Foreclosures in Connecticut buck the National Trend

The number of new foreclosures filed in Connecticut increased in November increased over the number of foreclosures field in October. Not only does this buck the national trends, but it also runs contrary to the usual fall off that occurs as winter approaches.

Banks do not like to take homes in the winter months if they are occupied. They would rather let you shovel the snow, heat the house, and secured the house so that it is not vandalized. It does seem, however, that banks are in a rush to take back homes faster than before. Or maybe they realize that just filing a foreclosure does not guarantee a quick result as the Mediation process does slow things down a bit. Since Mediation can add a few months onto the foreclosure process, timing the filing of the foreclosure so that mediation completes in the spring might be the reason for these filings.

Me. I'm speechless. Even FannieMar and FreddieMac have a heart in not putting anyone out of their home during the holiday season. They have
suspended evictions from December 18, 2015 to January 3, 2016. On one hand, I hope that this increased foreclosures is not the banks being heartless during the holidays. On the other hand, I also hope that this is not an indication that homeowners in Connecticut are not falling further into financial distress.

Check out my interview in the newspaper
here.

NACBA Highlights Attorney Melchionne as Practice Partner

Based on random sampling of NACBA’s membership, the Member Profile strives to answer the question: Who are Consumer Bankruptcy Attorneys? It looks at a variety of economic and demographic characteristics, as well as, business practices and “war stories.” The National Association of Consumer Bankruptcy Attorneys recently introduced Attorney Gene Melchionne of Waterbury, Connecticut as “Practice Partner”.

Check out the full article
here.

Gene Melchionne Elected to Board of Directors of NACBA

Waterbury attorney, Eugene Melchionne, was elected to the Board of Directors of the National Association of Consumer Bankruptcy Attorneys at its recent meeting in New York City in April. NACBA is the only national organization dedicated to serving the needs of consumer bankruptcy attorneys and protecting the rights of consumer debtors in bankruptcy. Formed in 1992, NACBA now has 3,500 members located in all 50 states and Puerto Rico. NACBA is recognized by members of Congress and their staffs, by the Judicial Branch, and by the media as the leading voice in America on issues of consumer finance and bankruptcy law. The Association and its members frequently are called upon to testify before legislative and judicial bodies and share their expertise. NACBA is also the leading force against the anti-debtor legislation in Congress and at the state level that the consumer credit industry has sought so aggressively.

As a Director, Attorney Melchionne will be responsible for setting the Association
s educational program for its annual convention in Chicago in 2015 and ensuring that NACBA will continue to play a key role in shaping the outcome of policy-related debates on consumer bankruptcy issues. He is currently co-chair of the Associations Technology Committee and acts as State Chair supporting Connecticut members and addressing legislative matters within the state.

I am excited to amplify my efforts to aid consumers in financial distress by stepping up to a role on NACBAs board. I hope to reach more judges, lawmakers, and attorneys alike that there is a solution to the burdens of debt caused by factors beyond the consumerscontrol”, he said in a recent interview.

Attorney Melchionne is a nationally recognized speaker on financial issues and technology, having most recently spoken to a group of 800 attorneys in New York City and within the last year in New Orleans, Minneapolis, and San Diego. He has regularly consulted with members of the Senate and House in Washington D.C., on matters of bankruptcy law, mortgage foreclosures, credit card debt, and student loans.

Foreclosures Aren't Down, They're UP!

The Waterbury Republican-American recently called on Attorney Melchionne for feedback on recent foreclosure numbers. The story ran under the headline “Foreclosure Filings Down”. A quick look at the numbers and you will wonder why it doesn’t read “Foreclosure Filings UP”.

Compared to foreclosures filed in Connecticut in February 2013, the numbers of cases being filed were UP more than 40%. So measured from year to year, 40% more people in Connecticut are being exposed to losing their homes. Connecticut currently ranks
6th in the nation for new foreclosures. Since we are a small state, that is a very big thing. One in every 898 homes in the state had a foreclosure started against it in February.

Some more numbers: The number of foreclosures completed in January 2014 was UP a stunning 162% over the same period in 2013. Eighteen percent (that’s 18%) of homes in foreclosure resulted in a family losing their home to the lender; 410 families put out onto the street. That is an increase over 2013 also. There are currently 723,967 foreclosure cases pending in Connecticut.

Does this make you feel warm and fuzzy? But what about the news reports that real estate is making a comeback? Take a look around and ask yourself, “do I see families moving out of their homes because they sold them to move to a better place, or are they moving out because they’ve lost their homes to foreclosure?” You know the truth.

Attorney Melchionne speaks at NACBA Fall Conference

Attorney Melchionne served as the Track Director for the Basics Track at the Fall Workshop of the National Association of Consumer Bankruptcy Attorneys in New Orleans in October. Topics in the track consisted of Interviewing Techniques, Gathering the Data necessary to create a proper Bankruptcy Petition, 10 Warning signs of when Not to File a Bankruptcy, Issues in the Means Test, Innovative Use of Chapter 13, and Issues on Attorneys Fees. Although the subject matter was titled “Basics”, Attorney Melchionne assured that even experience bankruptcy attorneys received some benefit of the panel discussions.