Foreclosure is a legal procedure intended by a bank or lender to get the owner’s rights over the assets of the debtor that defaulted on his/her loan. The bank employed this process so that they can recover the money invested in the mortgage because this money can no longer be given by the mortgagor. How then can the institution earn from some properties that are deemed useless for the investors and buyers? This flaw made by the bank in reclaiming the money offered to the debtor as a loan will cause them to find another solution that will save them from bankruptcy.
Last February 18, 2009, the government proposed a new law and it was established immediately in the State of Connecticut. This new law gives right to the debtor to ask for a re-assessment of his/her initial contract, especially if he/she encounters hardships in handling the monthly rates.
The Loan Modification is a program that gives benefits to the bank, knowing that foreclosure is not a feasible alternative at the moment. Cooperation with the debtor is needed to prevail over the financial problem that threatens the institution. The law is against foreclosure that contributes to a more overcrowded real estate market and it encourages continuity of cooperation between the mortgagee and mortgagor. If you want to bypass the negotiations with your lender by yourself, try to seek legal help from a lawyer who specializes on these matters.
Finding an attorney’s office dealing with this thing in your area is easy; simply type the words ‘loan modification attorney’ on a search engine and include your town or your county in a navigator and you will see several options. You can choose and hire a lawyer who will suit your budget and he/she will guarantee that you will get the best deal from the negotiations with the bank. The process of loan modification depends on the effort of both parties and it can take 30 to 100 days. Aside from that, it also depends on your requests and the availability of the bank. There is no need for you to accept the first drop of rates proposed by the bank, you have to get the most expedient conditions for your reticent income.
The loan modification system dramatically improved the situation in Connecticut after its release. Nevertheless, the number of foreclosed homes is still large, and as a precaution, you should think twice before you apply for a new mortgage in these days.
H. Pearce Real Estate Co., Inc
88 Broad Street
Shoreline Real Estate Company
2257 Boston Post Road
Wells Fargo Home Mortgage
125 Water Street
774 Straits Turnpike
Page Taft GMAC Real Estate
89 Whitfield Street
Prudential Connecticut Realty
995 Boston Post Road
Lending Source LLC
294 south main st
Silas Dean Hwy
William Pitt Sotheby’s International Realty
670 Boston Post Road
96 Broad Street
Connecticut Legal Services
Greater Hartford Legal Aid
New Haven Legal Assistance Association
Statewide Legal Services
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Call 1-888-995-HOPE (With your permission, the complaint will automatically be shared with federal, state and local law enforcement).
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