Falling behind on your mortgage can feel overwhelming — especially when foreclosure is looming. If you’re a homeowner in Connecticut facing this situation, the good news is that you still have options. Below are five common foreclosure alternatives, and how to know which might work best for your situation.
If your monthly payments are too high, a loan modification might help. This involves working with your lender to permanently change your loan terms — like reducing the interest rate or extending the length of the loan — to lower your payments.
Best for: Homeowners who have a steady income but need more affordable payments to stay in their home long-term.
A repayment plan lets you catch up on missed payments by spreading them out over time and adding them to your current monthly payment.
Best for: Homeowners who had a temporary setback (like a job loss or medical emergency) but are now back on stable financial ground.
Forbearance temporarily pauses or reduces your mortgage payments for a few months while you get back on your feet. The missed payments still have to be repaid later, but it gives you some breathing room.
Best for: Homeowners facing short-term hardships who expect their income to return soon.
If keeping the house is no longer possible or realistic, selling the property before foreclosure could be your best option. If you have equity, you may walk away with cash. If not, you may need to work with your lender on a short sale.
Best for: Homeowners who can’t afford the home anymore and want to avoid the long-term damage of foreclosure on their credit.
Tip: At HalBuysHomes, we buy houses in any condition, for cash, and can close quickly — often within days. If you’re considering selling, we can help you move on without the stress of listings, showings, or repairs.
If your credit and income are still in good shape, you may be able to refinance your mortgage into a new loan with lower monthly payments.
Best for: Homeowners who aren’t too far behind and still qualify for traditional financing or government-backed programs.
No one plans to fall behind on their mortgage, but life happens. If you’re exploring your options, consider what makes the most sense based on your income, credit, and long-term goals. And if selling feels like the right move, we’re here to help. At Hal Buys Homes, we specialize in buying homes quickly, with no fees, no commissions, and no hassle.
Reach out today for a no-obligation offer and see how we can help you avoid foreclosure and move forward with peace of mind.
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