Foreclosure

The bank has delivered notice that they have started foreclosure proceedings by the serving of a civil summons in the mail. What do you do now? There is nothing worse than the anxiety that arises and the number of unanswered questions that you have. The ultimate goal of foreclosure is for the bank to take possession of your home. It is a myth that banks do not want homes - all you have to do is go to any court on a Monday and look at all the foreclosure proceedings that are taking place.

 

Frequently asked questions:-

 

What do I do now?

 

Do I have to move?

 

How long will it be until they take my home?

 

Will they put a sign on my front of my house?

 

 

Foreclosure

 

 

There are two types of Foreclosure in Connecticut.

1. Strict Foreclosure

2. Foreclosure by Sale.

 

Foreclosure in Connecticut is a judicial proceeding that gives each individual going through the foreclosure process the chance to stand up in court and defend themselves. This part of the foreclosure process is called mediation. During the mediation process we have the right to stand up in front of the judge and explain the options that we are exploring to keep our home, that is a short sale, modification or refinance. The mediation process gives us time to accomplish the above mentioned options. Having an attorney involved in this process significantly lengthens the time you have in the have before the bank takes possession of your home.

 

1. Strict Foreclosure:

This type of foreclosure occurs when the court deems that there is no equity on the home and when a motion for judgment of strict foreclosure is granted they assign a "Law Date". The law date is the day when the title passes from the homeowner to the bank. This house does not get sold at auction and therefore there is no Foreclosure by Sale sign posted in your yard - as long as the united states is not listed as a defendant in the foreclosure proceeding.

 

2. Foreclosure by Sale

This type of foreclosure occurs when the court deems there to be equity in the home. When a motion for judgment of foreclosure is entered the court then assigns a "Sale Date". The court assigns a value to the house and sets a date for an Auction to occur. The foreclosure by sale sign is then posted in the yard and newspaper and the house is sold. The title then passes to the new owner of the property.

 



Informational Links

Making Homes Affordable In this section, you will find the Governments assisatnce to home owners in distress,
HAMP

In this section, you will find details about the Government's Home Affordable Mortgage Program.

HARP

In this section, you will find details of the Government's Home Affordable Refinance Program.

HAFA

In this section, you will find the guidelines to the Government's new Home Affordable Foreclosure Alternative program.

Connecticut Judicial Website

Visit the judicial webiste to get the status on current judical matters such as foreclsoure and pensing litigation.

Connecticut Bankruptcy Process Visit our Bankruptcy Website to find out if bankruptcy is right for you.