Foreclosure Defense Attorneys in Hartford
Helping You Save Your Connecticut Home
Your home is more than just an asset. It might be where you’ve raised your children, hosted holidays, and created some of the fondest memories you have. If foreclosure is on the horizon, therefore, you are likely experiencing a great deal of stress, fear, and sadness. Since 1988, Boatman Law has worked closely with homeowners in Hartford and surrounding communities to delay foreclosure. When you bring your financial crisis to our firm, you can trust us to develop a strategic, personalized plan that will help restore your confidence in the future. Experience the sense of relief and comfort that comes with knowing your case is in good hands.
What is Foreclosure?
Foreclosure is the legal process of seizing and selling a person’s home when they fall behind on payments. Connecticut is a judicial foreclosure state, which means the mortgage lender must go through the court and obtain a judgment before they can force the sale of your home to satisfy the mortgage debt. Connecticut is one of two States that also allows for a foreclosure judgment where the lender can take title to a home without need of a sale when its mortgage debt is greater than the value of the property. Under federal law, foreclosure cannot begin until you are delinquent for at least 120 days.
Types of Foreclosure
Foreclosures can be categorized into two types:judicial foreclosures, which need a court order, and non-judicial foreclosures, which don't.
Judicial vs Non-Judicial Foreclosure
- If a mortgagee wishes to foreclose, he or she must prove ownership of the house and the right to foreclose in court.
- A Judicial Foreclosure is more expensive and takes longer.
- The non-judicial foreclosure process allows a mortgagee to foreclose without having to go to court
- The power of sale clause in the mortgage must be present for non-judicial foreclosure to be used. Typically, real estate secured lending instruments like deeds of trust contain clauses like the power of sale.
Your Foreclosure Defense Options
Many people believe foreclosure is inevitable once they receive the notice and that they will need to leave their home quickly. Others believe the only way they could possibly prevent foreclosure is to simply do what they can to pay what they owe. In fact, the Connecticut State Courts have certain protections available for homeowners that can stall foreclosure actions and allow the homeowner to pursue certain foreclosure alternatives, to include loan modifications and loss mitigation options which can avoid the foreclosure process entirely.
Fortunately, you likely have several options at your disposal, including:
- Mediation. Connecticut Courts offer homeowners a mediation program. This program stops a foreclosure from proceeding against you for a period of seven or more months to allow the homeowner some breathing room to explore foreclosure alternatives without the immediate threat of losing your home.
- Bankruptcy. Because of the automatic stay that takes effect as soon as you file your petition, bankruptcy is a great way for many homeowners to halt a foreclosure. Your lender may not be able proceed with efforts to sell your home for the duration of your case, which means you’ll have some time to explore home retention or other options to save your home. Chapter 13 may be particularly useful for this purpose.
- Loan modification. With our assistance, you may be able to arrange new terms with your lender even outside of the mediation process. These terms could include lower monthly payments, a lower interest rate, delinquent payments added to the end of the plan, and more.
- Short sale. You may be able to sell your home to a third party for less than what you owe on the mortgage. All the proceeds of a short sale will go to the lender, who will either forgive the deficiency balance (the difference between what you owed and the amount for which it sold) or require you to pay it. Short sales may have less of a negative impact on your credit than a foreclosure judgment and leave you in a better financial position moving forward.
- Deed in lieu of foreclosure. Sometimes the best resolution for a homeowner may be walking away and starting over without the looming foreclosure case. We can help you negotiate with your lender for a cash payment in exchange for your consent to a foreclosure judgment and agreement to voluntarily leave your home.
- Defending the foreclosure. While a lender may bring a foreclosure case when a homeowner fails to pay the mortgage by its terms, the lender is required to prove its right to obtain a foreclosure judgment. As lenders frequently transfer the loan at issue, the foreclosing party must show that it has the legal right to bring a foreclosure action. There may also be defenses available based on a lender’s bad acts.
What Are the Stages of the Foreclosure Process in CT?
The foreclosure process is different depending on the state that you reside in, however, there are 6 basic steps to it. Below are the stages of foreclosure:
- Payment of Default. The lender will send you a missed payment notice at the beginning, however, if you miss a second one, you will receive a demand letter.
- Notice of Default (NOD). If you have missed making payments for 90 days, you will receive a NOD. Note that you actually have an additional 90 days to settle payments with your lender.
- Notice of Trustee’s Sale. If you are not able to work things out with your lender, your property will go on sale at a public auction for the next 3 weeks.
- Trustee’s Sale. This is where your property will go on public auction.
- Real Estate Owned (REO). If the property is not sold, the lender becomes the owner. They may try selling with the help of a real estate-owned asset manager.
- Eviction. You are allowed to stay in the property until it is sold. The property is immediately available to the highest bidder of the trustee’s sale, so you may not have much time. You will have a few days to remove your belongings from the property. If any items are left behind, they will be placed in storage and may be retrieved for a fee at a later time.
How Long Does Foreclosure Take in CT?
A house foreclosure in CT can typically take 2 or 3 months. However, because they are handled by the CT judicial court system, the time frame can be longer.
Call Our Foreclosure Defense Lawyers in Hartford
No matter where you are in the country, foreclosure can happen very quickly. As such, we urge you to get in touch with us as soon as you believe you may be at risk of losing your home. We are here to assist you no matter what stage of this process you are currently facing. From beginning to end, we are fully prepared to support you.
“With his attention to every detail, Pat always sustains vigilant oversight of the numerous competing priorities, timelines, and requirements related to the process and maintains focus on my and my company's best interests.”- Earle L.
“Super attentive to details. Highly recommended.”- Mark B.
“We were able to settle the case, in the middle of a pandemic!”- Ed Mathews
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