The state of Connecticut has seen its share of foreclosures in today’s weak real estate market, and to this end, it is worthwhile to discuss the Connecticut foreclosure process. It should be noted that the state’s foreclosure proceedings tend to be strict, and foreclosed properties tend to be sold. The foreclosure proceedings that will be utilized are determined by judges.

The pre-foreclosure stage begins Connecticut’s foreclosure process. Court papers are filed at this time by the lender, who needs to inform the borrower and lien holders 12 days before the court date that a filing is taking place. The property’s market value, the debt’s amount, any additional expenses caused by the foreclosure, and the type of foreclosure are all determined at this time.

The type of foreclosure determined in court is chosen based on the amount of equity in the piece of real estate involved. There are two primary types of foreclosures, strict foreclosures and foreclosures by sale.

Strict foreclosures are decided upon when no equity in the property exists. There is no sale involved with this type of foreclosure; the debtor is provided with a deadline by which he or she needs to repay the debt. If the borrower is not able to make the payment, it is possible for the lien holders to repay the debt and maintain ownership of the property as a result. If the lien holders are not willing to do this, the lender in turn will be charged with owning the property. This process can take up to five months as long as no delays are involved.

Foreclosures by sale also exist. Judges will decide on this type of foreclosure if more equity than debt is involved. The amount of debt that has defaulted will be recouped via public auctions in foreclosures by sale. In the event that the debtor does come up with the money to pay the existing debt, he or she can ultimately stop these proceedings.

If the judge determines to proceed by way of a foreclosure by sale, a date that is usually sixty to ninety days after the day in court needs to be established. A lawyer who is ultimately manned with selling the property will post a notice outlining the auction once this takes place.

Foreclosures mainly transpire on Saturdays in Connecticut. If he or she is not the lender, the winning bidder would need to make a deposit that is 10% of the real estate’s value. The bidder’s sale may yet not be approved at this point. There is a two week period that transpires after the auction takes place, during which the borrower can still recoup the property if he or she comes up with the funds to do so. If the bidder’s sale is approved, he or she has 30 days to pay balance of the debt amount’s balance.

The state of Connecticut is experiencing its share of foreclosures is today’s difficult economic climate. The foreclosure process in the state begins by way of a pre-foreclosure process. It will be decided whether or not to proceed with a strict foreclosure or a foreclosure by sale at this point, and the path taken depends on how much equity the debtor has in the property at hand. Debtors can still redeem their properties throughout the entire foreclosure process if the pay the outstanding debt and other associated costs.

The state of Connecticut has seen its fair share of foreclosures in today’s weak real estate market, and to this end, it is worthwhile to check out the Connecticut foreclosures process. We’ve got the best inside info on Ct foreclosure properties.