What is Foreclosure in Bristol, Connecticut?

Find the right Foreclosure Bankruptcy attorney in Bristol, CT

Foreclosure is the legal process by which the lender in a mortgage arrangement takes possession of the property (normally a house) that secured the loan. This is done when the Bristol, 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 gather as much money as possible, and move on.

In every state, including Connecticut, borrowers have the option to go through foreclosure by judicial sale. This means that the auction will be overseen 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 entire balance will be covered, as well as the odds that there will be some money leftover for the borrower). In some states, original mortgages are "non-recourse loans," meaning that the lender can 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 Bristol, Connecticut lawyer to see if this state is one of them. However, it is almost always the case that this protection does not apply to loans which have been refinanced.

How Can I Avoid Foreclosure in Connecticut?

First and foremost, you should not ignore the possibility of foreclosure. Failing to respond to collection calls from your lender will not make the problem go away. As unpleasant as this might seem, you should stay in contact with your creditor, and be straightforward with them. It is crucial to remember that the bank does not really want your Bristol 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 no deal can be worked out, or the mortgage payments have become prohibitive, you might consider a "short sale". While the lender has to consent to it, many will take a moderate loss if it means avoiding foreclosure (which lenders typically treat as a last resort). This allows you to sell the house for whatever price it can fetch on the current market, and hand the proceeds over to the bank. If the sale nets less than the balance, some or all of the deficiency might 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.

How Can A Bristol, Connecticut Attorney Help?

If you are facing foreclosure, a good Bristol, Connecticut real estate attorney can help. While keeping your home might not always be possible, a lawyer 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 Bristol

You're probably familiar with Bristol because it is the headquarters to ESPN. This Hartford County city is 20 miles Southwest of the City of Hartford making it very popular among professionals seeking a more suburban environment. Many of those professionals are lawyers. Lawyers in Bristol take all kinds of cases and advise their clients on the best courses of action for their cases in Connecticut. Bristol has earned a number of different nicknames over the years. It was known as Clock City in the 1800s because it primarily manufactured timepieces; today you may visit the American Clock and Watch Museum in Bristol. Other more recent nicknames include Bell City and Mum City as a result of the bustling doorbell and chrysanthemum production. Bristol still holds an annual Mum Festival each September.  

Today, Bristol is undergoing a period of downtown revitalization attracting more business to interesting historical museums like the New England Carousel Museum, Imagine Nation Children's Museum, Witches Dungeon Classic Movie Museum, and the Bristol Historical Society Museum which recounts Bristol's rich past. Bristol is notably home to the largest elevator test tower in the United States that is owned by the Otis Elevator Company. 

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