Foreclosure Lawyer New Haven, CT

Foreclosure Lawyer New Haven, CT

If you are facing foreclosure, contact our office today to schedule a free and confidential consultation with a foreclosure lawyer New Haven, CT clients recommend.When a homeowner has fallen behind in their monthly payments, the bank or mortgage will pursue foreclosing on the home. One of the possible ways to stop foreclosure is to have a New Haven, Connecticut foreclosure lawyer file for bankruptcy. Making that decision to file for bankruptcy or losing your home can be a difficult one given the impact either of these choices can have on a person’s credit score and history. A foreclosure stays on a person’s credit report for seven years, while bankruptcy will stay on the report for 10 years.

If you are facing foreclosure and think filing for bankruptcy may be an option, call The Law Offices of Ronald I. Chorches to meet with a seasoned New Haven, CT foreclosure lawyer to find out what options you may have. Filing for bankruptcy to stop foreclosure may offer the following benefits:

You Will Save Your Home

The first issue a homeowner facing foreclosure must decide is if they want to save their home. If there are only a couple of months of payments owed, the mortgage lender is often willing to work with the homeowner. Foreclosure is an expensive process for lenders and if they can avoid going that route, they will often offer several options including:

  • Letting the homeowner make up the late payments
  • Giving the homeowner a forbearance (adding the late payments to the end of the mortgage)
  • Restructuring the loan

As a foreclosure lawyer in New Haven, CT can explain, mortgage lenders look upon foreclosure as a very serious issue, much more serious than filing for bankruptcy. Foreclosure typically lowers a person’s credit score by approximately 300 points. Some lenders may agree to a short sale (selling the house for less than the principal balance owed), but the homeowner may still have to pay the remaining balance. Sometimes, the lender will waive that balance, or they may accept a deed in lieu of foreclosure. This is where the homeowner signs over the home to the lender and there is no balance owed on the loan.

There are several options when filing for bankruptcy in order to stop a foreclosure. If the homeowner has income, Chapter 13 bankruptcy is often the best option. With this type, the person is allowed to restructure their debt instead of having to liquidate what they own.

As soon as the bankruptcy is filed, there is an automatic stay put in place that puts a stop of all debt collection attempts by creditors. This includes putting a stop on any foreclosure proceedings the lender may have initiated. A trustee will be appointed to oversee your bankruptcy and a payment plan will be created in order to repay all the debts the homeowner owes. The goal of Chapter 13 is to help the person get caught up with their mortgage and any other debt they may have.

If you are facing foreclosure, contact The Law Offices of Ronald I. Chorches to schedule a free and confidential consultation with a foreclosure lawyer New Haven, CT clients recommend.