Home Loan Mortgagers :: Connecticut Mortgage Companies
Connecticut Mortgage Companies: Avoiding Foreclosure with Mortgage Companies in Connecticut
If you live in Connecticut and are falling behind on your monthly mortgage, Connecticut mortgage companies may actually be able to help. Foreclosure can often be prevented and it's likely that your lender wants to see you foreclose as little as you do. For help and steps on how you can worth with your mortgage company to avoid foreclosure, keep reading.
Call Your Lender
All the Connecticut mortgage companies say the same thing about the first step to avoid foreclosure, and that's to contact your lender. As soon as you realize that you won't be able to make your monthly payment, call them or stop in and see what you can work out.
If your lender knows you're having financial problems, you may be able to workout an alternative payment option or obtain temporary assistance.
Contact a Housing Counselor in Your Area
Connecticut mortgage companies typically donate to two nonprofit organizations – NeighborWorks America and Homeowner's HOPE, a program of the Homeownership Preservation Foundation. These two organizations have established a help line (1-888-995-HOPE) to help homeowners fight and avoid foreclosure. They offer free support and advice.
The Department of Housing and Urban Development (HUD) also keeps a list of federally approved housing counselors. To find a counselor in your area, call 1-800-569-4287.
Stay Away From Foreclosure Scams
Stay away from any foreclosure rescue scams and focus on working with your local, licensed Connecticut mortgage companies to work through your financial problems.
Typical scams include selling housing counseling for exorbitant fees when the homeowner could simply have contacted HUD for free, the lease/buy back scheme with convinces homeowners to sign over their deed with an option to buy back that never materializes, and finally, the bait-and-switch which has homeowners sign over the deed to their home, rather than the foreclosure assistance document they thought they were signing.
Remember, Connecticut mortgage companies and licensed lenders are here to help you. They want to see you get your mortgage payments up-to-date, keep your mortgage current and enjoy your home for years to come. Don't avoid your financial and foreclosure problems, face them.
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