Understanding How The Connecticut Foreclosure Procedure Works

Investing in learning about the Connecticut foreclosure process can help you significantly in your foreclosure defense. Knowledge is power and knowing what happens during the process will prevent you from being exploited by unscrupulous banks who will do anything to put you out of your home.

In Connecticut, you can be subject to one of three kinds of foreclosures. In a Foreclosure by Sale, the bank basically sells the house from under you. A Strict foreclosure involves the court giving the homeowner a certain amount of time to catch up the payments after which it will turn the home over to the bank. Judicial foreclosure is where a judge decides if the debt is valid and what happens to the home.

The process begins with a letter from the bank notifying you of their intent to foreclose on the home. Usually you will be given thirty days to bring the loan current. If you are not able to pay the amount due, then the bank moves on to the next step.

To determine who all the lien holders are on the account, a title search will be conducted. All lien holders, generally whoever is listed on the loan and other financial companies with interest in the house will receive a summons notifying them that the lender is about to foreclose on the home.

Within 15 days after getting the summons, you have to file a certificate for mediation. Participation in the mediation program is mandatory if you meet the eligibility requirements. People who own 1-4 family dwellings or who can answer yes on the questionnaire must work with their bank through mediation to come to terms about the home.

To prepare its case, the bank will continue to file motions with the court even though you are in mediation. Three motions will usually be filed. A motion for default judgment for failure to appear, a motion for default judgment for failure to plead and a motion for summary judgment. The first one is in case you don’t show up. The second one is for those who do not file Answer motions with two days of getting the court summons. The last one petitions the court to make a decision regarding the debt.

Luckily, the courts will delay making a decision in the case until after mediation ends. You and the bank have 60 days to come to a meeting of the minds about the house and you can always petition the court for more time if needed. The best chance you have of saving your home is through mediation with the bank so it is crucial that you participate.

Successfully negotiating with the bank during mediation will result in a withdrawal of the petition for foreclosure. If things don’t work out in mediation then the case will go to Judgment where it will be decided what will happen to the house. The property will either be reverted to the lender or required to be put up for sale depending on the value of the home versus what is owed on the note.

Up until the moment you are put out from your home, you can defend against a Connecticut foreclosure. If you want to keep you home then use all the resources available to you to win your campaign.

Ct foreclosure can be sad, because no one wants to have their home taken away, but there is always light at the end of the tunnel.. Connecticut foreclosures happen often and no one wants to be out of a home, so you should look for some help.