Windsor Foreclosure Lawyers

Find the right Foreclosure attorney in Windsor, CT

Foreclosure Law in Connecticut

In Windsor, 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 typically take possession of the house, and then sell it at auction, to try to encompass the balance of the mortgage. Banks usually 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 known as "non-recourse" loans, making the above problem a non-issue. This essentially means that once the mortgaged property is sold by the lender, the debt is discharged, even if the sale nets less than the remaining balance on the mortgage. The borrower will simply have to write this off as a loss. However, this usually does not apply to refinanced or second mortgages.

How to Possibly Avoid Foreclosure in Windsor, Connecticut

First and foremost, you need to communicate with your lender, and not dismiss the issue. Ignoring a problem with your mortgage will not make it go away, and can only make things worse. You should be honest with your lender, and stay in touch with them as much as possible.

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.

If your financial situation suddenly changes, your lender may be willing to change the terms of your loan, at least temporarily, permitting for lower monthly payments. If this means that they will be able to get some money from you, with default as the alternative, it can become an attractive option for everyone involved.

In Connecticut, some buyers have no choice but to resort to a short sale. This is simply the sale of the house, and using the funds to pay off the remainder of the mortgage. One benefit of a short sale is that, if the house sells for less than the mortgage balance, the remaining debt is discharged, and the borrower is free and clear.

Can a Windsor, Connecticut real estate attorney help?

If you are facing foreclosure in Windsor, Connecticut, and want to do everything practicable to save your house, the assistance of a reputable real estate lawyer might prove invaluable.

Talk to a Real Estate Law Attorney now!

Life in Windsor

Located in Hartford County, the beautiful town of Windsor, Connecticut is home to close to 30,000 residents. Filled with parks, churches, and annual events, Windsor provides its residents and visitors with lots of options.

Like many cities in Connecticut, Windsor has a strong connection to tobacco which still plays a role in the town's economy today. The Connecticut Family Tobacco Museum is located in town and takes visitors through the town's tobacco history. Windsor tobacco leaves are still produced today and used to make some of the finest cigars.

Windsor has a lot more than cigars to offer. Windsor lawyers are some of the best in the business. Specializing in a range of practice areas, Windsor lawyers are always available to competently serve their clients. Windsor lawyers are able to enjoy the many activities the city has to offer in their free time, giving the professionals the idea work/life balance. Windsor is also home to other thriving professional communities including: bankers, accountants and doctors

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