Foreclosure Lawyer Waterbury, CT

Foreclosure Lawyer Waterbury, CT

Foreclosure Lawyer Waterbury, CTAny Connecticut homeowner who has ever fallen even one month’s payment behind in their mortgage payments can attest to how overwhelming it can be dealing with the constant phone calls and demand letters in the mailbox from the lender, looking for their money. It is not uncommon for a person in this position to ignore these calls and letters because they assume there is nothing they can do, and the lender could show up at any time and take possession of their home.

At The Law Offices of Ronald I. Chorches, we have been helping homeowners facing foreclosures for more than three decades. If you are behind in your mortgage and fear losing your home, call our office to meet with a Waterbury, CT foreclosure lawyer and find out what legal options you may have. You may be surprised at how willing the lender may be to work with you.

A foreclosure lawyer in Waterbury, CT knows that most mortgage lenders do not want to foreclose on a home. When they are forced to foreclose and take possession, it can cost them tons of money. Not only do they lose out on all the interest payments the homeowner would have made had they kept up with their payments, the lender also is stuck paying all the legal fees for the foreclosure process, as well as the costs involved to sell the home, often for less than what the mortgage they held on the property. This is why a lender would prefer to work with the homeowner to either come up with a repayment plan for the past amount due, extend the loan, or lower the interest rate.

Unfortunately, many homeowners who have fallen behind in their mortgage don’t realize that the lender would work with them and this is why the “hide” from the lender and ignore all collection attempts. This leaves the lender with no other options but to begin foreclosure on the home. Even at this stage, however, a foreclosure lawyer in Waterbury, CT may still be able to help save your home.

When a homeowner files for bankruptcy, there is an automatic stay issued for all the debts they owe. Creditors aren’t allowed to pursue collection activities. This also includes the mortgage company. A foreclosure is halted when the homeowner files for bankruptcy. If the homeowner is only a few months behind in their payments, this stay is often enough time for the homeowner to come up with the amount they owe and get caught up.

If the homeowner cannot get caught up with the stay, then they may have other options. With a Chapter 13, the homeowner can get on a three- to five-year repayment plan in order to get caught up and save their home. If the homeowner doesn’t feel that they are making enough money to maintain the home, then a Chapter 7 bankruptcy may be the way to go. One benefit is that the courts allow the homeowner to keep up to $75,000 in equity.

A foreclosure lawyer Waterbury, CT families recommend can explain the pros and cons of each of these bankruptcy options. Call The Law Offices of Ronald I. Chorches for details and assistance.