What is a Pre-Foreclosure in West Hartford?


There are several reasons you would face a pre-foreclosure in Hartford. One of the most common is falling behind on your mortgage payments and failing to make good on those payments. If you are a homeowner in Hartford, there may be times when you need to seek out help. This can mean that your mortgage payments have gone up too high, or perhaps it’s because the value of your home has decreased significantly and now makes it difficult for you to get loan modification assistance from the bank. In either case, pre-foreclosures in Hartford can help keep some of these financial issues at bay until they can be resolved through other means like bankruptcy or refinancing.   

The good news is that some options are available to you, like Common Good Home Buyers if you find yourself in this situation. If you are having trouble making your monthly payments, then it may be time for you to approach Common Good Home Buyers because once you approach us, leave the rest to us. We buy houses in Hartford regardless of their condition.        

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How It Works 

How Pre-foreclosure Works When a person takes out a loan to buy a house, they sign a contract with the lender that says they will pay back the mortgage loan in a certain way, usually in monthly installments. The mortgage’s principal and interest are typically covered in part by the monthly payments.

When a borrower fails to make payments for three consecutive months, standard mortgage contracts are frequently structured to be in default. The lender typically has contractual authority to begin pre-foreclosure at that point.

If this occurs, the borrower will be provided with a copy of the notice of default, which will also be filed with the court and become part of the public record. This action initiates the pre-foreclosure procedure, which varies by state and is subject to a court proceeding, and can last anywhere from a few weeks to more than a year.

A foreclosure proceeding typically consists of several standard steps. In the pre-foreclosure phase, the proceeding begins with the notice of default. For their lien on a property, the lender typically requires court approval from a judge.

To avoid paying what can be substantial costs associated with a foreclosure, lenders are frequently more willing to negotiate backdated payments and possible loan modifications during the pre-foreclosure phase of a proceeding. The lender can proceed with a trustee sale or public auction if foreclosure is granted and a notice of foreclosure is issued.  

Expected Fees Charge During Foreclosure

The servicer will charge you a late fee after a grace period of, say, ten or fifteen days if you miss a payment on most loans. The service provider will charge you this monthly fee if you miss a payment. Look at the promissory note you signed to find the amount of your loan’s late charge and grace period. This information can also be found on your monthly mortgage statement.

Additionally, the lender—also referred to as the current loan holder in this article, “lender”—is permitted to take the necessary measures to safeguard its interest in the property by numerous Connecticut mortgage contracts. The purpose of property inspections is to guarantee that the house is occupied and in good condition. When a loan defaults, drive-by inspections typically cost between $10 and $15 and are typically ordered automatically. Fees for broker’s price opinions, similar to appraisals, and property preservation costs are two additional fees that the servicer may charge.

The Significance of Foreclosure By Sale 

When the lender files a lawsuit (a “complaint”) in court and gives a copy to the borrower, the foreclosure by sale officially begins. The lender takes the case by default if the borrower does not respond. The court will proceed with litigation if the borrower responds to the suit. In either case, the court enters a judgment against the borrower and sets a sale date if the lender prevails. 

Role of Connecticut Housing Finance Authority

By offering mortgage assistance loans, job training, and financial counseling, the Connecticut Housing Finance Authority (CHFA) assists Connecticut homeowners in avoiding foreclosure. Go to the CHFA website to learn more about the programs that the CHFA offers to homeowners trying to avoid foreclosure, the eligibility requirements, and how the programs might assist you.

If you agree to a Connecticut “foreclosure by market sale,” you can live in the house. At the same time, the lender sells it to a new owner by advertising it on the open real estate market. The lender must foreclose on the property if it does not sell. Even though you aren’t paying rent or a mortgage every month, you can still live in the house. A hybrid process known as a foreclosure by market sale combines the strict foreclosure procedure with aspects of a short sale. 

The Solution for Homeowners in Financial Distress

If you are in financial distress, there are solutions for homeowners.

  • Get a loan modification. A mortgage servicer will be able to help you lower your monthly payments and make sure that they keep up with your current mortgage payment amounts. If this doesn’t work, it’s time to start looking into other options, such as refinancing or selling the house, because foreclosure can affect your credit score negatively.
  • Sell the house if possible (but don’t sell it until after all foreclosure proceedings have been completed). You might be able to find another buyer who wants to buy your home but isn’t willing/able at this point because of the foreclosure status of their own home(s). This could allow them to get out from under debt obligations that would otherwise cause them problems when trying their luck at finding another house, down payment amount, etc. 


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Pre-foreclosure can be crucial because the lender may be willing to negotiate the borrower’s last rights on outstanding debt. Often, the borrower has one last chance to get out of default by making up for late payments, negotiating a modification, or selling the property before the final foreclosure eviction. The next time you hear someone say that there is no solution to the foreclosure crisis, think about what we have learned here today. There are solutions for homeowners in financial distress, which can be done at any time before or after an error or mishap happens with their current mortgage.

FAQ Section 

Question: What is the solution to a legal dispute during foreclosure? 

Answer: During the pre-foreclosure phase, disputes with the law occasionally arise. This can be seen in how the pre-foreclosure process might turn up more debt than initially thought, like tax debt. Pre-foreclosure can also reveal title defects and other similar issues, like foreclosure fraud, in which a third party wrongfully forecloses on your property. 

Question:  What is the appropriate way of tackling the pre-foreclosure issue? 

Answer: Pre-foreclosure typically does not necessitate legal counsel or intervention. The most crucial step is determining whether you can stop the foreclosure by paying off any outstanding debt. If you received a letter stating that you were in pre-foreclosure, but your lender states that you do not have a balance and are not in pre-foreclosure, you should immediately contact a local foreclosure lawyer. 

Question: What are the defining components of pre-foreclosure? 

Answer: Following are the components of pre-foreclosure. 

  • The house remains legally owned by the homeowner. 
  • During the pre-foreclosure stage, the homeowner still has the option of selling the house. 
  • In the pre-foreclosure stage, the homeowner can still avoid foreclosure; Moreover, even in the pre-foreclosure stage, the homeowner may still be able to sell the house at market value. 

Want To Discuss Your Pre-Foreclosure Options? Call Us at (860) 616-1368
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