On behalf of Law Offices of Mark M. Kratter, LLC on February 07, 2012
In these tough economic times, many Connecticut residents have become all too familiar with foreclosure proceedings. Whether it happens to a relative, a neighbor or themselves, many residents have been affected by foreclosures in one way or another ever since the housing crisis began in 2008. In that vein, readers of this blog may be interested to hear of the financial problems faced by the town manager of Enfield, Connecticut.
The current manager of Enfield moved to the town in 2006. Upon moving there, he bought a four-bedroom house for $293,500, for which he took out a $264,150 mortgage in September 2006. However, he fell behind on his mortgage payments. The house and surrounding land are currently appraised only at $211,800 according to a local news report.
Unfortunately, he is now facing a foreclosure on the house. On Jan. 12, the New England Bank made a foreclosure filing with the Superior Court in Hartford. The bank is seeking the entirety of the outstanding mortgage, along with interest from Sept. 1, late charges, tax escrow and attorney's fees.
As a town manager, the public expects the man to manage the finances of Enfield in a responsible manner. While some questions were raised about the apparent conflict between the foreclosure and his employment duties, the town council has nonetheless expressed every confidence in him.
Moreover, many responsible borrowers have certainly faced foreclosure in recent years, often through no fault of their own. It is also quite true that many foreclosures have been the result of paperwork problems at a bank or other lending institution. In this case, the man may choose to consider the possibility of declaring personal bankruptcy or of otherwise creating a debt reorganization plan that allows him the opportunity to start on a fresh financial footing.
Source: The Hartford Courant, "Bank files for foreclosure on Enfield town manager's house," Kim Velsey, Jan. 20, 2012
