Don’t worry you are not alone! Many people today are experiencing the fear and agony of a foreclosure action. Even in a tough time like this there are many available options for someone who is in danger of losing their home. The most important thing to remember is: DO NOT ignore the paperwork that was served upon you.
When someone gets served with a foreclosure complaint there are options within the Connecticut courts to apply for what is known as the Foreclosure Mediation Program. This program was created in order to give homeowners a second chance and the ability to see if they qualify for a mortgage modification. The lenders will determine your eligibility within one of the government sponsored programs or their own in-house program. The goal is to see if your house can be made affordable to you at a monthly payment acceptable to your lender. Tools available to achieve this can include a lower interest rate, an extended term, delayed payments or even partial debt forgiveness. If an agreement is reached, a new contract is created and your mortgage is modified.
The documents required to enter into this program will be in the pile of paperwork that was served upon you. You must make sure to file any required documents within the appropriate time frame or you will risk losing your ability to enter into the program and risk losing your home.
The process can get complicated at times and that’s why the Law Offices of John Q. Gale, LLC are here to help. We have assisted numerous clients in obtaining mortgage modifications which not only lowered their payments but saved their homes. We know the risk of losing your home can be devastating and an emotional roller coaster and that’s why the Law Offices of John Q. Gale, LLC can assist you in making sure your house remains your home.
For more information, please give the office a call at 860-522-8296.