When facing foreclosure in Connecticut, homeowners are given the opportunity to participate in a mediation session with their lender.  Mediation is a process where an independent mediator attempts to negotiate a settlement between the parties usually by a mortgage modification.  This would allow for the re-structuring of the mortgage terms and for the homeowner to keep the home.

Depending upon the type of loan, homeowners may be considered for various modification programs ranging from the federally backed Making Homes Affordable, Home Affordable Modification Program (or HAMP), available state programs, to in-house programs offered by the lenders.  If modification is not an option, the parties may consider other alternatives such as deeds-in-lieu of foreclosure and cash-for-keys incentives.