Stratford Foreclosure Lawyers

Find the right Foreclosure attorney in Stratford, CT

Foreclosure Law in Connecticut

In Stratford, 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 person 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 cover 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 simply an auction overseen 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 considered "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 Stratford, Connecticut

It's quite important that you engage in continued communication with your bank. Lenders are surprisingly willing to make accommodations if it means they still get paid something, but in order to accommodate your situation, they have to know about it.

You should be mindful of the fact that your bank wants you to make your monthly mortgage payments - they probably aren't scheming to trick you into giving up your home. This isn't out of altruism, it's due to the fact that foreclosure is almost never as lucrative for the bank in the long run than a mortgage that is paid in full over a period of years or decades, with interest accruing the whole time. For a bank, a foreclosure is simply a last resort to cut their losses.

Because banks don't particularly enjoy foreclosing, they will probably be willing to work out an alternative payment plan with you, if necessary. However, if you think that this might be needed in the near future, you should contact your lender immediately. The sooner they know about it, the more options you have.

Some buyers in Connecticut, when none of the above options have worked, resort to a "short sale." This includes selling a house which is about to be foreclosed, typically for less than its market value. If the house sells for less than what's left on the mortgage, the homeowner is relieved of the duty to pay the balance. If you have decided that you have no hope of making your mortgage payments, and foreclosure seems inevitable anyway, this might be the way to go.

Can a Stratford, Connecticut real estate attorney help?

If you feel that your home is close to being foreclosed in Stratford, Connecticut, and want to try to prevent this, the advice and assistance of an efficient real estate lawyer can mean the difference between keeping or losing your home.

Talk to a Real Estate Law Attorney now!

Life in Stratford

With a population of about 50,000 people, Stratford is a relatively large town located in Fairfield County, Connecticut. It is also one of the oldest American cities, as it was founded all the way back in the year 1639. The town initially began as an utopian-style Puritan community. Eventually it changed to a more traditional colonial-style settlement. Today it continues to thrive as an excellent place for residence and business.

Stratford is probably best known for its historical heritage in military operations, in particular military aviation. One of the world's first commercial helicopters was developed in the city. Further, both Stratford Army Engine Plant and Silkorsky Aircraft are headquartered in Stratford. Residents and tourists take regular visits to the city's National Helicopter Museum.

Another defining mark of the city of Stratford is its presence in the theater and production industry. For many years Stratford's American Shakespeare Theatre was home to many Shakespearean productions and actor's performances. The theatre hosted such outstanding actors as Katharine Hepburn and Paul Newman.

Stratford lawyers assist their clients by filing at the Connecticut Superior Court located in Bridgepoint near Stratford. More advanced claims are heard at the Connecticut Appellate Court or Supreme Court, both located nearby in Hartford. Lawyers in Stratford, Connecticut typically hear a diverse array of legal claims.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Nicholas M.
Nicholas M.

Real Estate, Housing & Property Law

Golden, CO

Carl M.
Carl M.

Real Estate, Housing & Property Law

Seattle, WA

David A.
David A.

Real Estate, Housing & Property Law

Walnut Creek, CA