Your family's situation is not unique. Millions of others have faced similar challenges. You've been on time with your mortgage payments for years, but now you're in danger of losing your home. The founders of this great country knew that even the best and most hardworking people could encounter difficulties after unforeseen life events. The purpose of bankruptcy legislation is to give people a second chance in life.
Foreclosure occurs when the lender takes ownership of the mortgaged property after the borrower defaults on payment. There are many reasons people default on their loans. A sudden job loss, the death of a loved one, or a divorce may cause a person to be unable to pay his mortgage. It can be emotionally and financially draining to face foreclosure. Shehu Legal understands the enormous financial commitment it takes to purchase a home. That's why we will fight our hardest to keep you in that home. Shehu Legal will work with you to find the best resolution available under federal and state law.
If you're facing the foreclosure of your property and need a defense attorney, we're here to help.
"Don’t give up your dream home without a fight. Attorney Shehu will assess your financial circumstances and outline a strategy for saving your home."
Understanding Foreclosure Law
When a borrower defaults on a loan, a lender can try to recover its loaned money by foreclosing on the property and selling it. Borrowers might go into default for any number of reasons, including failing to follow the conditions of their mortgage agreement. However, the most common reason for invocation of foreclosure proceedings is a default on payment.
The circumstances under which a borrower might be declared in default depend on Connecticut law and the provisions of the mortgage agreement. In addition to the default, they may also incur the late fees and other charges stipulated in the mortgage deed.
As the legal process of foreclosing a property is time-consuming and expensive, many lenders negotiate with loan holders or give them time to refinance or repay the due amount.
Missed Payments
The mortgage deed is the primary legal instrument that forms the basis of foreclosure law in Connecticut. Under the provisions of this deed, the lender may seize and sell the property if the borrower fails to honor its terms and conditions.
No later than 36 days after a missed payment, the lender must attempt to contact a borrower via telephone to discuss loss mitigation options. The lender will often send a demand letter if the borrower misses two monthly installments. Within 45 days of a missed payment, the lender must send loss mitigation options in writing to a borrower. At this point, the borrower still has time to negotiate with the lender or even attempt a refinance.
After 90 days of missed payments, the lender will often send a notice of default to the borrower. Borrowers often have another 30 days to repay the debt and reinstate the loan. However, if the homeowner does not make up the missed payments within 120 days of delinquency, the lender will accelerate the loan and initiate the foreclosure process.
Types of Foreclosure
There are primarily two types of foreclosure in Connecticut. Both are judicial, meaning they must go through the court system and receive approval from a judge.
In a foreclosure by sale, the lender files a lawsuit. If the lender prevails, the court will set a sale date. The property will then be sold at a foreclosure sale, and the highest bidder will become the new owner of the property.
In a strict foreclosure, the lender will also file a lawsuit; however, it will ask for the court to set a law day. If the borrower fails to redeem the property by the law day, the lender will take ownership of the property. The property will not be sold.
Our Approach
Understanding Your Case
Nobody wants to leave a dream home. However, unexpected events in life can cause financial stress. It can become difficult for homeowners to make their monthly mortgage payments in such circumstances. However, many legal options allow borrowers to end or delay a foreclosure proceeding. Shehu Legal will review your case to determine your best possible legal avenue.
Finding The Best Solution
Shehu Legal will devise an action plan for resolving your case most expediently and cost-effectively following your initial consultation. Our course of action depends on your foreclosure status and the property location.
Defending Your Interest
Our active defense lawyer can help devise a mutually agreeable solution for you and your lender. It's our job to protect your interests when responding to bank notices, negotiating, and representing you in court.
Why Choose Us?
Our foreclosure defense attorney is well-versed in all federal and state foreclosure laws. Attorney Shehu has helped clients protect their homes by finding the best possible solution to each client’s unique situation. In addition, Shehu Legal explores all potential alternatives to mitigate a foreclosure, including:
Refinance and Repayment
It's possible to temporarily suspend your mortgage payments under federal legislation like the CARES Act. Forbearance allows a borrower to address a short-term financial crisis and resume making payments at a later date.
Forbearance
Shehu Legal will negotiate with your lender to increase the timeline for making monthly payments. If that fails, we'll work with you to explore refinancing options.
Partial Claim
An insured mortgage loan may enable a homeowner to make payments following default. Although this could mean taking a second loan on the property, it can prevent banks from initiating foreclosure.
Short-Sales
We can help you find interested buyers for your home who are ready to deposit a sum acceptable to your lender. This option may save you from immediate foreclosure.
Deed-In-Lieu of Foreclosure
Letting go and moving on might be the best solution for some clients. We'll work with you to devise a financially and emotionally healthy plan. A deed-in-lieu enables homeowners to hand the property back to the lender.
No two foreclosures are the same. What works best for one homeowner may not be the best solution for another. That's why Shehu Legal assesses every foreclosure individually. We'll find the best option for you. Whether you choose to refinance or seek forbearance, we will find the legal solution best tailored to your unique circumstance.