Foreclosure in Connecticut
There are 2 types of foreclosure in Connecticut, strict foreclosure and foreclosure by sale. In general, a strict foreclosure judgement is issued when there is little or no equity in the property, and a judgement of foreclosure by sale happens when there is equity in the property. Due to the decline in real estate values in connecticut, most foreclosures at this point in time are strict foreclosures.
What are the consequences of foreclosure, and why should you try to avoid it?
If you can not afford to pay your mortgage, the absolute worst thing you could possibly do is nothing. " Walking away " from your home in Connecticut can come with some pretty severe consequences. Connecticut is a recourse state, which allows your lenders to pursue you for the difference between what you owe, and what your home is worth. Also known as " the deficiency balance ", this can be tens if not hundreds of thousands of dollars. In a short sale, lenders are often willing to forgive all or most of the deficiency, allowing my clients to wipe the slate clean and start fresh. Even becoming eligible to purchase a new home in as little as a few months after a successful short sale, as opposed to the minimum of 5 -7 years after a foreclosure. Contact me today for a free, private consultation and to see if a short sale is a viable option for you.
My team and I have successfully completed short sales in every county in Connecticut with the following lenders:
Bank of America, Countrywide, GMAC, Homecomings Financial, JP Morgan Chase, WAMU, Citi, Citimortgage, Wells Fargo, Wachovia, AHMSI, Indy Mac Mortgage Services, One West Bank, Ocwen, Specialized Loan Servicing (SLS), Carrington Mortgage Services, Provident Funding, Navy Federal Credit Union, Nationstar, Greentree, US Bank, SunTrust, Aurora Loan Services, CCO Mortgage, Midland Mortgage, FHA, VA, Fannie Mae, Freddie Mac, CHFA, CHIF, and HAFA.