2885 Main Street
Stratford, CT 06614


To most people, “foreclosure” is a frightening word, conjuring up images of failure, dislocation, and, in some cases, even homelessness. Foreclosures result from borrowers’ inability to keep up their mortgage payments, and often occur when homeowners lose their jobs or businesses, suffer serious illnesses, or go through other types of calamity. Occurring as they do when individuals and families are already under siege, foreclosures can worsen stress on relationships and create embarrassment and overwhelming anxiety about the future for all concerned. All of this is especially troubling when children are involved.

What exactly is foreclosure?

Although some home buyers purchase their homes for cash, homes are typically purchased by making a down payment and borrowing the rest of the money from a bank or other financial institution. As the borrower, you sign a legal agreement to pay off your debt with regular monthly mortgage payments, using your home and property as collateral. If you become unable to make your monthly payments, the lender has the right to take your collateral as payment, reclaiming the monetary value of the loan, a process known as foreclosure.

How the Law Office of Benjamin S. Proto, Jr. Can Help

During the recent Great Recession, the effects of which are still being felt in many parts of the country (including the state of Connecticut), there was a marked increase in the number of foreclosures. At the Law Office of Benjamin S. Proto, Jr., where we serve clients in Stratford, Bridgeport, Milford, Trumbull, Shelton, Fairfield, Orange, Derby, New Haven, and throughout the state of Connecticut, we have an in-depth knowledge of real estate law and the legal and negotiating skills needed to help you prevent foreclosure.

I will personally do everything in my power to keep you in your home, apprising you of options you may not be aware of and helping you to understand that it is to lender’s advantage to keep you out of default since foreclosure is a lengthy and costly process. If you find yourself facing possible foreclosure, come to me for reassurance as well as legal support. At the Law Office of Benjamin S. Proto, Jr., we are dedicated to helping you keep the wolf from the door.

Our law office does not only represent property owners in foreclosure issues, however. We are equally adept at representing lenders and in dealing with the ins and outs of any lien foreclosure actions that arise.

Although we have an excellent track record of success in restructuring loans and negotiating with lenders, we recognize that under some circumstances this may not be possible. No matter what, we will assist you in any way we can, and, if necessary, assist you in navigating the foreclosure process as painlessly as possible.

Alternatives to Foreclosure

There are several alternatives to foreclosure and I will help you to explore them. These alternatives include:

Short Sales

While a short sale can be discouraging to contemplate, it can save you from the i financial upheaval of foreclosure since it involves a sale, albeit not a profitable one. The definition of a short sale is a real estate sale in which the net proceeds fall short of the debts owed. In other words, the bank that holds the mortgage, or any other entity that has a lien against the property, agrees to accept less than the amount owed in order to reclaim a large portion of their money.

Short sales occur when the value of the property has decreased to the point that house has been mortgaged beyond its market value. When a short sale takes place, the transaction must be what is known as “an arm’s length” transaction, meaning that the property may not be sold to a family member related by blood or marriage or to a person with whom the seller has unrelated business dealings. This rule ensures that all parties are acting in their own self-interest and are not being coerced into the transaction.

Deeds in Lieu of Foreclosure

In this process, the owner of the property essentially gives the property back to the bank holding the mortgage instead of waiting for the complicated, time-consuming process of foreclosure to take place. Typically, deed in lieu of foreclosure is only appropriate when the amount of debt is so much greater than the current value of the property that it is deemed impossible to find a buyer who would make an acceptable offer for a short sale.

Loan Modifications

Many clients are unaware that loan modification is a possible remedy when foreclosure looms. It is, however, frequently used to resolve such situations. Loan modification is a negotiated plan with the lender to alter the mortgage so that the borrower remains able to stay in the home and make regular payments of a lesser amount. If circumstances permit, loan modification is a win-win situation, preventing foreclosure and allowing the lender to receive regular payments on the debt. Banks, as well as homeowners, most often prefer this arrangement to foreclosure.

During the process of loan modification (also known as mortgage modification, loan restructure, or workout plan), the attorneys of the homeowner and the lender work toward a compromise that may involve changes in:

  • Interest rate
  • Length of the loan
  • Reduced monthly payments

When a loan modification is possible, it is far preferable to foreclosure for both parties since it permits the working mortgage arrangement to continue and the borrower to remain in the home.

Defending Foreclosure Actions

If attempts at short sales and negotiations for loan modification have failed, I am prepared to defend you against foreclosure action in a court of law. Though I have extensive experience in such litigation, you should be aware that the vast majority of foreclosure judgments go in favor of the lender. There are, however, numerous ways to delay the process so that I can help you to develop a plan going forward. There are often other options to explore. Believe me, I fully understand the repercussions of foreclosure and will use all my energy and talent to protect your investment in your home and property. You can reach me through my website's contact form or by calling me at 203.307.2915.

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2885 Main Street, Stratford, CT 06614
| Phone: 203.378.9595

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