What is Foreclosure in Ridgefield, Connecticut?

Find the right Foreclosure Bankruptcy attorney in Ridgefield, CT

Foreclosure is the legal process 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 Ridgefield, Connecticut debtor has repeatedly failed to make their payments. Foreclosure normally results in the property being sold in an auction. Banks normally 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 Ridgefield, Connecticut to see if this is the case. However, this normally 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. You should remember that banks in Ridgefield 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 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. There is also the option of a "short refinance," which forgives a considerable portion of your mortgage debt, and refinances the rest.

How Can A Ridgefield, Connecticut Attorney Help?

If you are worried about foreclosure, a good Ridgefield, Connecticut real estate lawyer might be able to help. A lawyer can increase your chances of keeping your home, and help minimize the financial impact if keeping it proves impossible.

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Life in Ridgefield

Located in Fairfield County, Ridgefield is a popular Connecticut city to work, live and visit. Home to just under 25,000 residents Ridgefield has all the perks of a big city with a small city charm. The 300-year-old community has a lot of history throughout the town.

Ridgefield is located on 35 square miles and has many buildings and sites that are on the national register of historic places, including: Benedict House and Shop, Keeler Tavern and the Lewis June House. In addition to landmarks, the city has lots to offer in terms of entertainment including the Children's Orchestra and many art museums.

Professionals also enjoy success in Ridgefield. Ridgefield lawyers are some of the best in the business and enjoy working in a city that has so much to offer them in the off hours. Ridgefield lawyers are skilled in a range of practice areas and are always happy and available to help their local clients with whatever legal issue he or she is dealing with at the time. In addition to lawyers, Ridgefield is home to great doctors, accountants and bankers as well.

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