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What Does the Foreclosure Process Look Like in Connecticut?

Law Offices of Peter V Lathouris LLC July 12, 2019

Going through a foreclosure is a situation that no homeowner expects or wishes to be in. Foreclosure is the process by which lenders recover an unpaid loan. The lender will repossess the property and resell it to make up for the monetary loss. In many cases, this happens to homeowners who fail to pay their mortgage on time. While this may sound like a harsh and sudden consequence, certain processes must be followed during foreclosure, providing homeowners with some notice before their home is taken away.

The Stages of Foreclosure

The four primary stages involved in foreclosure cases are:

  1. The Letter: Homeowners who are on the verge of losing their house will receive a demand letter, also known as the “Notice of Intent to Accelerate.” The letter is sent by the mortgage company, and it will state that the loan is in default and that the owner has 30 days to bring the loan current or pay it off. If the loan is not paid within that time period, the loan will be accelerated. This means that the entire amount is due, and the foreclosure process has officially begun.

  2. The Summons and Complaint: The Summons tells an individual that a lawsuit has been started against him or her and provides details about all parties involved in the case. The Complaint is the official statement explaining the reasons that the lender is suing the homeowner, and it will request a court's permission to take possession of the house.

  3. Court Proceedings and Mediation: The lender and the homeowner will file various documents with the court regarding the situation. This includes financial documents such as pay stubs and bank statements. The defendant, or homeowner, will receive a foreclosure mediation certificate during the Summons and Complaint process. If it is filled out and filed correctly within the provided time frame, the defendant will be able to speak directly to the mortgage company with the help of a mediator to try to reach a settlement. During the mediation process, the defendant is given up to eight months of response time before the case can move forward.

  4. Judgment: Successful mediation will result in a dismissed case and the end of the foreclosure. If the negotiations are unsuccessful, a sale date will be selected. After this date, the lender may eject or evict the homeowner from the home.

Contact a Stamford, CT Real Estate Lawyer

No matter where you are in the foreclosure process, there are steps you can take to avoid losing your home. During this time, it is crucial to have a lawyer on your side to help you determine your options. At the Law Offices of Peter V. Lathouris, LLC, we have multiple attorneys with experience taking on lending institutions and their lawyers. If you are facing possible foreclosure, contact our Fairfield County foreclosure defense attorneys for a free consultation.

Sources:

https://www.citywidehomeloans.com/common-causes-foreclosure/

https://www.ctfairhousing.org/wp-content/uploads/CFHC-Foreclosure-Manual-10th-Ed.pdf