People still need to know more about the foreclosure process in the Danbury area

The data on foreclosures and short sales in Danbury CT show that people having difficult making their payments still need to know more about the process.

So far this year aoccording to data from the Greater Fairfield County MLS, 15% of all single family homes and condominiums sold from January to May of this year in the Danbury 6 town area (Danbury, Bethel, Brookfield, New Milford, New Fairfield & Newtown). An additional 4.5% of all sales were short sales. Nationally, short sales are about 8% of the market. More people should be working with the banks to modify their loans to stay in their homes or pursue other alternatives to avoid the negative consequences of foreclosure.

According to the Commercial Record, there were 2,620 foreclosures in the State of Connecticut from January thru the end of April. That's a lot, and it's a pretty big increase over last year. There are signs that the problem of borrowers who are late on payments is slowing down, according to the article, but still over 6% of people are having an issue making payments on time.

For homeowners and families in need, there are many programs out there including the State of CT Foreclosure Mediation Program, and many other resources, to help. It seems to me that not enough people know about the resources that are available to them, and they end up turning to someone who calls them from an 800 number for help, rather than seeking out a knowledgeable local trusted advisor such as an attorney, accountant or credit counsellor.

If you are a homeowner worried about late payments, do NOT be foreclosed on. I have a list of the best resources available that will give you options that are right for you. This will not cost you one dime. More importantly, you need to speak with a knowledgeable advisor who can help you get a sense of exactly what the process is and what to expect. This will help you have peace of mind to plan out how to solve your situation in a way that makes sense for you and for your creditors. Send me an email with "FREE REPORT" in the subject and I will forward you a copy of a free report with some valuable information to help you.