What is Foreclosure in Naugatuck, Connecticut?

Find the right Foreclosure Bankruptcy attorney in Naugatuck, 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 Naugatuck, 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 Naugatuck, 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, you should never ignore the matter. As unpleasant as it seems, it is essential to stay on top of the issue. Ignoring the problem will never make it go away. You should remember that banks in Naugatuck 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 can't reach a solution with your lender, there are other options. You could, for example, try a "short sale," which allows you to sell your house for whatever amount you can get, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank will get the proceeds of the sale, and the rest of the debt will be forgiven. You might also consider a "short refinance" which allows a chunk of the debt to be forgiven, and lets you refinance the rest.

How Can A Naugatuck, Connecticut Attorney Help?

If you think foreclosure is imminent, a good Naugatuck, 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 Naugatuck

With a population of 30,989 (according to the 2000 census), Naugatuck, Connecticut is a sizeable town located spanning on both sides of the Naugatuck River in New Haven County, Connecticut. Of course, being that close to water on both sides, has created some flooding problems for the city. Originally established as a farming community, Naugatuck has grown to incorporate many other industries since it's 1701 inception. One company of interest is H. Barber and Sons, which designs beach rakes and has become the largest business of its type in the world. Naugatuck is also the manufacturing home to Peter Paul, a division of Hershey Foods that produces Almond Joy and Mounds candy bars. Notable current and former residents of Naugatick include Charles Goodyear and baseball player Frank Shea. Quality of life is good for the residents that refer to their home as "Naugy" and there are many fairs and other activities that connect the city. Naugatuck also has an unique approach to government, as it is the only consolidated town and borough in the state of Connecticut. Lawyers in Naugatuck also help improve the quality of life for their fellow citizen. Naigtuck lawyers are skilled in a range of specialties and truly enjoy their craft. Whatever legal issue their fellow Naugy may find themselves confronted with, a Naigtuck lawyer is there to help!

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