Know Your Options
Facing foreclosure? Know what options you have.
Foreclosure in CT.
In Connecticut the foreclosure process goes through the courts. At the beginning of the process you would be served by a State Marshall with the Summons and Complaint, informing you that the foreclosure is being filed with the court.
In the the packet that the State Marshall serves you with is information regarding the Foreclosure Mediation program. This LINK will bring you to the courts website that explains the mediation process. In mediation you can be reviewed for options to avoid foreclosure such as a loan modifcation, short sale or deed in lieu of foreclosure.
If you wish to keep your home you will need to either pay the bank the missed payments, called reinstating the loan, or be approved for a home retention option.
Home retention options include;
Re-Instate the Loan
Simply paying all the missed payments, Interest and Fees to bring the loan current.
Repayment Plan
Your Lender approves a plan where you start making your normal monthly mortgage payment plus extra to slowly pay back what was missed.
Forebearance Plan
Temporary agreement for No or Reduced payments. Not a permanent restructing of the loan. You must re-instate the loan or be approved for a permanent option when this expires.
Payment Deferral
Loan payments are moved to the end of the loan. You go back to making your regular payment or it may be combined with loan modification.
Loan Modification
Permanent Restructuring of the Loan. You typically must have a permanent source of current income to qualify.
Emergency Mortgage Assistance
Emergency Mortgage Assistance is a Government loan program. It can be used to pay back arrearages.
If you have come to the point where you cannot keep the property then you have a few more options to avoid foreclosure.
Sell the Property
If you have equity in your property then selling it as soon as possible is best to salvage as much of that equity as possible.
Short Sale The Property
A short sale is when the sales price of the property is not enough to satisfy all the liens attached to the property, as well as the costs of sale. The sale is negotiated with the lender so that they accept teh funds from the sale, even though they are less than the amount owed.
Deed in Lieu of Foreclosure
This is where the homeowner and lender agree for the homeowner to sign the property over to the lender, rather than the lender having to foreclosure to take it.
So what do we do?
We are a property solutions company. When we speak to homeowners that are facing foreclosure and they wish to try to keep the home, we do all we can to advise and direct them to resources that may be able to assist them in doing so, such as CHFA.
If the homeowner wants to sell the property to avoid foreclosure, then we have options that we can provide to assist.
So what options can Northeast Capital offer?
Option 1: All Cash Offer / Close Fast
If time is short and you need to sell fast, or the property needs significant repairs or has other issues, such as uncoorerative tenants, we can give you a fair cash offer and close very quickly.
Option 2: Equity Maximizer Offer
If there is more time before the foreclosure there is a process where we can work together to get you an even higher sale price on the property.
Option 3: Short Sale
If the property value is less than what you owe the mortgage company, we can assist in negotiating a short sale with your lender so you can avoid foreclosure.
Request a Call Back to Discuss your Options Below.
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