Hartford Foreclosure Lawyers

Find the right Foreclosure attorney in Hartford, CT

Foreclosure Law in Connecticut

In Hartford, Connecticut, foreclosure is a legal process through which an entity which has issued a mortgage takes possession and/or ownership of the property that secured the mortgage, because the individual who took out the mortgage has consistently failed to make payments on it. The property in question is usually a house.

When consumers have to deal with foreclosure, it almost always involves a home. The bank will normally take possession of the house, and then sell it at auction, to try to encompass the balance of the mortgage. Banks typically want sell the property quickly, for as much money as possible.

In every U.S. state, including Connecticut, a borrower has a right to a judicial sale of their foreclosed property. A judicial sale is just an auction supervised by a court. The purpose of this is to make sure that the lender takes reasonable steps to sell the home for the highest possible price, and to ensure that the homeowner has an opportunity to bid on the house, if he or she is able. It is in everybody's interest for the bank to get the highest price possible for the house, even the borrower's. If the house fetches a higher price than what's left on the mortgage, the buyer can keep what's leftover. On the other hand, if it fetches less, the buyer might have to pay the deficiency.

In some states, original mortgages are regarded "non-recourse" loans. This means that once the house or other property that secured the mortgage is sold, and if it sells for less than the balance of the mortgage, the lender has to absorb the loss, and cannot sue the borrower for the remainder. This typically does not apply to second mortgages or refinanced loans.

How to Possibly Avoid Foreclosure in Hartford, Connecticut

Communication between you and your lender is perhaps the most significant way to prevent foreclosure. Ignoring the issue is guaranteed to be counterproductive. Honesty is the best policy when it comes to dealing with lenders.

Bear in mind that banks aren't in the business of real estate speculation - they're in the business of lending money, and making profits through interest on their loans. In short, the bank doesn't really want your house - they'd much rather have you continue making your mortgage payments. For banks, foreclosing on a home is a last resort. Essentially, nobody likes foreclosures, and everyone wants to prevent them.

It's possible that your lender is willing to negotiate a plan that results in temporarily-lower payments on your mortgage, particularly if this means that they will be able to get some payments, instead of none at all.

As a last resort, some borrowers consider a "short sale." In a short sale, the homeowner sells the house to the highest bidder, and uses the funds to pay off the remaining debt. If there is any extra from the sale, it goes to the borrower. If the sale price is worth less than what's left of the mortgage in Connecticut, the remaining debt is excused.

Can a Hartford, Connecticut real estate attorney help?

If you live in Hartford, Connecticut and believe that your house is in danger of being foreclosed, you may have more options and protections than you think. You may not know what all of them are, but an efficient real estate lawyer probably will.

Talk to a Real Estate Law Attorney now!

Life in Hartford

Hartford, Connecticut is a diverse and historic city located in Hartford County. It is the state capital as well as the county seat for Hartford County. The Hartford metropolitan region boasts the second highest national rating for per capita economic activity (behind San Francisco). It is part of an area known as the "Knowledge Corridor", which is home to thirty-two colleges and universities.

Hartford, Connecticut is also nicknamed "the Insurance Capital of the World", as it houses headquarters for several major insurance companies. The insurance field is Hartford's major industry. The Phoenix Mutual Life Insurance Building is one of the city's main features. Other places of interest in Hartford are the Soldiers and Sailors Memorial Arch and the Bushnell Center for the Performing Arts.

Being nearly 400 years old, Hartford Connecticut is home to a whole host of "oldest" operations in the U.S. A few examples include the nation's oldest published newspaper in operation (The Hartford Courant); the oldest public park (Bushnell Park) and the Wadsworth Atheneum, which is the country's oldest public art museum. Notable residents have included author Mark Twain and actress Katharine Hepburn. The city also boasts a large number of modern retail stores and restaurants.

Lawyers in Hartford, Connecticut continue the city's rich history in legal services. Hartford lawyers are knowledgeable of the various statutes and laws that regulate the city's businesses and population. They are available for legal assistance in a broad range of legal fields.

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