Connecticut Home Foreclosure Options

Fairfield County Bankruptcy Attorneys

If you are behind on your mortgage payments but the bank hasn’t sent a foreclosure notice yet, contact a bankruptcy lawyer at Volman Law by e-mail or call (203) 929-7771 to schedule a free initial consultation.

See what we can do to help you AVOID OR DELAY FORECLOSURE.

Foreclosure is the worst thing that can occur on your credit report and should be avoided whenever possible. Bankruptcy can sometimes help you avoid bank foreclosure. It will always slow down the foreclosure process.

If you file for Chapter 7 or Chapter 13 bankruptcy, it will temporarily stop the bank from foreclosing on your home, giving you time to consider your options, including:

• Participating in a repayment plan to get current on your existing mortgage
• Selling your home pre-foreclosure so you can keep any equity you’ve built in your home
• Allowing the bank to foreclose
• Refinancing

Connecticut Statute on Mortgage Foreclosure on Unemployed Workers

In many cases, unemployed and underemployed Connecticut homeowners can apply for six months of protection from mortgage foreclosure through a debt restructuring program. Criteria for the program include:

• The home at risk of foreclosure must have been your primary residence for at least two years
• There must have been no other foreclosure actions brought against you in the previous 7 years
• You must not be receiving emergency mortgage assistance and you must not have applied for emergency assistance for the prior two years.

To be considered underemployed, your income during the prior 12 months must have been less than $50,000 or less than 75% of your average annual earned income.

The bankruptcy court judge will decide if you are eligible for unemployed and underemployed homeowner protection. The court will consider whether you are likely to be able to make timely payments on a restructured mortgage and whether the loan restructuring would be prejudicial to the lender or a lien holder.

Your mortgage will be restructured by the court so that your mortgage arrearage is eliminated within a period of up to six months. The court may ask you to pay the lender up to 25% of your net income per month. If you are able to maintain your new, restructured loan for three months, then the house foreclosure action will be dismissed.

If you are facing foreclosure, or if you are behind on payments and are worried that foreclosure is next, contact Fairfield County, Connecticut, bankruptcy lawyers at Volman Law. Your first consultation is free.

For more information…

Bankruptcy Information

Galvin to urge curbs on Seizure of Homes, Boston Globe

Connecticut Foreclosure Law Attorney
Fairfield County Bank Foreclosure Lawyer

From its office in Shelton, the Connecticut foreclosure law attorneys at Volman Law provide forclosure defense legal services to individuals and businesses throughout the state, including Fairfield County, Hartford County, and New Haven County, including the communities of Greenwich, Stamford, Westport, Fairfield, Stratford, Shelton, Norwalk, Darien, New Canaan, Ridgefield, Monroe, Trumbull, Danbury, and Bridgeport in Fairfield County, and Milford, West Haven, New Haven, East Haven, North Haven, Branford, Guilford, Madison, Ansonia, Derby, Seymour, Naugatuck, Oxford, Waterbury, Southbury, Watertown, Newtown, and Meriden in New Haven County.