Foreclosure Lawyer Waterbury, CT

Foreclosure Lawyer Waterbury, CTA foreclosure lawyer, Waterbury, CT offers knows that any Connecticut homeowner who has ever fallen even one month’s payment behind in their mortgage payments can attest to how overwhelming it can be dealing with the constant phone calls and demand letters in the mailbox from the lender looking for their money. It is not uncommon for a person in this position to ignore these calls and letters because they assume there is nothing they can do and the lender could show up at any time and take possession of their home.

At The Law Offices of Ronald I. Chorches, we have been helping homeowners facing foreclosures for more than three decades. If you are behind in your mortgage and fear losing your home, call our office to meet with a Waterbury, Connecticut foreclosure lawyer and find out what legal options you may have. You may be surprised at how willing the lender may be to work with you.

A foreclosure lawyer in Waterbury, CT knows that most mortgage lenders do not want to foreclose on a home. When they are forced to foreclose and take possession, it can cost them tons of money. Not only do they lose out on all the interest payments the homeowner would have made had they kept up with their payments, but the lender also is stuck paying all the legal fees for the foreclosure process, as well as the costs involved to sell the home, often for less than what the mortgage they held on the property. This is why a lender would prefer to work with the homeowner to either come up with a repayment plan for the past amount due, extend the loan, or lower the interest rate.

Unfortunately, many homeowners who have fallen behind in their mortgage don’t realize that the lender would work with them and this is why they “hide” from the lender and ignore all collection attempts. This leaves the lender with no other options but to begin foreclosure on the home. Even at this stage, however, a foreclosure lawyer in Waterbury, CT may still be able to help save your home.

When a homeowner files for bankruptcy, there is an automatic stay issued for all the debts they owe. Creditors aren’t allowed to pursue collection activities. This also includes a mortgage company. A foreclosure is halted when the homeowner files for bankruptcy. If the homeowner is only a few months behind in their payments, this stay is often enough time for the homeowner to come up with the amount they owe and get caught up.

If the homeowner cannot get caught up with the stay, then they may have other options. With a Chapter 13, the homeowner can get on a three- to five-year repayment plan in order to get caught up and save their home. If the homeowner doesn’t feel that they are making enough money to maintain the home, then a Chapter 7 bankruptcy may be the way to go. One benefit is that the courts allow the homeowner to keep up to $75,000 in equity.

The 120 Day Loss Mitigation Period

Under Federal laws, the lender or servicer typically must wait until you’ve reached 120 days of relinquishment on a loan before a foreclosure case can be opened. This time is meant to help you explore your options, including loss mitigation, a loan modification, forbearance, or a new repayment plan.

Home Foreclosures in Connecticut

In Connecticut, home foreclosures are judicial. This means the court is involved and every foreclosure must go through the court. Connecticut has several unique laws that vary from other states using the judicial process. For example, in Connecticut, the foreclosure can be a ‘decree of sale’ foreclosure. This is very similar to either a standard judicial foreclosure or strict foreclosure. 

Determining If You Need a Foreclosure Attorney

Sadly, thousands of Americans a year have faced foreclosure and subsequently foreclosed on their homes. If you were recently faced with a foreclosure notice and are struggling with your decision to accept this notice or fight back, hiring a Waterbury foreclosure lawyer can be a great help. Fighting the foreclosure battle on your own can cause even more stress and heartache during a confusing time. Having an attorney on your side to help fight this battle for you can ensure that you have a proper defense for why your home should not be foreclosed on and how to go through the legal steps of making your claim. For more information on whether you should hire an attorney for your defense, read below!

How To Determine If You Need a Lawyer

There are certain situations where foreclosing is probably the right decision. However, if you believe you have a defense or this foreclosure happened in error, read on for reasons to hire an attorney.

Reason 1. You Have a Proper Defense For Keeping Your Home.  If you believe that you have a legal defense for why the foreclosure should not proceed, having an attorney who has defended other clients in this situation can help your case tremendously. When you fight back against a foreclosure notice, you will likely need to go to court and respond to the lender’s lawsuit or file your own. What defenses might you have?

  • Your loan servicer made an error. The loan servicer in charge of your account could have made a huge error in your case, potentially by shifting funds elsewhere or not crediting your payments to your account.
  • The foreclosing party failed to follow procedure. In this case, the foreclosing party is always required to follow a strict procedure when foreclosing on someone’s home. If they did not follow the procedure as outlined in the requirements upheld by your state, a lawyer could use this to dismiss your case.
  • The foreclosing party is unable to prove their loans. If they are unable to prove that they own your loan, the foreclosing party is not legally allowed to foreclose on your home. Your attorney could help you determine if they are unable to prove their ownership rights.

Reason 2. The Bank Is Dual Tracking. Our foreclosure lawyer in Waterbury, CT knows that if the bank that owns your loan is dual tracking your loan by attempting to foreclose while also pursuing a loan modification, your attorney can show how they are in violation of certain laws. It is imperative that this is done during the foreclosure process and not after the bank completes it.

Reason 3. You Are Active Military. In some cases, if you are actively in the military, there might be special rules that protect you from being foreclosed under the SCRA (Servicemembers Civil Relief Act). For example, if you took out your mortgage before you were an active duty service member, they can only foreclose under certain circumstances. A lawyer can help determine if this is the right defense for you.

A foreclosure lawyer Waterbury, CT families recommend can explain the pros and cons of each of these bankruptcy options; call The Law Offices of Ronald I. Chorches for details and assistance.

What if I Can’t Afford a Foreclosure Lawyer in Waterbury, CT?

Sometimes, a homeowner will not be able to afford the fees of a foreclosure lawyer in Waterbury, CT. In the event that you are unable to hire a lawyer, but are facing a home foreclosure, you may want to consider:

  • Handle the foreclosure on your own
  • Pay for a consultation with a lawyer
  • Look for a pro bono foreclosure lawyer
  • Get assistance from a free legal aid society or organization

Handling a Foreclosure on Your Own

In the event that you cannot afford a foreclosure lawyer in Waterbury, Connecticut, and you do not want to fight the foreclosure, you may be able to handle the matter on your own. If you choose to do so, it is recommended that you read as much as possible about the steps that are involved in the process. You may also want to get an idea of how long it will take and when you will need to move out of your home. 

You should strongly consider hiring a Waterbury, CT foreclosure lawyer if you believe you have a valid defense to the foreclosure. For example, an error has been made. When something like this holds true, you will likely need to raise your defense in court. This means a lawsuit will need to be filed, or you will need to respond to the lender’s lawsuit. The latter is more complicated. In either situation, it will be a good idea to think about having a foreclosure lawyer in Waterbury, CT on your side. 

What is the Cost of a Waterbury, CT Foreclosure Lawyer?

The majority of foreclosure lawyers will structure their fees based on an hourly rate, a monthly rate, or a flat fee. What you will pay will largely depend on the circumstances of your foreclosure. It could range from a few hundred dollars to several thousand dollars. 

Are There Pro Bono Foreclosure Lawyers in Waterbury, CT

If you can’t afford a lawyer, even for a consultation, it may be possible to find a pro bono firm. Some lawyers will take a select number of pro bono cases. This is often to help people who have little to no extra income. You may consider calling your state bar for assistance. 

Talking with a Waterbury, Connecticut Foreclosure Lawyer

It may be in your best interest to schedule a consultation with a foreclosure lawyer in Waterbury, CT – even if you think you cannot afford to hire one. A lawyer can help you to understand how the process works, and answer your questions. If you choose to arrange for a consultation (usually for a fee, and after the initial consultation), be sure to prepare a list of questions. Some topics to consider include:

  • The foreclosure procedure
  • Reviewing the facts of your case
  • Whether you have a defense to foreclosure
  • What your legal rights are

If you would like to schedule a consultation with a foreclosure lawyer in Waterbury, CT, or would like to know how The Law Offices of Ronald I. Churches can help you, call us today.