What is Foreclosure in New Haven, Connecticut?

Find the right Foreclosure Bankruptcy attorney in New Haven, CT

Foreclosure is the legal procedure 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 New Haven, 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 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 New Haven, 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. You should remember that banks in New Haven 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 straightforward with them, lenders will normally 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 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 New Haven, Connecticut Attorney Help?

If you are faced with the possibility of foreclosure in New Haven, 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 New Haven

New Haven, Connecticut is located in New Haven County. With a population of over 129,000, it is the second largest city in Connecticut. New Haven is known for being home to Yale University, an Ivy League school. The city has been nicknamed "The City of Elms" due to its extensive canopy of trees.

Aside from Yale University, New Haven's economy is driven by health care facilities, financial companies, retail, and professional services (legal and engineering). The downtown New Haven area has been described as an "upscale downtown", as it is more residential in character than most typical downtowns. In particular, the New Haven Green community has been revitalized to include condominiums and apartment complexes. The downtown area also has many retail stores and restaurants, making it an ideal scene for the nightlife.

In addition to its highly intellectual and political culture, New Haven offers some of the nation's best cuisines. A popular local favorite is New Haven pizza, called "apizza", which comes in several variations. Downtown has been recognized as serving the country's "finest Spanish food". New Haven has also served as home for several presidents, Bill Clinton, William Howard Taft, Gerald Ford, and the Bush family.

New Haven, Connecticut lawyers offer services to meet the city's unique legal needs. Lawyers in New Haven practice law in many fields and are familiar with the laws of Connecticut. New Haven County operates its own local bar association apart from the state Connecticut Bar Association.

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