Foreclosure Lawyer New Haven, CT
Our foreclosure lawyer in New Haven, CT knows that when a homeowner has fallen behind in their monthly payments, the bank or mortgage will pursue foreclosing on the home. One of the possible ways to stop foreclosure is to have a New Haven, Connecticut foreclosure lawyer file for bankruptcy. Making that decision to file for bankruptcy or losing your home can be a difficult one given the impact either of these choices can have on a person’s credit score and history. A foreclosure stays on a person’s credit report for seven years, while bankruptcy will stay on the report for 10 years.
If you are facing foreclosure and think filing for bankruptcy may be an option, call The Law Offices of Ronald I. Chorches to meet with a seasoned New Haven, CT foreclosure lawyer to find out what options you may have. Filing for bankruptcy to stop foreclosure may offer the following benefits:
You Will Save Your Home
The first issue a homeowner facing foreclosure must decide is if they want to save their home. If there are only a couple of months of payments owed, the mortgage lender is often willing to work with the homeowner. Foreclosure is an expensive process for lenders and if they can avoid going that route, they will often offer several options including:
- Letting the homeowner make up the late payments
- Giving the homeowner a forbearance (adding the late payments to the end of the mortgage)
- Restructuring the loan
As a foreclosure lawyer in New Haven, CT can explain, mortgage lenders look upon foreclosure as a very serious issue, much more serious than filing for bankruptcy. Foreclosure typically lowers a person’s credit score by approximately 300 points. Some lenders may agree to a short sale (selling the house for less than the principal balance owed), but the homeowner may still have to pay the remaining balance. Sometimes, the lender will waive that balance, or they may accept a deed in lieu of foreclosure. This is where the homeowner signs over the home to the lender and there is no balance owed on the loan.
There are several options when filing for bankruptcy in order to stop a foreclosure. If the homeowner has income, Chapter 13 bankruptcy is often the best option. With this type, the person is allowed to restructure their debt instead of having to liquidate what they own.
As soon as the bankruptcy is filed, there is an automatic stay put in place that puts a stop of all debt collection attempts by creditors. This includes putting a stop on any foreclosure proceedings the lender may have initiated. A trustee will be appointed to oversee your bankruptcy and a payment plan will be created in order to repay all the debts the homeowner owes. The goal of Chapter 13 is to help the person get caught up with their mortgage and any other debt they may have.
It can be said that the term ‘foreclosure’ is a popular buzzword known to practically all socioeconomic classes. This is due to the unemployment rates, real estate ‘bubble, and an overall atmosphere of a potential recession. Despite the reality of people losing their homes, there are a number of myths being spoken about when it comes to the topic of foreclosure. As a leading foreclosure lawyer in New Haven, CT, we would like to discuss some of these popular myths.
Myth 1: Not many people face foreclosure.
Knowing that your home is going to be foreclosed upon can be very upsetting. All too often a person in this situation feels alone and as if they are being singled out by their mortgage holder. Because of the general lack of understanding about what is going on, some people will respond to the impending foreclosure with a quick knee jerk reaction. This decision may even be based upon misinformation and myth. As a New Haven, Connecticut foreclosure lawyer might explain to you, there are approximately 1.5 million foreclosures every year. If you are facing a foreclosure, know that you are not alone. You can reach out to a foreclosure lawyer New Haven, CT has to offer for guidance and legal advice.
Myth 2: There is no help.
Some people might think that if they have fallen behind on one or two mortgage payments, they should just continue on with not paying and give their house back to the bank. This is not the only option and could even make things worse. If you feel like you cannot pay your mortgage, you should first take action and contact your lender. Let them know what is going on and see if a solution can be reached. An experienced foreclosure lawyer in New Haven, CT may be able to cut through some of the complications and red tape with your lender and assist you to explore all the options available.
Myth 3: The bank just wants your house.
If you believe the bank is only foreclosing on your house because they want it, you should rethink things. Banks are in the finance and lending business – not real estate. When a bank forecloses on a house, they will lose money – and a lot of it. The process is also very time consuming and costly.
Myth 4: There are no options.
Many homeowners think that once they fall behind and face the possibility of foreclosure, all is lost. This is not always true. By retaining a qualified foreclosure lawyer in New Haven, CT, he or she may utilize laws that regulate the banking industry as a means of defense. Keep in mind, when you do receive a foreclosure notice, it will likely be sent by the lender’s lawyers. Therefore, it only makes sense to retain a foreclosure lawyer New Haven, CT resident can count on. A good lawyer can assist you in protecting your rights, interests, and financial future. A lawyer may be able to negotiate a practical mortgage/ loan modification or repayment plan that will help you to keep your home. Depending on your circumstances, a New Haven, CT foreclosure lawyer might also offer counsel for bankruptcy.
How Our Foreclosure Lawyer New Haven, CT Offers Can Help With Your Foreclosure
If you are under stress and pressure regarding the foreclosure of your home, know that foreclosing does not have to be the answer. It is possible to defend your right to stay at your home when a bank is attempting to foreclose, but it is not a legal battle you would want to fight on your own. Having an attorney on your side can strengthen your case and help you when the legal battle becomes complicated and intense. We have been in this business for many years and care about giving our clients the best results possible. We can help you fight your foreclosure battle and give your case the professional edge it needs when discussing your situation with banks and going to court.
Why It Is Best To Have an Attorney On Your Side
Although it is not impossible to successfully defend your home against an impending foreclosure, it is often very difficult to do so without a legal background, specifically in foreclosure law. Thus, there are a few reasons it would be beneficial to hire one of our attorneys.
- Foreclosure laws evolve and change over time.
- Attorneys in foreclosure laws have the specific skills needed.
- Your defense can quickly become complicated.
- There are certain rules and procedures you must follow exactly.
Changing Foreclosure Laws. Foreclosure laws are constantly evolving, and without a legal background, it can be hard to know what is most current and which laws can greatly help you with your foreclosure defense.
Attorneys Have What You Need. Attorneys that work specifically in the foreclosure field have had years of practice and training about the law relating to foreclosures and defenses.
Your Defense Can Get Complicated. Your defense will be the heart of your case. You might be in a situation where the bank should not be foreclosing on your house in the first place. However, when you claim that they should not foreclose, you need to have solid reasons and evidence to back up your claims. When this is the case, you will need the right information regarding past court decisions and local statutes to help support your claim.
Rules and Procedures. Especially with foreclosure cases, there are certain time limits that must be followed exactly. When you respond to a foreclosure notice and fight it, you need to have it in writing and in the appropriate legal format. This means filing legal paperwork with your court, meeting the deadlines set forth, and potentially even going to trial.
If you are facing foreclosure, contact The Law Offices of Ronald I. Chorches to schedule a free and confidential consultation with a foreclosure lawyer New Haven, CT clients recommend.
Mistakes to Avoid When Facing Foreclosure
It can be very frightening to face foreclosure. Not knowing if you’ll be able to keep your home and where you might live soon can keep you awake at night. Unfortunately, this can make many homeowners and more likely to make mistakes. Here are some common mistakes you need to avoid when facing foreclosure.
- Ignoring Notices from Your Lender: When you’re behind on your mortgage payments, your lender will send you notices in the mail to let you know you’re delinquent. It’s easy to ignore these notices and pretend everything is fine. However, the longer you ignore the notices, the more difficult your situation will become. If you contact your lender as soon as possible, they may offer you several options to avoid foreclosure.
- Admitting Defeat Right Away: A common belief many homeowners share is that once your lender threatens foreclosure, there is nothing more that you can do. However, this just isn’t true. Before a foreclosure is complete, it must go through court proceedings, which can take a while. This can give you and your foreclosure lawyer in New Haven, CT time to work out an arrangement with your lender.
- Trying to Keep a Home You Can’t Afford: It’s tough to come to the realization that you can no longer afford your home, especially if you’ve raised your family in it. However, if you’ve recently lost your job or acquired significant debt, it might not make financial sense to keep your home. You may continue to fall further and further behind, delaying the inevitable. It may be a better option to have a short sale.
- Not Hiring a Lawyer: If you’re facing a foreclosure, you may wonder if you should hire a foreclosure lawyer in New Haven, CT or not. While it’s not required, it’s usually in your best interest to do so. The foreclosure process can be complex, and you need someone knowledgeable and experienced on your side. He or she can guide you through the entire process and protect your legal rights. Hiring a skilled lawyer can increase your chances of getting favorable results.
- Not Taking Care of the Property: When some homeowners find out they’re at risk of foreclosure, they may stop performing necessary maintenance on their homes. While you don’t want to put too much money into a home that may be foreclosed, you don’t want to completely let it go. If you let the home fall apart, it will be more difficult to sell.