Choose An Experienced Hartford County Foreclosure Attorney
Are you concerned about your home? Connecticut has implemented a mediation program to help borrowers find ways of avoiding foreclosure. The Woods Law Firm, LLC is here to help you navigate the mediation process and ensure that you secure a favorable outcome. We can work with you to determine if you are eligible for mediation and make sure your rights are protected each step of the way.
How does foreclosure mediation work?
In foreclosure mediation, an alternative payment plan is drawn up for homeowners. This not only helps them pay their mortgage, it also allows the lender to regain some profit. A meeting between the borrowers, their lender, and the mediator is set up to discuss a plan that will allow the homeowner to avoid foreclosure. The mediator is a neutral third party who will help keep the process fair, but will not make any major decisions for the group. While homeowner participates in mediation, there is a stay on the foreclosure action, meaning that the lender cannot move the case forward in court.
The mediation process can lead to numerous outcomes, such as:
- Loan modification
- Forbearance agreement
- Short sale
- Deed in lieu of foreclosure
Borrowers have 15 days from the return date on the summons to take part in mediation. If the borrowers do elect mediation, all borrowers must attend. For example, if a married couple signed the mortgage together, both must attend the mediation. Though an attorney is not required to attend on behalf of the borrowers, it is highly recommended that you have a legal representative who will make sure you are fairly treated during mediation and also due to the fact that the lender will have an attorney present.
What should I bring to mediation?
You should have the following documents on you for the mediation session:
- Proof of income, if employed
- Itemization of expenses
- Copies of any completed applications for mortgage or financial assistance
- Any type of information relevant to mediation
Having a foreclosure attorney by your side during mediation can help you reach the best resolution possible for your case. The Woods Law Firm, LLC stands ready to provide the legal guidance and representation you need during this time. Don't hesitate to call us if you are facing foreclosure and need help with mediation.
Call our Hartford County foreclosure defense firm today for a case evaluation.