On behalf of Law Offices of Mark M. Kratter, LLC on July 12, 2012
While some states are seeing lower numbers of foreclosure, Connecticut is turning out to be the opposite. Currently, the state has seen a foreclosure increase of 38 percent. In the south central region of the state, those numbers have increased a whopping 75 percent, from 481 foreclosures in 2011's first quarter to 851 in 2012's first quarter. To help combat the high numbers, the South Central Connecticut Regional Council of Governments has embraced a program called ROOF, which offers homeowners going through the foreclosure process the opportunity to receive mediation.
A member of the regional council termed the drastic increase "sobering" and blames abusive practices for many of the foreclosures. The increase in numbers was partly due to judicial foreclosure process in the state and the result of completed negotiations earlier in 2012 between five major banking organizations and federal and state governments. Those negotiations will net Connecticut over $190 million from the overall $25 billion amount of the settlement. State homeowners who have already been foreclosed upon and were exploited by improper practices could receive up to $2,000, as long as they apply prior to Sept. 30.
A Connecticut organization, the Real Options, Overcoming Foreclosures (ROOF) has had success in preventing foreclosures by offering services such as outreach and mediation. An administrative partner of this organization has stated that only 47 percent of people who qualified for participation in ROOF actually participated in their program. However, out of the 47 percent who participated, 63 percent of those homeowners were able to keep their homes.
The ROOF program appears to have helped some homeowners who faced the possibility of losing their Connecticut home to foreclosure. While not everyone will qualify for this program, mediation can always be helpful when faced with a problem such as this. Even if homeowners choose to forgo this type of program, they always have other options when faced with the daunting prospect of foreclosure. And for those who find that the amount they owe on their mortgage is simply more than they could ever reasonably expect to pay, bankruptcy protection may be the right choice.
Source: North Branford Patch, "Staggering Increase in Regional Foreclosures Termed Sobering," Nancy Barnes, June 29, 2012
