Wethersfield Foreclosure Attorney

Foreclosure is a legal process allowing mortgage lenders to take ownership and/or possession of the debtor's real estate (which was used to secure the loan) in the event of nonpayment in Wethersfield and surrounding towns. Foreclosure normally results in the property being sold at auction. Banks normally want to get rid of the property as soon as possible, even if it means taking a financial hit, and the easiest way to do this is with an auction.

In all states in the U.S., including Connecticut, there is an option to go through foreclosure via judicial sale, in which a court oversees the sale, and makes sure that the proceeds first go to the lender, and then to any other entities that might have a lien or other interest in the property (in order of priority), and, finally, to the borrower, if anything is left. In many states, mortgages which have not been refinanced are "non-recourse loans." This means that, in the event of default, the bank can take ownership of the property and sell it; but if the sale price happens to be less than the balance of the mortgage, the lender cannot go after the borrower for the remainder. Because of this, some people have found that their best option is to simply walk away from the home if the mortgage is more than the house is worth. You should talk with Wethersfield Forclosure Attorney Kevin L. Mason if this applies to you.

How Can I Avoid Foreclosure in Connecticut?

First of all, you shouldn't ignore the problem. You should stay in contact with your bank, and be up front with them. Ignoring the issue will not make it go away. You should remember that banks typically don't want to take your property in the Wethersfield Connecticut area. They issued your mortgage expecting to earn a profit on the interest. Taking possession of, and selling, your house is a last resort for them. Therefore, if you are straightforward with them about your entire financial situation, they are likely to make reasonable accommodations to prevent you from defaulting on your mortgage.

If you can't work things out with your lender, there are other options. You could try a short sale, which is when you sell your house for whatever amount you can get for it, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank still gets those proceeds, but the remainder of the loan will be forgiven. You might also consider a short refinance which allows a portion of the debt to be forgiven, while refinancing the rest, hopefully under better terms.

Find a Wethersfield Foreclosure Attorney

Call Wethersfield Foreclosure Attorney Kevin L. Mason when you want to receive trusted advice from a Wethersfield Forclosure Lawyer with over 25 years experience.

08.07.2013. 04:32