Connecticut residents can fall into debt for numerous reasons. One possible risk is being unable to pay your house off, in which case it will be foreclosed. We at the Law Offices of Charles A. Maglieri will discuss ways you can avoid foreclosure.
What do you do if you cannot make mortgage payments?
There are many advantages to purchasing and owning a home in Connecticut, from both a financial and personal point of view. However, owning a home can become burdensome if you have a change in financial circumstances and can no longer afford mortgage payments.
The story behind Fannie Mae and Freddie Mac
People who have obtained a mortgage in Connecticut, or are actively seeking one, have likely heard the names Fannie Mae and Freddie Mac. They might sound like the names of friendly new neighbors, but in reality, they are government-sponsored agencies who guarantee most of the mortgages in the United States.
What are some foreclosure scams to watch out for?
Missing mortgage payments and facing foreclosure in Connecticut is a serious financial situation, and you may not know where to turn for help. Unfortunately, there are unscrupulous people out there who view your misfortune as an opportunity to profit from your pain. They may offer you ways out of your financial difficulty that may seem too good to be true, and according to FindLaw, that is because they are usually scams designed to cheat you out of your home by taking advantage of your desperation.
How can you recognize a foreclosure rescue scam?
When you are having severe financial difficulties, possibly including the threat of foreclosure, in Connecticut, it can feel like you are drowning. An offer of help paying off your debts and preventing foreclosure may seem like a lifeline. Unfortunately, foreclosure rescue scams are prevalent, and those who run them are attempting to take advantage of your panic and desperation in order to make money off you. If you fall for one of these scams, you may end up in even worse financial trouble than you were in to begin with.
How are zombies real in the bankruptcy world?
You might think that zombies are merely a product of Hollywood and books. While this is true when it pertains to the undead coming for your brains, a different type of zombie can threaten Connecticut homeowners who are facing a foreclosure. The term for a home that is languishing in the foreclosure process is a zombie foreclosure.
What can I do to avoid foreclosure?
The prospect of foreclosure is daunting for Connecticut homeowners. However, if you’re unable to make mortgage payments that will be exactly what you’re faced with. Some homeowners are able to pursue alternatives, which can prevent a lengthy and often costly foreclosure process. Realtor.com explains 3 different ways to avoid foreclosure that might be available to you.
What is the HAFA program?
If your debt situation has gotten out of hand and you fear losing your Connecticut home to foreclosure, you may wish to consider the Home Affordable Foreclosure Alternatives program. As HomeOwnership.org explains, HAFA is a federal governmental program that gives you a foreclosure alternative if you wish to short sell your home or give a deed in lieu of foreclosure to your mortgage lender.
What is the HARP refinance program?
If you are a Connecticut homeowner facing financial difficulties, you may fear that you will be unable to stay current with your mortgage payments and therefore lose your home through foreclosure. Another problem you may face is that your home has lost value since you purchased it and is now worth less than your mortgage balance. If this is your situation, you may wish to check out the Home Affordable Refinance Program, popularly known as HARP.
Future mortgage obstacles from foreclosure and bankruptcy
While it is no secret that Connecticut bankruptcies and foreclosures have the potential to damage credit, the extent to which this occurs and the mechanics behind the process remain a mystery to many people, even those considering entering the bankruptcy process. This might lead to unexpected disappointments when pursuing a new mortgage. Understanding the difference between Chapter 13 and foreclosure is the first step in dispelling this mystery.
