, some families have no way of avoiding foreclosure, and their only chance for financial redemption is to file for bankruptcy protection. But other families may have options available that can help them keep their homes.