What is Foreclosure in Enfield, Connecticut?

Find the right Foreclosure Bankruptcy attorney in Enfield, 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 Enfield, 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 an Enfield, 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. You should remember that banks in Enfield don't want your house. While the foreclosure process can be devastating for the homeowner, it's no walk in the park for the bank, either. They expected to make a profit through interest on the loan paid over time, and foreclosure is a last resort, allowing them to cut their losses and move on. If you are forthright with them, lenders will typically try to accommodate your changed financial situation, to avoid a default on your part, and the necessity of foreclosing on their part.

If you believe that foreclosure is imminent, there are some other options. For example, you might be able to engage in a "short sale," which sometimes allows you to sell your house for whatever amount you can get, give the proceeds to the lender, and walk away free of your mortgage debt, even if the sale netted less than the balance of the mortgage. 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 Enfield, Connecticut Attorney Help?

If you think foreclosure is imminent, a good Enfield, Connecticut attorney might be your best hope for staving it off. Even if keeping the house proves impossible, a good lawyer can minimize the financial effects.

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Life in Enfield

Enfield, Connecticut is a town located in Hartford County. Its current estimated population is about 46,000. Enfield, like many cities in North America, has a human history that predates by thousands of years the arrival of European settlers. Enfield, for example, was populated by Pocomtuc Tribe for thousands of years. European colonists did not arrive until 1878. It was incorporated a few years later. Until 1749, Enfield, Connecticut was legally part of Massachusetts. However, the settlement of a lawsuit brought about by a surveyor's error led to Enfield seceding from the Massachusetts colony, and becoming part of Connecticut. Modernly, Enfield and the surrounding areas are home to several natural attractions, such as parks, rivers, and hiking trails. Enfield is a fairly prosperous community, with the median family income being about ,000. Furthermore, less than 4% of the population of Enfield, Connecticut lives below the poverty line. If you are facing a legal problem in Enfield, Connecticut, no matter how large or small, it is always a good idea to seek the advice of an Enfield, Connecticut lawyer. The lawyers in Enfield, Connecticut are ready to help prospective clients with whatever legal issues they're likely to face.

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