Facing foreclosure can be a very stressful time, but the good news is, here in Connecticut, time is on your side!
The Connecticut foreclosure process can take months or in some cases - years.
As a homeowner, you have many options to avoid foreclosure. If you've run into financial trouble, the earlier you take action - the better. If your hardship will cause you to miss more than a payment or two and you want to keep the home, contact your lender now to make arrangements - your lender will be very likely to work with you and come up with an alternative to keep you in the home.
If you've decided to sell, your best is to get on market as soon as possible - ideally before you miss payments or before the foreclosure process begins.
It will take several months of missed payments for the lender to even start the foreclosure process. Selling prior to the foreclosure suit will be your least stressful option.
Too late for that? No problem! You can still sell your home while the foreclosure is ongoing. This would be a pre-foreclosure sale. If the home is your principal residence, the CT foreclosure mediation program will be offered to you, and you should apply. The mediation program is a free program to help you work with your lender to find an alternative to foreclosure. Being active in the program will give you more time to sell your home instead of having it foreclose.
If you are not eligible for mediation, or the mediation period has passed, you still have time, but you will have to work quickly!
Unless you are actively defending your case, at some point the lender will get a judgment to move forward with the foreclosure. A law date will be set - usually at least 30-45 days later. If you have equity in the home, you will get a foreclosure auction date. If there is no equity in the home, a strict foreclosure date will be set an on that day the home will convey to the lender.