What is Foreclosure in West Haven, Connecticut?

Find the right Foreclosure Bankruptcy attorney in West Haven, 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 West Haven, 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 West Haven, 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?

Most importantly, you must not ignore the problem. Doing so will not make it go away, and will probably make it worse. You should stay in close contact with your bank, and be forthright with them. It is important to remember that banks don't really want to own homes in West Haven. 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. You might also try a "short refinance" which allows a piece of the debt to be forgiven, and the rest refinanced. This allows the bank to wash its hands of the matter, while taking a relatively small loss, and allows the homeowner to keep their home.

How Can A West Haven, Connecticut Attorney Help?

If you are facing foreclosure, a good West Haven, Connecticut real estate attorney can help. While keeping your home might not always be possible, a lawyer can increase your odds of success, and help you minimize the negative impact if you do end up losing your home.

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Life in West Haven

West Haven is known as "Connecticut's Youngest City", as it only recently incorporated 1961. Ironically, it is one of the oldest settlements in the nation dating back to the 1600's. The city is located in New Haven County and has a population of about 53,000. It was originally founded as a shipping and industrial center focusing on rubber production and buckle shops.

West Haven is home to several nationally-acclaimed schools such as the University of New Haven and Notre Dame High School. The city is also full of sites that are listed on the National Register of Historic Places such as the American Mills Web Shop and Old West Haven High School.

One of the main attractions in West Haven is the Savin Rock area. Savin Rock was originally home to a seaside resort and an amusement park for several decades. It has now been converted into a walk and beach path. These days the area hosts the annual Savin Rock Festival held every summer. The festival is a four-day event featuring music, food, and different musical bands every night.

Lawyers in West Haven, Connecticut spend a lot of their time in the New Haven County Superior Court, which hears a variety of different legal claims. Many West Haven lawyers are members of outstanding civic and professional organizations like the New Haven County Bar Association.

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