STOP Foreclosure Now
Bankruptcy is an effective means of preventing foreclosure, so long as the case is filed before title to the collateral or home is legally transferred. In Chapter 13, loans are paid in full (or to the extent they are secured) over the life of the plan, often at a lower interest rate. Mortgage arrears can be cured over the life of a plan with no additional interest!
The best time to seek a modification is before foreclosure even starts. Under the law, most mortgage companies have to attempt to work with you to resolve your payment problems before they start a case. This is also a good time to try to work on a modification because you probably have not missed that many payments and attorneys fees have not started. The mortgage company will add on fees for their attorneys once the foreclosure case is started and reported to the credit ratings companies.
We will work with your mortgage company before a foreclosure begins. We have the resources and experience to stay on top of your mortgage company and make sure they are doing things correctly. We also keep accurate records in case the mortgage company starts a foreclosure proceeding against you, so that we can point out the mortgage company’s bad faith to the court during the foreclosure mediation sessions.
It’s important to know that many banks and mortgage companies have signed settlement agreements with the Federal Government that mandate they consider you for a modification. Even banks and mortgage companies that did not sign agreements will often consider you for a modification through their ‘in-house’ programs. With our help, a modification is always a possibility.
After litigation has started . . . Is it too late to save your home?
Even after foreclosures are filed in Connecticut courts, they can take a long period of time. If you are in a one-to four-family house and it is your primary home, you qualify for foreclosure mediation even if you have already applied for, tried to obtain, or been denied a mortgage modification on your own. Homeowners are often denied modifications for the wrong reasons.
For example, some mortgage companies often deny modifications based on “investor restrictions.” However, for many mortgage companies that have reached settlements with the federal government, this is an improper denial that you may be able to appeal. Settling mortgage companies have to take other steps before they can deny your application based on “investor restrictions.”
Sometimes mortgage companies just make mistakes. You need an attorney who has the financial experience to carefully review your circumstances and see if the mortgage company properly verified your income and expenses. If they did not, you may be able to appeal a denial of a modification.
If modification is not possible, many mortgage companies will be willing to consider you for a short sale or a deed-in-lieu of foreclosure. These options are often called “cash-for-keys” deals and they are an important option for any person facing foreclosure. With the help of Beckett Law, Suzann and her associate attorneys negotiating on your behalf with the mortgage company. Even if you cannot afford or do not want a modification, you may be able to receive a sizable amount of money in exchange for agreeing to vacate the property known as “Cash-for-keys”.