What is Foreclosure in Newington, Connecticut?

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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 Newington, Connecticut debtor has repeatedly failed to make their payments. Foreclosure typically results in the property being sold in an auction. Banks typically want to get rid of the property as soon as possible, even if it means taking a financial hit, and an auction is the easiest way to do this.

In all states in the U.S., including Connecticut, there is an option to go through foreclosure via judicial sale, in which a court oversees the sale, and makes sure that the proceeds first go to the lender, and then to any other entities that might have a lien or other interest in the property (in order of priority), and, finally, to the borrower, if anything is left. In many states, original mortgages are considered non-recourse loans, meaning that if the house is foreclosed and sold for less than the debtor owes, the bank cannot go after the debtor for the remainder. You should consult with an attorney in Newington, Connecticut to see if this is the case. However, this typically doesn't apply if the mortgage has 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. It is critical to remember that banks don't really want to own homes in Newington. In issuing a mortgage, they expect to make a profit through interest on the loan, and they'd prefer to continue collecting from you. Therefore, they're likely to make reasonable accommodations to your financial situation if it will enable you to keep paying them in the long run.

If you can't work things out with your lender, there are other options. You could try a "short sale," which is when you sell your house for whatever amount you can get for it, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank still gets those proceeds, but the remainder of the loan will be forgiven. A "short refinance" might also be an option in some cases. This allows you to have some portion of the debt forgiven, while refinancing the rest.

How Can A Newington, Connecticut Attorney Help?

If you are facing the possibility of foreclosure, a good Newington, Connecticut real estate attorney can help. At the very least, they will be able to inform you of your legal options.

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Life in Newington

Newington is a town in Hartford County, Connecticut. Its population is currently estimated to be about 30,000 people.

Newington is well-known for its natural scenery, and is home to many parks, ponds, and streams, providing ample opportunities for outdoor recreation. It is home to Mill Pond Falls, a waterfall with the distinctionof being the smallest natural waterfall in the U.S., being about 16 feet high.

Newington is bordered by Hartford, the capital of Connecticut, and one of its largest cities. Because state governments tend to employ a large number of people, in a wide variety of fields, Newington is a very good place to live for people who work in or around Hartford. It allows them to enjoy the trappings of a small town in a semi-rural setting, while still having easy access to the amenities and economic opportunity that a larger city provides.

The legal community of Newington, Connecticut is very competent and attentive to its clients. Newington, Connecticut lawyers, or lawyers who work nearby, can handle just about any legal problem that they might be faced with. If you need any type of legal help, you shouldn't hesitate to contact a Newington, Connecticut lawyer today.

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