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Can I get out of foreclosure without filing bankruptcy?

Virtually no one plans to fall behind on their mortgage, and learning that you may lose your home because you did can be devastating. While bankruptcy is a valid choice for Connecticut homeowners who hope to stop foreclosure, it is not the only option at their disposal. Loan modifications and short sales can keep you from dealing with foreclosure without going down the bankruptcy path. 

Loan modifications involve directly notifying the bank of your inability to make your monthly mortgage payment. This is normally best done as soon as you realize that you cannot keep up with your mortgage and before you miss a payment, although you can still request a modification even if you are behind. This process allows you to modify various aspects of your loan to make payments more affordable. These modifications may include: 

  • Reduced interest rates 
  • Reduced principal amount 
  • Extended loan terms 
  • Adding missed payments back into the principal 

A short sale will not keep you in your home, but it will help you circumvent foreclosure. In this type of sale, you sell your home for less than you still owe on the mortgage. The bank may agree to discharge any difference between what is left of the mortgage and what the house sold for, but you could also be expected to repay the remaining amount. Like with loan modifications, contacting your lender early on in the process is a good idea. 

Both of these options involve negotiating directly with the bank, which is not such a straightforward deal. Your lender will have teams of lawyers on its side, and the goal is to prop up the bank with little regard to your financial interests. An attorney who is experienced in dealing with the foreclosure process in Connecticut can help ensure that your rights are upheld throughout the entire process. 

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