What is Foreclosure in Bridgeport, Connecticut?

Find the right Foreclosure Bankruptcy attorney in Bridgeport, CT

Foreclosure is the legal procedure by which the lender in a mortgage arrangement takes possession of the property (usually a house) that secured the loan. This is done when the Bridgeport, Connecticut debtor has repeatedly failed to make their payments. Foreclosure often requires the house to be sold at auction. Often, banks want to get rid of the property as soon as they can, in order to collect as much money as possible, and move forward.

In every state, including Connecticut, borrowers have the option to go through foreclosure by judicial sale. This means that the auction will be supervised by a court, to make sure that the bank makes an effort to get as high a price as possible (to increase the chances that the whole balance will be covered, as well as the odds that there will be some money leftover for the debtor). In some states, original mortgages are "non-recourse loans," meaning that the lender may only recover ownership of the house in the event of default. If the house is now worth less than the balance of the mortgage, the lender has to take the loss. You should speak with a Bridgeport, Connecticut attorney to see if this state is one of them. However, it is almost always the case that this protection does not apply to loans that have been refinanced.

How Can I Avoid Foreclosure in Connecticut?

First and foremost, you should not dismiss the possibility of foreclosure. Failing to respond to collection calls from your lender will not make the problem go away. As unpleasant as this may seem, you should stay in contact with your creditor, and be honest with them. It is crucial to remember that the bank does not really want your Bridgeport house - they expected to make a profit through the interest on your loan, and that's what they'd prefer to do. Accordingly, they will probably make reasonable accommodations to your financial situation if it means that you will be able to make some form of payment to them.

If you can't work anything out with your lender, or have become totally unable to make any mortgage payments, a "short sale" might be a good option. This allows you to sell your house for whatever price it can get, and hand the proceeds over to the lender. If the sale price is less than the balance of the loan, the rest of the debt may be forgiven. A "short refinance" may also be an option in some cases. This allows you to have some part of the debt forgiven, while refinancing the rest.

How Can A Bridgeport, Connecticut Attorney Help?

If you are facing foreclosure, a good Bridgeport, Connecticut real estate lawyer can help. While keeping your home might not always be possible, an attorney can increase your odds of success, and help you minimize the negative impact if you do end up losing your home.

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Life in Bridgeport

Bridgeport, Connecticut is located on the Long Island Sound and has a growing population of nearly 145,000 people. It was incorporated as a city in 1836. As a harbor city, Bridgeport, Connecticut was initially focused on the shipbuilding industry. Today it is an ideal location for business, retail, and economic development.

Bridgeport is known for being a city of "firsts". For example, it is often called the "birthplace of the Frisbee" and is home to the first Subway Restaurant. Its unique location still contributes to the growth and prosperity of the city. Bridgeport's downtown area is an excellent spot for fine dining, sports events, and theater acts, particularly at the Arena at Harboryard.

In addition, Bridgeport, Connecticut hosts a number of annual culture events. Residents and tourists enjoy visiting such attractions as the Housatonic Museum of Art, and Captain's Cove Seaport. The city's atmosphere still reflects its history as a major harbor and port center.

Lawyers in Bridgeport, Connecticut offer services in a broad range of legal fields. Many Bridgepoint lawyers belong to legal organizations such as the Greater Bridgeport Bar Association.

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