Connecticut foreclosure process

There are two type of Connecticut foreclosures, one is the strict foreclosure and the other is foreclosure by sale. It is left to the judge to decide which process will be used. A normal Connecticut foreclosure process can take anywhere between 2 to 5 months depending on the process of type used.

Pre-foreclosure Period

In a Connecticut foreclosure, the process starts with the lender filing documents in the court against the borrower. The lender has to also notify the borrower as well as other lien holders 12 days prior to the return date. The return date is the date when the borrower and lien holders have to appear in court. On this date, it will be left to the court to decide the amount of debt, the market value of the Connecticut foreclosed property, the costs involved, and what type of procedure will be followed: strict foreclosure or foreclosure by sale.

A strict foreclosure will take place when the property in question has no equity and if no sale takes place. In such a situation the borrower will have to pay the debt within a time frame mentioned by the court. If the borrower fails to pay the debt, then the lien holders will be responsible for paying off the debt. In such circumstances, the lien holders will get the ownership for the Connecticut property. If there is a situation where the lien holders are also fail to pay the debt then the ownership gets transferred automatically to the lender. The maximum timeline for the strict foreclosure is 5 months.

A foreclosure by sale in Connecticut can take place of if there is equity in excess of the amount of debt. In such a case, a public auction will be conducted and the debt will be recovered. The borrower has the power to stop the Connecticut foreclosure sale of property by paying the debt amount. The payment has to be made before the sale can take place.

Notice of Sale / Auction

In the case of Connecticut foreclosure by sale, it is in the hands of the court to establish a date for the sale of property. The normal time is 60-90 days from the day the court makes its first ruling. The court can assign an attorney who will have to publish the notice for sale and conduct the process of sale. The winning bidder has to deposit 10% of the total value of the property initially. The court has to take a decision within two weeks regarding the fact that it approves the sale or not. As long as it is not approved, the borrower will have the opportunity to redeem the property by paying off the debt amount. Once the sale is approved, the winning bidder has to pay the balance amount within 30 days from the date of approval.

West Hartford Foreclosures rated at high numbers

The number of Connecticut foreclosures for sale was reported to be 1,623 in the month of June. These statistics show that there is a decrease of less than one percent than last month, and as compared to the statistics announced in June 2007, the foreclosure properties are 32% below the level in this year.

In Connecticut foreclosure properties list, there are three counties that were recorded for having 78% of all the foreclosure activity happening in the state in the month of June. The Hartford County reported 345 properties with foreclosure filings and was rated at number three. The number of West Hartford foreclosures was also on high during the month.

In recent news, the statistical figures about the foreclosed activity in the Connecticut state were revealed. It was stated that the state saw one percent down in the month of June, whereas in March, the figures were down by three percent.

If we look at the contribution of Connecticut foreclosure properties in the nation’s foreclosures stats, then CT can be considered as a minor contributor. The state had a minor share of less than one percent of the 252,363 properties that were foreclosed nationwide in the month of June. This indicated that there was a decrease of more than three percent in comparison with the stats revealed for the previous month. But these stats are 53 percent more than recorded in June 2007.

A recent study about the statistics of last two months revealed that West Hartford foreclosure homes are high in numbers than 193 towns, equal the number with 34 towns, and have fewer foreclosure properties than 74 towns. If you are a prospective buyer interested to buy a West Hartford foreclosure property then you can always contact dealers that deal in a variety of foreclosed properties.

Connecticut offers some of the best housing opportunities and you can find foreclosures at bargain prices

Connecticut Housing

The housing market in Connecticut has vacancy rates, which are below the national average by almost 50%. Although in the recent past, it has been noticed that the rent levels have surged higher and have increased more than the increase in the income of people in Connecticut.

Connecticut saw a 67% increase with 1,287 filings in January 2006. Connecticut was ranked 17th in the country based on its last year foreclosure rates. It recorded an average filing of one in 118 homes. Higher filing rates were observed in Windham County, where it was one in 97 homes, Fairfield County where it was one in 124 homes and in New Haven County where the filing rate was one in 105. This also means that there were more Connecticut bank foreclosures available for homebuyers to invest.

Buying a foreclosed home in Connecticut

Buying a Connecticut foreclosed home is easy if you are able to find the right home listings. Government agencies like HUD and VA bring out Connecticut foreclosure listings every month and so do the lenders, banks and other financial institution. The reason why a property goes into foreclosure is that the homeowner missed his loan payments or defaults on the monthly payment. Once a home goes into foreclosure, it is placed for an open to everyone auction where the highest bidder gets the home.

Foreclosure homes in Connecticut are sold on an "as-is" basis. This means that if there are any repairs required then you, as the new homeowner will be responsible for it. Of course, you should always be cautious and check out the Connecticut foreclosures for sale before thinking of investing on the property. The first step is to find an updated list of such homes because these lists can provide you with vital information like the total space/area, number of rooms, kitchen, and front garden or back garden, locality etc. All these factors will help you to make an informed decision.

It's advisable that you first arrange for a home loan before actually bidding for the Connecticut foreclosure homes. This will minimize your risk. Connecticut offers various options or types of homes like single family/multi families homes, VA, HUD, fixer-upper, REO, and condominiums. You can even get handyman specials, which are a profitable option for investors who want to buy, repair, and sell it off.

Connecticut bank foreclosed homes are the best options for investors as well as first time homebuyers. There are many people who might not be able to afford the actual price of such homes. Most of these homes are sold at a discounted rate, which can be anywhere between 10-25% and this is done to cover up the losses incurred by lenders. If you are moving into Connecticut or looking to buy a home in Connecticut then you have some of the best homes to choose from and all this at a bargain price.

Check out Bolingbrook foreclosures for sale and find affordable homes at great prices

Offering You a Bright Future

Bolingbrook is a city in the state of Illinois. Bolingbrook is an ideal location for those who want to live in the area but are looking for more affordable, cheaper housing. Bolingbrook foreclosure listings are included in these more reasonably priced housing options. These listings make available to you housing alternatives like condos, multi and single-family homes, and commercial properties, etc. If you are searching for a housing choice that is ideal for those on a limited income, a Freddie Mac or Fannie Mae foreclosure will probably fit the bill. Generally, these homes are more affordable than other options and allow for a wide range of buyer needs.

What Are Bolingbrook Bank Foreclosures?


Bolingbrook foreclosure homes are typically houses that were repossessed by the lender that provided the financing for the person who owned the house before. Banks sell these homes at bargain prices to recover the money they lost by having to foreclose on the property. These homes are also sold as distressed properties and they are also called real estate owned homes. For quick sale, bank owned houses are sold for less than market value in order to attract buyers. The short answer for you is that you can get a great deal on them by purchasing one.

Is Bolingbrook The Place For You?

Bolingbrook could be the place for you if you are looking for a wonderful place to live that also gives you easy access to big city amenities. Give yourself a few minutes to investigate the numerous listings on our site for the city of Bolingbrook.

Invest In Connecticut Foreclosures And Get More For Less

Foreclosures in Connecticut show no signs of abating as more and more homes and properties are being put under foreclosure. Compared to last year, the number of Connecticut foreclosures has increased by almost forty per cent, making Connecticut the state with the tenth highest number of foreclosure filings. While the state has definitely featured much better than Nevada, California and Arizona, the extremely high number of foreclosures being filed all across the state has put a depressive gloom on the market.

Most Connecticut foreclosures have occurred as a result of job losses experienced by residents in the past one year. Combine this with the effect of sub prime loans whose interest rates have drastically increased, forcing people to default on their mortgage payments, and you have before you a situation where banks and financial institutions now own more foreclosed homes than they can easily handle. The county of Windham has been the worst hit, with 23 out of every thousand homes undergoing some kind of foreclosure process.

The only silver lining in this black cloud of gloom and doom exists for people who want to buy homes in Connecticut and who have the resources to do so currently. Due to the large foreclosure inventory that has now piled up with Connecticut lending institutions and banks, buyers have an upper hand as far as sale-purchase negotiations are concerned.

Apart from getting and buying properties on their own terms, home buyers and investors can buy properties at values that are at least 20% to 40% less than their actual market value. Institutional owners are ready to sell and cut their losses before the cost of maintaining these foreclosed homes starts creating even more losses for them than what they have already endured by losing their loan payments.

If you have the resources to invest in a house or property right now or if you are planning to buy a home in Connecticut, then right now is the best time to buy. As the government takes stringent steps to stop the increasing number of foreclosures nationwide, the number of Connecticut foreclosures should be going down very soon. The moment this happens, house prices will start rising. So be wise and buy when you can get more for less instead of waiting for a time when you will get less for more!

Buyers Showing Increased Interest in Connecticut Foreclosures

Buyers looking for savings on homes in Connecticut these days have turned in increasing numbers to an emerging market for real estate where homes are sold at huge discounts. The foreclosure market in Connecticut seems to be drawing more attention from homebuyers and investors than ever before, and officials are saying it's because of the huge inventory of foreclosure homes in the state, as well as the press coverage they've been receiving as a result of the housing market fallout.

Foreclosures have risen in numbers drastically across the country in the past 5 years, and Connecticut has been no exception. The state is currently registering highs of home foreclosures it hasn't seen in decades, and now that the market is flooded, buyers are coming out of the woodwork and showing up at foreclosure auctions to take advantage of the incredible potential for investment value that foreclosure listings and foreclosure properties offer. Since they are sold as the results of repossessions, most forclosure homes end up selling for anywhere from 10 to 50% below their actual value at auction. Officials say that in today's market, where buyer confidence is as low as property values, foreclosures are the closest thing to a sure value to most buyers, and so they're becoming almost as popular as regular market homes, whereas in the past they received little attention.

Look for more deals to emerge on Connecticut foreclosure listings as 2008 moves forward and forclosures reach predicted highs.