When it seems like the bank is coming for your house, it can feel like no one could be on your side. After all, the payments were late or never paid, so it may feel like you don’t deserve your own home anymore. But it couldn’t be further from the truth.
Many banks would prefer to stay out of the real estate business, and no one wants to see anyone thrown out on the streets. Just like people considering bankruptcy, anyone facing foreclosure will probably see several alternatives come up before a notice appears on their doors.
Connecticut has sponsored a foreclosure mediation program that has prevented several people from losing their homes to repossession by a lender or creditor. The program focuses on working together with banks and their customers to work out a mutually agreed way to handle late payments, deficient funds and other factors in similar ways to a payment plan to help people recover from bankruptcy.
Nearby states like Massachusetts and New Hampshire have even pushed laws to require a judicial ruling in a lawsuit for a bank or lender to repossess a home. This move has failed in several states, but Connecticut has managed to keep its mediation program running to help reduce foreclosures in the state.
An attorney’s attention may help prevent foreclosure and keep a family in its home. Legal representation can help contest an order for foreclosure or defend a homeowner against a lawsuit filed by a lender. No one should try to keep their home in a dire situation without help.