CONNECTICUT FORECLOSURES: SAVING YOUR HOME!

WHAT IS FORECLOSURE?

Foreclosure is the state court judicial process that the bank, Mortgage Company, finance company, taxing authority or creditor utilizes to repossess your home. Foreclosures generally take three to four months, most commonly ending with a law day or foreclosure by sale. The only certain way to stop a foreclosure is full payment of the arrearage, or the filing of a Chapter 13 bankruptcy.

The Law Offices of Neil Crane has helped thousands of Connecticut homeowners since 1983 and has saved hundreds of homes on the eve of foreclosure. The Firm has rescued thousands of distressed homeowners by utilizing negotiations and Chapter 13 proceedings to save homes from foreclosure. While foreclosure is a daunting process, we are fully aware of the legal options, defenses and alternatives that will stop the foreclosure and save your home. This is what we do everyday...put our knowledge to work for you!

CAN I SAVE MY HOME?

The vast majority of Connecticut foreclosures are resolved through the Chapter 13 Bankruptcy process. Under Chapter 13 the Bankruptcy Court will force your bank to stop your foreclosure and accept your regular monthly mortgage payments. Chapter 13 will stop the foreclosure process and allow you to repay overdue amounts over a 3 to 5 year period.

The Law Offices of Neil Crane has been saving homes and providing legal solutions for Connecticut residents since 1983 and can help to save your home. Laws have been enacted for your protection and Attorney Crane knows how to apply these bankruptcy laws to preserve your rights. In fact, our office saved over 300 Connecticut homes in 2006 alone, including:

Saving Your Home:

• A family that was deep in foreclosure and a sale date had been set for the auctioning of her home. Like many foreclosure clients, this client had been promised a refinance to save her home. On the day before the sale, she was denied the refinance and had nowhere to turn to save her home and the substantial equity she had built up. She was referred to us on the Friday afternoon before the Saturday sale. In just three hours, we were able to obtain all the documents necessary to file a Chapter 13 and save the family's home.

Correcting what Previous Counsel Gets Wrong:

• A woman had filed bankruptcy with another attorney. As a result of poor legal advice and a lack of proper case preparation, she found herself caught up in the court system as they began to liquidate her assets. She arrived in our office so distraught that she had taken ill and required medical care. We were able to use our reputation with the court system to stop the liquidation process and prove that all of her assets were entitled to protection from creditors. Over the course of some 60 days, we were able to solve a complicated problem that had been threatening the family for years.

Saving Your Home to sell it for a Proper Profit:

• A widow who was referred by a non-profit community agency. With the loss of her husband's income, she had limited resources and her home quickly fell into foreclosure. Not knowing where to turn, she abandoned her home. Attorney Neil Crane was able to get her back into her home and stop the foreclosure. She was ultimately able to sell the house and obtain a very significant profit that allowed her and her daughter to begin a new life.

PERILS OF REFINANCING

DON'T REFINANCE UNTIL YOU TALK TO US! Refinancing is the single leading cause of foreclosure and home loss in CT. Because of refinancing, today's homeowners are much more likely to lose their homes than the last generation of homeowner.

Many promises to refinance never come true, especially if you are already behind or in foreclosure. Relying on these promises can make you susceptible to loss of some valuable legal rights and even your family's home while you wait for mortgage brokers who are often inexperienced and ultimately unsuccessful. You should seek legal and experienced evaluation of your particular circumstance, even if you have already started the refinancing process.

Other Risks of Refinancing Include:
Refinancing is based upon the basic premise that it will reduce financial hardship when in fact, it does nothing to address the real problem of not enough income to balance monthly expenses.

• Refinancing your residence creates a larger mortgage lien against your home. As the debt against your house increases, the odds of losing your home increase overwhelmingly. The Double Whammy: Monthly payments increase as equity in your house decreases, bringing you two steps closer to losing your home.
• Refinancing often pays off good rate first mortgages as a "solution" to the need for just a small amount of money.
• Refinancing starts you all over again with your entire payment going to interest alone. Getting rid of an old loan with a new one forces you to start all over. By going back to Square One again, you'll pay just interest again, and you'll never get your mortgage paid down.

THERE ARE NUMEROUS LEGAL PROTECTIONS IN PLACE TO ASSIST YOU IN SAVING YOUR HOME! CALL US TO GET LEGAL ADVICE NOW! REFINANCING IS NOT THE ANSWER!

Call us today for a FREE CONSULTATION!

Learned Bankruptcy Counsel can assess your overall financial situation and can provide guidance on the refinancing process and other alternatives. WE CAN SAVE YOUR HOME!