On behalf of Law Offices of Mark M. Kratter, LLC on December 31, 2012
Good news has been issued concerning Connecticut-area foreclosures. The rate in the Norwich area has decreased from the numbers reported in October of last year. However, many families are still affected by foreclosure and may feel like they are drowning in debt. When this occurs, several options exist including bankruptcy. Filing for bankruptcy or seeking other alternatives can help homeowners who may be struggling to keep their homes while still juggling other debts.
In September, the foreclosure rate for the area of Norwich/New London decreased slightly to 4.35 percent from last year's 4.54 percent. Also, the rate of delinquent mortgage payments over 90 days in the area dropped to 7.47 in October, but the numbers actually increased from last year's. The overall foreclosure rate for the state shows a monthly decrease, but the numbers are higher than last year.
When a homeowner faces foreclosure proceedings, a bankruptcy filing stops them. There are other options as well, including a mortgage modification or simply requesting extra time to help one's family transition. Sometimes, a combination of strategies is the best approach. Securing the assistance of someone knowledgeable in foreclosures could help families make the make the best decision about how to move forward.
Financial problems often spiral out of control, even as Connecticut consumers make their best efforts to keep up. Taking a critical look at one's finances and enlisting the aid of a professional can help a consumer examine their options and see what the right step is to take for their particular financial situation. Everyone can get into debt, and bankruptcy offers those that need it the opportunity to confront foreclosure and related financial difficulties in a responsible manner designed to achieve the best possible result.
Source: NorwichBulletin.com, "Norwich area October foreclosure rate declines," James Mosher, Dec. 20, 2012
