What is Foreclosure in Guilford, Connecticut?

Find the right Foreclosure Bankruptcy attorney in Guilford, 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 Guilford, 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 Guilford, 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, you should never dismiss the matter. As unpleasant as it seems, it is necessary to stay on top of the issue. Ignoring the problem will never make it go away. It is critical to remember that the bank does not really want your Guilford 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. You may 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 Guilford, Connecticut Attorney Help?

If you are faced with the possibility of foreclosure in Guilford, Connecticut, an lawyer may be able to help. At the very least, he or she can advise you of your legal options.

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Life in Guilford

Guilford was settled in 1639 and is one of the oldest cities in the state of Connecticut. It is located in New Haven County and has a population of about 22,000. The city is noted for its collection of historic homes. The Henry Whitfield house in Guilford is the oldest dwelling structure in Connecticut and the oldest stone house in all of North America.

Currently Guilford is a great area to live and visit if you are looking for an old "green town" feel. The city is lively and hosts a mix of annual events such as the Guilford LobsterFest and the Guilford Fair. Guilford also has many town parks which perfect for such activities as jogging, bocce games, ice skating, and winter sports.

Historic places to visit in Guilford are numerous and provide people with a glimpse into early American settlement life. Some of these places are the Guilford Historic Town Center and the Comfort Starr House. The Guilford Green is the town's pride and center of activity for the community. Many of the city's most important events such as graduations are held there. It is also a great backdrop for photo sessions.

Lawyers in Guilford, Connecticut typically file their cases at the nearby New Haven County Courthouse. The court hears claims in civil, criminal, and family, traffic, and juvenile law. Guilford lawyers may be contacted for advice and representation in a wide range of legal matters.

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