Knowing how the Connecticut foreclosure process works is critical for successfully defending against a foreclosure. Banks will do everything in their power to get money or get the collateral, so knowing what to expect is important for avoiding being abused by a lender who may use underhanded tactics to snatch your home from you.
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.
Foreclosure by the bank will start with a notice from the lender advising you that you have thirty days to bring your loan current before they will file paper with the court. If payment is not made within this time period, they go to the next step.
All lien holders, determined during a title search, will be notified that the bank has initiated proceedings to foreclose on the home. You will receive a court summons as well as any other financial institution who may have a financial claim on the home.
At this time you will receive a mediation certificate which must be returned within 15 days of receiving court summons. If you can answer yes to the questions on the survey then you are eligible for mediation. If you own a single family to four family property, it is required that you and the bank participate in the mediation program.
Even though you are working to renegotiate the terms of your agreement with the bank through mediation, the bank will continue to file motions on the case. They will submit a motion for default judgment for failure to appear, one for default judgment for failure to plead in case you or any other lien holder has not filed Answer papers within two days of being served court summons and a motion for summary judgment which requests a ruling on the issue of you owing money on the loan.
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.
The lender will stop foreclosure proceedings if you are able to successfully negotiate with each other during meditation. Otherwise, it will go to Judgment where the court will decide if to give the house to the lender or to order a sale of the home. The decision is mostly dependent on the home's value in relation to what is owed on the house 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. - 31862
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.
Foreclosure by the bank will start with a notice from the lender advising you that you have thirty days to bring your loan current before they will file paper with the court. If payment is not made within this time period, they go to the next step.
All lien holders, determined during a title search, will be notified that the bank has initiated proceedings to foreclose on the home. You will receive a court summons as well as any other financial institution who may have a financial claim on the home.
At this time you will receive a mediation certificate which must be returned within 15 days of receiving court summons. If you can answer yes to the questions on the survey then you are eligible for mediation. If you own a single family to four family property, it is required that you and the bank participate in the mediation program.
Even though you are working to renegotiate the terms of your agreement with the bank through mediation, the bank will continue to file motions on the case. They will submit a motion for default judgment for failure to appear, one for default judgment for failure to plead in case you or any other lien holder has not filed Answer papers within two days of being served court summons and a motion for summary judgment which requests a ruling on the issue of you owing money on the loan.
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.
The lender will stop foreclosure proceedings if you are able to successfully negotiate with each other during meditation. Otherwise, it will go to Judgment where the court will decide if to give the house to the lender or to order a sale of the home. The decision is mostly dependent on the home's value in relation to what is owed on the house 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. - 31862
About the Author:
Ct foreclosure can be sad, because no one wants to lose their house, but there is always hope. Connecticut foreclosures happen a lot and no one wants to be out of a house, so you should look for some help.
