Foreclosed Property Prevention Program in Connecticut- By: John Cutts
If housing counselors have their way, the number of foreclosed homes in the country would not be as high as it is today. Industry experts and housing counselors have always been consistent in telling distressed homeowners to seek foreclosure intervention counseling from counselors approved by the U.S. Housing and Urban Development (HUD).
In Connecticut, some distressed homeowners found themselves facing foreclosures because they filed for Chapter 13 bankruptcy protection, later refilling for Chapter 7 which means a complete liquidation of debts.
Industry experts said that filing for a Chapter 7 is an easy way out of foreclosures for troubled homeowners. They said filing for bankruptcy should be the last recourse for troubled homeowners.
They pointed out that the Connecticut Judicial Branch has a Web site which allows distressed homeowners to view the status of their foreclosure. Additionally, homeowners can also seek advice from New Britain's HUD agency.
Industry experts said that many distressed homeowners are not aware of mortgage assistance programs initiated by the Obama Administration to help them avoid foreclosure, including the Home Affordable Modification Program (HAMP).
In New Britain, distressed city homeowners can avail of the Emergency Mortgage Assistance Program which provides monthly foreclosure relief workshops for free. The workshop informs homeowners about changes in the mortgage industry and how these changes can benefit them.
Furthermore, counselors under the program also help homeowners communicate with their lenders to work out favorable solutions to their foreclosure problem.
New Britain's Neighborhood Housing Services (NHS) foreclosure intervention counselors advise homeowners to contact their lenders as early as possible. They told homeowners not to ignore letters from their lenders, to open and read them and respond to them appropriately.
They said that if homeowners have difficulty communicating with their lenders, they should try to approach the NHS immediately or other reliable agencies.
NHS counselors said that homeowners who could not afford to pay their mortgage should opt for foreclosure sale. They said that some homeowners are better off selling their properties, especially if the worth of these houses is beyond their means to pay to begin with.
However, homeowners who chose to sell their distressed properties still need assistance in locating the right resources. NHS counselors cited New Britain's Human Resources Agency (HRA) which provides funding for security deposits and makes available a list of landlords who are looking for tenants.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.