Milford Foreclosure Lawyer

Milford Foreclosure Attorney

If you are facing foreclosure on your home, you have options, and these options aren’t limited to bankruptcy. For instance, you may be able to work with your bank on a loan modification, or foreclosure mediation may be an option. You may be able to do a short sale on your home, get a forbearance agreement, or get a deed in lieu of foreclosure. To know for sure, it is advisable to speak with a Milford foreclosure lawyer who will make suggestions based on your personal situation.

Attorney Tim Pletter of Ambrogio, Pletter & Associates, LLC, is a knowledgeable Milford foreclosure attorney who helps clients put a stop to foreclosure proceedings. For some homeowners facing foreclosure who have a large amount of unsecured debt or have taken out a second mortgage on their home, the most practical option may be Chapter 13 bankruptcy.

Our firm takes pride in the customer service we offer our clients, and many of them express a sense of relief regarding their debt after just our initial consultation. We understand that when a client comes to our office, it’s because they are experiencing a hard time in their life.

Using a Loan Modification to Stop Foreclosure

A home loan modification provides the opportunity for a homeowner to modify the terms of their existing home mortgage with the goal of reducing their monthly mortgage payment. When banks allow homeowners to modify their mortgage loans, they may benefit from a reduced interest rate, depending on current interest rates.

The homeowner may also be able to roll the arrearage, or missed payments, back into the principal of the loan. This keeps the loan current and eradicates any owed back payments. A loan modification may also reduce the homeowner’s principal and/or extend the term of the loan.

Using a Short Sale to Stop Foreclosure

A short sale may be inevitable if a homeowner wishes to sell their home, but they owe more on their mortgage than their home is worth, as long as the bank approves it. Attorney Tim Pletter will step in to help you and your bank come to an agreement on a short sale price that may be less than what is owed.

For example, if a Milford, CT homeowner purchased their home for $500,000 and owes $450,000 to the bank, but their home is only worth $400,000, the bank may agree to take a $375,000 payoff for the discharge of the mortgage if the house sells at $375,000.

Using a Deed in Lieu of Foreclosure to Prevent Foreclosure in Milford, CT

A deed in lieu of foreclosure is similar to a short sale, but instead of negotiating a short sale, the bank may agree to take the deed back and consider the mortgage closed. A bank may agree to this deed in lieu of foreclosure to save the time and money it takes to foreclose. Homeowners may also benefit from the speedy and cost-effective process, but it may also have a potential negative impact on their credit. It may also save the homeowner the public embarrassment of foreclosure.

Both a deed in lieu of foreclosure and a short sale involve a number of considerations. We strongly recommend speaking with a Milford foreclosure lawyer before you make any final decisions. The foremost decision for any homeowner facing foreclosure is the product of careful consideration of their unique circumstances and options with a competent foreclosure attorney.

Attorney Tim Pletter Provides Foreclosure Options

Weighing your options is just the beginning. Once you determine which route is the most ideal for your circumstances, then comes the task of carrying out the processes to get it finalized so you can move on without the overbearing stress of foreclosure on your shoulders.

Foreclosure was added to the credit report of 62,000 consumers in the first quarter of this year, which is high compared to previous quarters. It’s more important than ever to stop your foreclosure while you still can.

FAQs About Milford, CT Foreclosure Laws

Contact Foreclosure Attorney Tim Pletter

About 1.5% of mortgages in Connecticut are currently delinquent. If you’re facing foreclosure, you will sleep better tonight after communicating your situation to a legal professional who understands what you’re going through. Milford foreclosure lawyer, Attorney Tim Pletter, and the team at Ambrogio, Pletter & Associates, LLC, would like to discuss your options with you. Contact our law firm to schedule a free consultation.