Being foreclosed on is stressful.\u00a0 In today\u2019s economy, banks are foreclosing on large numbers of homes every day.\u00a0 It\u2019s important to remember that you\u2019re not alone.\u00a0 More than that, the banks don\u2019t like doing it.\u00a0 If they (or you) can come up with a profitable (or loss-mitigating) alternative to foreclosure, they\u2019ll jump at it.\u00a0 But what you may think is a good alternative may not be the same as what they think.<\/p>\n
Anytime you\u2019re facing foreclosure, you should contact an attorney immediately.\u00a0 There\u2019s enough stress in your life without trying to handle the bank, and the law, alone.\u00a0 If you can\u2019t afford an attorney, there are programs out there to assist you.\u00a0 If you can, or if you know someone who can pay for you, you can find an attorney dedicated to your interests, willing and able to represent you.<\/p>\n
In Connecticut, the security instrument usually used to secure a loan is called a mortgage (or \u201cmortgage deed\u201d).\u00a0 This mortgage is recorded in the land records of your town, unlike in many states, where the mortgage or alternative security instrument may be recorded at the county level.\u00a0 Recording this document alerts others that your home is not owned only by you, but also by the bank \u2013 and that the bank has certain interests in it.\u00a0 The mortgage spells out these rights, and allows the bank to take the home (foreclose) if the requirements of the loan are not met.<\/p>\n
All foreclosures in Connecticut go through a judicial process.\u00a0 This is not necessarily true in all states in which Penner Law Firm does business, but in Connecticut, there is no alternative process.\u00a0 This is both a benefit and a burden.\u00a0 It tends to slow the process down, as the banks are forced into overcrowded courts and face clients with attorneys able to delay the process further.\u00a0 But it also means additional cost to you, in order to appropriately protect your interests.<\/p>\n
The process in Connecticut can be carried out through either a strict foreclosure, or a decree of sale. \u00a0\u201c[T]he determination of value is a major factor in the decision whether to allow a foreclosure by sale rather than a strict foreclosure.\u201d Farmers & Mechanics Bank v. Arbucci<\/em>, 24 Conn.App. 486, 487, 589 A.2d 14, cert. denied<\/em>, 219 Conn. 907, 593 A.2d 133 (1991). \u00a0In the case of strict foreclosure, the process does not actually end in an immediate foreclosure auction or sale.\u00a0 Rather, title to the property is transferred directly from you to the lender.\u00a0 The court will give you a certain amount of time to make payments on the loan current, in order to protect your interest in the home.\u00a0 If you fail to do so, the lender will (and must) record a certificate of foreclosure listing certain information.\u00a0 If a decree of sale is used instead, the court will establish certain guidelines for holding a foreclosure sale.<\/p>\n Throughout this process, the borrower may usually pay off the loan and retain title to the property – right up until the process is completed in full. \u00a0This is also known as a borrowers equity of redemption. \u00a0There are also many opportunities a skilled attorney can take advantage of to delay the process.<\/p>\n Due to the fact that most lenders lose money in the foreclosure process, a lender is often open to alternative processes to avoid foreclosure.\u00a0 Talk to an attorney immediately upon receiving notice of foreclosure to learn about short sales, deeds-in-lieu of foreclosures, and other alternatives.\u00a0 In fact, do not wait until you receive notice.\u00a0 The moment you start to fall behind on your mortgage, contact an attorney.\u00a0 The earlier you start, the more you can be helped.\u00a0 Attorneys\u2019 fees can be more reasonable than you think.\u00a0 More importantly, the earlier you contact an attorney, the more money they can save you in the long run.<\/p>\n","protected":false},"excerpt":{"rendered":" Being foreclosed on is stressful.\u00a0 In today\u2019s economy, banks are foreclosing on large numbers of homes every day.\u00a0 It\u2019s important to remember that you\u2019re not alone.\u00a0 More than that, the banks don\u2019t like doing it.\u00a0 If they (or you) can come up with a profitable (or loss-mitigating) alternative to foreclosure, they\u2019ll jump at it.\u00a0 But […]<\/p>\n","protected":false},"author":4218,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-218868","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/218868","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/4218"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=218868"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/218868\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=218868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=218868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=218868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}