What is Foreclosure in Windsor, Connecticut?

Find the right Foreclosure Bankruptcy attorney in Windsor, CT

Foreclosure is the legal procedure 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 Windsor, 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 simplest 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 supervises the sale, and makes sure that the proceeds first go to the lender, and then to any other entities that may 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 borrower owes, the bank cannot go after the debtor for the remainder. You should consult with an lawyer in Windsor, 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?

Most importantly, you must not dismiss 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 honest with them. It is essential to remember that banks don't really want to own homes in Windsor. 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 allow you to keep paying them in the long run.

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 could also consider a "short refinance" which allows a part of the debt to be forgiven, and lets you refinance the rest.

How Can A Windsor, Connecticut Attorney Help?

If you think foreclosure is imminent, a good Windsor, Connecticut lawyer may be your best hope for staving it off. Even if keeping the house proves impossible, a good attorney can minimize the financial effects.

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Life in Windsor

Located in Hartford County, the beautiful town of Windsor, Connecticut is home to close to 30,000 residents. Filled with parks, churches, and annual events, Windsor provides its residents and visitors with lots of options.

Like many cities in Connecticut, Windsor has a strong connection to tobacco which still plays a role in the town's economy today. The Connecticut Family Tobacco Museum is located in town and takes visitors through the town's tobacco history. Windsor tobacco leaves are still produced today and used to make some of the finest cigars.

Windsor has a lot more than cigars to offer. Windsor lawyers are some of the best in the business. Specializing in a range of practice areas, Windsor lawyers are always available to competently serve their clients. Windsor lawyers are able to enjoy the many activities the city has to offer in their free time, giving the professionals the idea work/life balance. Windsor is also home to other thriving professional communities including: bankers, accountants and doctors

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