Financial struggles happen to many people across the country, including here in Connecticut. When your situation makes it difficult to meet your mortgage loan obligations, you probably become fearful that you could lose your home. If that happens, you may be able to take advantage of several mortgage loan debt relief options.
Once your lender files for foreclosure, you will need to work with the court to come to a resolution. You could participate in mediation ordered by the court, which appoints a mediator to work with you and your lender. You will participate in meetings that involve the lender and just involve you and the mediator. The lender then decides whether to provide you with a new repayment plan, lower your interest rate or make some other arrangements that would allow you to keep your home and make your payments.
If your lender has not yet filed foreclosure proceedings, you may still have the opportunity to negotiate a modification of your loan terms. Doing so could make your payments more manageable. Life does not always go as planned, and your lender may be willing to work with you. Most lenders do not want your home. They just want you to continue making payments on your loan.
One of the most important things for a Connecticut homeowner searching for mortgage loan debt relief needs to know is that they do not necessarily have to vacate their homes. As you can see from the above, you may have options that will allow you to keep your home. The key could be in gaining an understanding of your rights and knowing what options are available to you.