What is Foreclosure in Trumbull, Connecticut?

Find the right Foreclosure Bankruptcy attorney in Trumbull, CT

Foreclosure is the legal process 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 Trumbull, Connecticut debtor has repeatedly failed to make their payments. Foreclosure usually results in the property being sold in an auction. Banks usually 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 Trumbull, Connecticut to see if this is the case. However, this usually doesn't apply if the mortgage has been refinanced.

How Can I Avoid Foreclosure in Connecticut?

First of all, you shouldn't ignore the problem. You should stay in contact with your bank, and be honest with them. Ignoring the issue will not make it go away. You should remember that banks in Trumbull 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 honest with them, lenders will usually 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 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. You could also consider a "short refinance" which allows a chunk of the debt to be forgiven, and lets you refinance the rest.

How Can A Trumbull, Connecticut Attorney Help?

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

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Trumbull

The town of Trumbull is located in Fairfield, Connecticut. It has consistently been ranked by several magazines as one of the top 100 best places to live in the U.S. In 1997, a time capsule was planted at the city's Bicentennial Fountain, to be opened on October 12, 2097, which would mark the city's tri-centennial anniversary.

Part of Trumbull's appeal lies in its many attractions and places to visit. For example, popular tourist sites include the Trumbull Nature Arts Center, the Trumbull Historical Society Museum, and the Town Hall Gazebo. The Town Hall Gazebo hosts several night concerts during the summer season.

Trumbull is also home to the Tashua Recreation Facility, a 268 acre facility that houses basketball and tennis courts, playgrounds, a swimming pool and a multi-purpose field. Outdoor enthusiasts also have plenty of opportunities for activities, as Trumbull has dedicated over 1,600 acres for recreation and open space parks.

Lawyers in Trumbull, Connecticut spend much of their time at the Fairfield Judicial District Superior Court, where they litigate a variety of legal claims. Many Trumbull lawyers are members of multiple Bar Associations in addition to the Connecticut Bar Association.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Ian M.
Ian M.

Bankruptcy, Banking & Credit

Richboro, PA

Eddy H.
Eddy H.

Bankruptcy, Banking & Credit

San Mateo, CA

Howard B.
Howard B.

Bankruptcy, Banking & Credit

Rye Brook, NY