If your home is at risk of foreclosure, here is one comforting thought: Your bank does not want to foreclose on your property. The recent housing crisis overwhelmed lenders, and the last thing they want is to add more debt on their own books. At the Hartford, Connecticut, The Law Offices of Ronald I. Chorches, we use that fact to your advantage by offering options including mortgage modification, mediation or Chapter 13 bankruptcy.
Obtaining a mortgage modification on your own may feel like a full-time job. As experienced attorneys, we can take that burden off your shoulders. Our skilled foreclosure defense attorneys know how to deal efficiently with a process that can be onerous and includes preparing complex financial documentation. We can also help you negotiate favorable terms that may include a reduction in mortgage payments that reflects your ability to pay. If you have already been approved for a modification, let our lawyers review your legal documents to ensure that the terms are in your best interest — not just your banks.
Foreclosure And Mediation
Connecticut has a mandatory mediation program as part of foreclosure proceedings. Once you have received foreclosure papers, it is imperative that you contact us. Putting an experienced attorney on your side greatly improves your chances of coming to agreement and saving your home. At The Law Offices of Ronald I. Chorches, we prepare you for mediation by reviewing your finances, completing all required documentation and counseling you through the process, including representing you throughout the entire mediation process.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may be your best choice if you have equity in your home and a job, but are struggling to pay bills and need time to catch up. The minute you file Chapter 13 bankruptcy, a foreclosure proceeding is stopped. Under Chapter 13, you will be able to reorganize your debt, eliminate most or all of your unsecured debt and pay back the rest over a three- to five-year period. Chapter 13 also provides you with the opportunity to liquidate your house so you can protect and cash out the equity in your property.
Other Options For Saving Your Home
- Forbearance agreements allow you to work out a plan with your lender that allows you to catch up on late mortgage payments over a one-year period of time. It may require you to pay back a portion of what you owe up front.
- Short sales are used when you owe more than the current value of the home. When considering this option, it is important to work with an attorney to ensure that you do not receive a deficiency judgment.
Contact Us | Free Consultation
For a free, confidential consultation about how we can help you keep your home, please contact us online or call The Law Offices of Ronald I. Chorches at 860-563-3955. We have offices in Wethersfield and Winsted, and are easily reachable from the cities of Hartford, West Hartford, East Hartford and Manchester.