House Owner Battles to Save Home From The Jaws Of Foreclosure
October 31st, 2008
Not all are willing to surrender to foreclosures. Conrad Williams is one of a growing number of house owners who is battling to save his home from the jaws of foreclosure. In Connecticut as elsewhere in the country the tide of foreclosures continue to rise. Here there have been 1,300 foreclosure postings in September 2008.
Foreclosures take a long time to run through its full course. For any workout it is the bank that has to be the willing partner. Following News Channel 8 Conrad Williams spent his entire income on a housing counselor and attended a seminar that outlined the options that lay before him. It does not mean that following the routes suggested one would be able to avoid foreclosure for surety.
In the second session at Neighborhood Housing Services however Conrad noted that News Channel 8 had put him on the right track. This time the option consisted of selling off his house in West Haven. But Conrad did not think it to be a good alternative. Maybe it would stave off foreclosure but he liked the home where he lived. It is the house that he wanted to keep.
Conrad refinanced his house mortgage by doubling the loan amount but then fell behind in paying $2,000 each month. The counseling agency knew that Conrad was heavily falling behind but on the other hand the bank had not initiated foreclosure proceedings. This meant he was going through a period of undeclared grace. It also meant that since he had not been served a foreclosure notice he would not qualify for the many programmes that had been started off.
Housing counselor Michael Haynes said, “We currently don’t have any programmes that can supplement that unless they go through the mediation and that court process. And even that is not guaranteed.”
Now Haynes will have to try and negotiate with the bank so that the latter modifies the terms of the loan. It would lead to a reduction of the interest loan. The amount of monthly payments would consequently come down. Williams was advised to be current on mortgage payments for the following three months. This would qualify him for government foreclosure-avoiding programmes. Williams has resigned himself and said, “If it works in my favor good. If not, I’ll just have to live with it.” The housing counselor will now have to work out matters with the bank but that would be time consuming.
- Florida Courts are Overwhelmed by Foreclosure Cases as Justices Mull Over Solutions
- Spurt in Sales of Foreclosed Properties
- Foreclosure Climate Changes Spirit of Competition to Cooperation Among Contractors
- Bouncing Cheques Issued by Title Companies Lead to Foreclosures
- Increase in Foreclosures Prompting Class Action Legal Suits
- Avoiding Foreclosures by Walking Away From Loans are not Without Problems
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