Why all the hoopla and news lately about Connecticut foreclosure homes?
Connecticut Foreclosed bank owned homes offer significant discount. There are many opportunities for CT home buyers today, especially when it comes to foreclosed and bank owned homes.
These homes are usually purchased at a large discount and there are no emotional home sellers to deal with! What most home buyers do not know is to be able to successfully buy a foreclosure home in or around Connecticut, they need to stay on top of the latest foreclosure listings. Timing is of the essence for the successful purchase of REO (real estate owned) properties! Bookmark this page to see all the latest listings in the Greater New Haven area. Or, better yet, create a VIP account that will allow you to set up multiple searches which will be emailed to you as soon as a foreclosure home in your price range and in your desired area comes up on the market. See all New Haven, Hartford, and Litchfield County foreclosures at a click of a mouse below:
The word foreclosure for many property owners conveys the images of possible financial ruin, dread and fear. While for others, including many real estate investors and home buyers, the word conjures up visions or positive investment or economic opportunity. Regardless of your personal perspective, A New Haven County Foreclosure is possibly the most misunderstood aspect of the residential real estate market.
Purchasing real estate or homes directly from the bank or lender is preferred by many real estate investors and home buyers because it can be a more predictable and less-emotional home purchase process than buying from the distressed seller who is facing foreclosure and may or may not go through (or be able to deliver title) with the transaction.
First, most home buyers do not realize the first misconception - and it's a big one! Not every Bank Owned Property or REO is good deal. Many banks with property for sale in the Central Connecticut area seek to obtain market value for properties that they have foreclosed on in order to attempt to recoup as much of their losses against their loan balance as possible. Others lenders are more focused on liquidating REO (Real Estate Owned - an Accounting Term for Banks) inventory as these properties represent non-performing assets have a severe negative impact on the lenders books and financial condition. We have extensive knowledge of the foreclosure market and have relationships with asset managers and REO bank officers -- knowledge which is very valuable to a home buyer or investor looking to pick up a foreclosure at a bargain price.
You can stop foreclosure on your Connecticut area Home. For CT homeowners struggling to make payments or sitting with a home or condo with no or negative equity (and unable to refinance a rapidly increasing adjustable loan) the options may seem dismal. Many Connecticut area home sellers are looking at the possibility of facing foreclosure.
Every Week, we receive calls from area homeowners who need help immediately - in order to avoid foreclosure! If this is the case with your situation or someone you know in the greater Connecticut area, you've come to the right place… See our Stop Foreclosure - Connecticut Short Sale Help Center to learn about your options to avoid foreclosure. 203-758-0264
Are you behind on your house payments? One of the scariest things in life can be staring into the face of a foreclosure. We are experts in stopping foreclosure FAST!
If you are an owner of a Connecticut Home or real estate and wish to understand what options you may have in avoiding foreclosure or possibly even walking away from your mortgage obligation, fill out the contact form on the right or contact us at to schedule a confidential short sale consultation.
The foreclosure process for a Connecticut home owner is initiated when a lender files a Notice of Default, or NOD, with the County Recorder after a borrower defaults on their mortgage. The foreclosure process ends when:
Within the mandated grace period of 21 days, as determined by Connecticut state law (the pre-foreclosure period), the homeowner (borrower) has several options
1). The homeowner pays the lender the amount needed to reinstate the loan, or
2). The home seller who has defaulted is able to sell to a buyer during the pre-foreclosure time period, at a price that will allow the borrower (home seller) to pay off the loan. A situation where the loan is greater than the sale amount, but the lender agrees to a loan pay off that is less than what is owed is referred to as a short sale, or short pay. or,
3). At the end of the pre-foreclosure period a trustee sale occurs on the 'courthouse steps' and the defaulted property is sold at a public auction to a third party, or
4). The lender (Bank) takes ownership of the property through an written agreement (deed-in-lieu agreement) with the homeowner (borrower) during the pre-foreclosure 21 day time period, or
5). The Bank (lender) buys the property at the trustee sale. if this occurs, the bank-owned property is referred to as a real estate owned asset, or REO.