Nothing can have a greater impact on your family's financial future than losing a home to foreclosure. Despite governmental programs, promises of bank modification and help for homeowners, the Waterbury foreclosure system remains burdened by high foreclosure rates and a lack of successful mediation.
Court-required mediation without proper legal representation has not produced the successful home retention for Waterbury homeowners. In fact, mandatory mediation has done little to decrease the percentage of foreclosures that end in failure for homeowners, deeds to banks and more bank-owned real estate.
Work With a Lawyer to Save Your Home From Foreclosure
This high lost home rate means that Waterbury homeowners must examine all possible options available to save their homes. At The Law Offices of Neil Crane, we have the knowledge and experience to utilize all legal means available to assure solid debt relief and long-term home ownership for homeowners who are behind on mortgage payments or already in foreclosure.
Because your mortgage is a contract with the bank, mortgage problems are always best resolved with the immediate help of an experienced attorney. Financial problems have legal solutions.
Connecticut Foreclosure Mediation Law
Connecticut has mandatory mediation procedures for almost all residential homeowners. Mediation obligates the bank to send an authorized party to meet with the homeowners in an effort to resolve the foreclosure and save your home. With the proper assistance, this mediation can provide a good means for saving homes.
We understand exactly what you can expect from the banks and the court mediators. Our attorneys can guide the process from beginning to end to be sure we achieve the best possible results.
The Key to Mediation Success Is Preparation
Our office begins the process of saving your home by immediately drafting extensive financial documentation customized to your specific case. With your assistance, we compile all of the information requested by foreclosing banks well in advance. We then combine our financial presentation with a compelling legal argument and documentation of your family's ability to modify and make payments on a newly mediated affordable mortgage.
Contact Us Today
The best way to handle mortgage problems or a pending foreclosure is to talk with an experienced mediation and debt relief attorney. We've saved thousands of Waterbury homeowners since 1983.
Please contact us for a free consultation in Waterbury. Please call 203-815-1161 or 888-249-3027 toll free.
Options to Stop Foreclosure Effectively — Your Legal Rights
Our attorneys assist clients promptly with experienced legal advice and well-developed customized solutions. We know how to explain all your options thoroughly and help enforce all your legal rights. We don't rely on the mercy of banks or the government. Instead, we rely on hard work and solid options that include:
- Chapter 7 bankruptcy — This stops the foreclosure process immediately and allows you to discharge unsecured debt obligations, which can enable you to make mortgage payments again or negotiate a mortgage modification you can afford. Not all consumers automatically qualify for Chapter 7 bankruptcy relief. Our experts know how to best obtain Chapter 7 relief for even "high income" families.
- Chapter 13 bankruptcy — This federal solution stops the foreclosure process immediately and allows you to discharge unsecured debts. We will help you create a three- to five-year repayment plan that will get you back on track with all types of debts and a modified mortgage.
- Foreclosure defense — We offer defense against predatory lending, misleading marketing practices and illegal foreclosure actions, coupled with a fully prepared plan to save your home and solve your financial problems on a long-term basis.
- Mortgage/foreclosure mediation — If your lender is unwilling to negotiate mortgage modification, court mediation is mandatory in Connecticut during the initial phases of foreclosure. Successful mediation requires comprehensive financial documentation, a convincing hardship letter, ability to meet tight deadlines, a thorough understanding of what your lender wants out of the deal, a well-conceived plan for repayment and legal counsel who knows how to save your home.
- Mortgage modification — We can help you through informed negotiations with your lender, an application process and a structured plan to quickly get back on track with payments and a modified interest rate.
We Offer Real Help for Waterbury Homeowners
We can inform and guide you through all the steps necessary to long-term home ownership and overall debt relief. We specialize in comprehensive proposals that provide prompt foreclosure solutions and a full plan for household debt relief.
Procrastination and delay by banks and borrowers produces failure for homeowners.
If you are behind on mortgage payments or threatened by a pending foreclosure, you need immediate action from experienced legal counsel.
At The Law Offices of Neil Crane, we offer effective solutions based on our years of experience and your specific circumstances.
Waterbury Foreclosure Rates and Mediation
Waterbury foreclosure rates have averaged well over 1,000 per year for the past five years, with almost 1,500 homes put in foreclosure in 2009 alone. In total, over 5,500 Waterbury homes have gone into foreclosure from 2007 to 2012.*
More recent foreclosure activity shows a construction of record foreclosure rates over 1,000 per year. Despite the institution of mandatory mediation in Connecticut, the rate of foreclosures commenced to homes lost was over 50% in 2010. The same comparison for multi-family homes was nearly 100% in 2010.
Waterbury Foreclosures and Home Prices
The number of homes sold in Waterbury has continued to decline each year since a high in 2007. This is a worrisome statistic since most Connecticut cities have seen some recent increase in year over year sales numbers. Sales of Waterbury homes have dropped from a high of 1,898 in 2007 to a low of 1,117 in 2011 — a drop of 781 homes per year or 41%.
More Waterbury sale rates have continued to drop with a corresponding drop in the average sales price of a Waterbury house.
Home prices have decreased from a high of $152,000 in 2007 to a low of $79,900 in 2011 — a loss of $72,100 — a decline of over 47%. The average multifamily home sale in that same period has dropped from approximately $87,900 to approximately $49,000 — a decline of approximately 44%.
Waterbury Bankruptcy Courts and State Court Foreclosure
If you live in Waterbury and you need bankruptcy assistance, filing for Chapter 7 or Chapter 13 would be done in the New Haven District of Federal Court, and your First Meeting of Creditors would be held in one of the following locations:
- 157 Church Street, New Haven, CT 06510 (Chapter 7 cases)
- 150 Court Street, New Haven, CT 06510 (Chapter 13 cases)
If you live in Waterbury and have a lawsuit pending against you or a foreclosure on your Waterbury property, you would appear in the New Haven court system located at:
400 Grand Street, Waterbury, CT 06702
Town Clerk: Antoinette C. Spinelli
235 Grand Street, Waterbury, CT 06701
Waterbury Real Estate Market Statistics through December 2012:
|YTD 2010||YTD 2011||YTD 2012||DIFFERENCE OVER 2011-2012%|
|Number of Single-Family Homes||647||545||467||- 14.0 %|
|Median Price||$109,500||$105,000||$550,000||+ 2.7 %|
Real Solutions at the Law Offices of Neil Crane Since 1983
The increase in Waterbury foreclosures and the large backlog of unresolved foreclosure cases still pending have left many Waterbury homeowners at risk for losing their homes. These families need prompt and experienced attorneys who know how to use all the legal options available to create successful plans for debt relief and long-term home ownership. Our hardworking lawyers and clients continue to succeed despite slow banks and ineffective government programs.
Waterbury Mortgage Modification and Foreclosure Attorneys
Contact us now to speak with an experienced attorney and arrange a free consultation that addresses your entire financial picture. Our attorneys are available to speak with you now at 203-815-1161 or 888-249-3027 toll free.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
*Source: The Warren Group – Boston, MA – www.thewarrengroup.com