Purchasing a home is a goal of many Connecticut residents, and one that often takes years of planning and sacrifice to achieve. Faced with losing a home through foreclosure, many people go through a great deal of stress. It's important to understand that there is help available. Choosing the right path out of financial turmoil is important and can make all the difference between success and failure.
The U.S. Department of Housing and Urban Development recently released a "Homeowners Guide to Success" in an effort to educate homeowners on how to respond if they fall behind on mortgage payments. The guide is meant to offer simple, real-world advice to struggling homeowners, and to steer them away from potential fraud and scams.
The guide discusses mortgage assistance programs that can help prevent foreclosure. It also breaks down approaches including refinance, modification, short sale and repayment options. HUD hopes to direct homeowners to HUD-approved counseling options and services. It's also hoped that having this information in one accessible format can help homeowners keep their homes and regain financial stability.
For those in Connecticut who are struggling to meet their monthly mortgage obligation, it is important to take a proactive approach. The recent Homeowners Guide to Success is a tool that can help consumers know where to begin. If foreclosure is already underway, reach out to a bankruptcy attorney to learn more about available options. In some cases, Chapter 13 bankruptcy can prevent foreclosure from moving forward and provide a means of catching up on outstanding financial obligations.
Source: dsnews.com, "Helping Borrowers Understand Foreclosure Prevention Options", Radhika Ojha, Dec. 20, 2017