What is Foreclosure in Darien, Connecticut?

Find the right Foreclosure Bankruptcy attorney in Darien, CT

Foreclosure is the legal process by which the lender in a mortgage arrangement takes possession of the property (typically a house) that secured the loan. This is done when the Darien, 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 make 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 Darien, 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 forthright with them. One should remember that banks usually don't want to take your house in Darien. 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 forthright with them about your financial situation, they are likely to make reasonable accommodations to prevent you from defaulting.

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 usually 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. There is also the option of a "short refinance," which forgives a substantial portion of your mortgage debt, and refinances the rest.

How Can A Darien, Connecticut Attorney Help?

If you are facing foreclosure, a good Darien, 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.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Darien

The small town of Darien, Connecticut is one of the most affluent communities in the United States. Located on the "Gold Coast" of Connecticut, Darien is home to just under 20,000 residents. Darien is a popular city for people who work in New York and surrounding areas to live.

The median home price in Darien is million. Kate Bosworth and Topher Grace are just two celebrities that called Darien home at one time or another. Darien has small city charm, lots of city parks, and wonderful shopping for tourists and residents to enjoy. Darien is also a wonderful place to stay as there are many popular boutique hotels to enjoy.

In addition to residents enjoying a high standard of living in Darien, there are also many talented lawyers in Darien. Darien lawyers are available to serve their community in any legal issue they may find themselves confronted with. Lawyers in Darien are the best at what they do and residents of Darien are lucky to live there not just because of the location, but because of the amazing legal cultural in Darien.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Ian M.
Ian M.

Bankruptcy, Banking & Credit

Richboro, PA

Eddy H.
Eddy H.

Bankruptcy, Banking & Credit

San Mateo, CA

Howard B.
Howard B.

Bankruptcy, Banking & Credit

Rye Brook, NY