The Waterbury Democrat., 1931-11-06

At e meeting of the Waterbury real estate board held last evening, a general discussion took place on the subject of "Foreclosures." Many instances were cited of pro- perties that owners were dropping for various reas0ns, principally among them because. of a feeling of hopelessness and despair due to reduced income and as a conse- duence their inability to meet maintenance expenses, taxes, inter- est and also the amortization pay- ments that were based upon earn ings greater than they are now receiving, a condition which is un- iversally recognized as more or less temporary. and which could be mitigated by a little tiding over. Tn many cases it was pointed out that the owners actually possessed substantial equities, however, they failed to "get together" with their mortgages, thinking perhaps 1t was useless to do so.
 In other instances, it was shown that mortgages became unduly alarmed, panicky, impatient, or were extremely selfish, and there fore inconsiderately and often un- wisely in their own interests added to the burden of the owner by compelling him to pay litigation fees, bonus charges and other ex- penses, and if unable to do so in order to preserve or redeem their properties, which usually consists of a home in which is invested a life's savings, this thing which IS so precious to them and their fam- tz~
 : The board takes cognizance of the fact that in many cases 1t Is to the advantage of the owner to give up such property. and by the same token at times mortgages are entirely justified in showing little, if any, leniency. Then a. gain, some times a mortgages, agent or a trustee has little des- cretion in the matter and is through circumstances or by legal or other obligations, compelled to proceed against a mortgagor des- pite his own feelings or judgment in the matter.
 Nevertheless, it is believed by the local realtors that the need for numerous foreclosures that have and may take place could have been and may be obviated and the number greatly minimized, if Q proper attempt were made between owners and mortgages to effect an equitable understanding.
 As Is we'll known, to persons ex- perienced in this field, when prin- cipals in such circumstances get together they frequently engender bad feelings between them, be- come stubborn and arbitrary and because of lack of tact, patience OF perhaps the willingness to un- derstand each others situation or viewpoint a condition develops re- sulting in litigation.
 Then again, a large percentage of equity lost in real estate is due to misunderstanding and lack of knowledge in ways and means of preserving ownership and equity without loss. Particularly in cases of the latter kind, the Waterbury real estate board regards 1t as a duty to give advice and assistance. if wanted.
 For the foregoing reasons, as we'll as to curtail insofar as 1t may be possible the frequency of un- warranted foreclosures which have the effect of creating greater chaos in the real estate market and tends to more deeply and needlessly de- press real estate values in general, the board Is therefore offering It's services "gratis'' in it's desire to CO., operate in such matters.
 Each case that will be presented to it through any of its members. will receive the prompt attention of a special committee that will be appointed to investigate the cir cumstances surrounding 1t. The property will be appraised, the condition and position Of the fam lily will be looked into and such counsel will be given as in It's judgment 1t may see fit to recom- mend. If advisable, and it's ser vices are acceptable. the committee will act as an Intermediary be-