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foreclosure: IS CONNECTICUT IS A RECOURSE STATE? - 10/12/11 10:19 AM
YES, CONNECTICUT IS A RECOURSE STATE
An internet search for the answer to this question, will frequently give the COMPLETELY INACCURATE answer that CT is an anti-deficiency/non-recourse state.
This is a widely spread incorrect fact. If you live in Connecticut and your home forecloses - the lender absolutely has the right to sue you for a deficiency judgement.
In CT, a deficiency judgement may be pursued by the mortgagee in both a strict foreclosure, and foreclosure by sale.
Per Connecticut Mortgage Law:
Sec. 49-14. Deficiency judgment. (a) At any time within thirty days after the time limited for redemption has expired, any … (1 comments)
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foreclosure: Will signing over my deed stop the foreclosure from affecting my credit? - 09/12/11 08:17 AM
Will signing over my deed stop the foreclosure from affecting my credit?
NO. You cant avoid foreclosure by signing your deed over to anyone. This will remove your ownership of the property and any say or control you had in what happens to the home, but it doesn’t get you out of the foreclosure.
If you signed up for the loan, you’re still responsible for the loan, even if you sign away the house. Unless the lender specifically ends your responsibility for payment, you’re still on the hook. A foreclosure will still happen, and it will still show up on … (2 comments)
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foreclosure: Will applying for a loan modification postpone my foreclosure? - 03/01/11 09:35 AM
Will applying for a loan modification postpone my foreclosure?
No, not usually. The time to pursue a loan modification is as soon as you feel you will no longer be able to afford your mortgage. Loan modifications can take many months to process. Six months to over a year is not unheard of. The time to start considering this is not once you are actively in foreclosure. It is not uncommon to be foreclosed on while waiting for your loan modification to be approved.
The same goes for listing your house for sale. Contrary to popular belief, simply listing your house does … (3 comments)
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foreclosure: The role of short sales and foreclosures in Cromwell, Connecticut - 02/23/11 07:49 AM
The role of short sales and foreclosures in Cromwell, Connecticut
Although Cromwell, CT does not exhibit the same extreme levels of foreclosures as other towns in the country or state, distress home sales are certainly an issue here in Cromwell as well. It is estimated that 25% of all homeowners are now upside down in their homes. While this is an unpleasant fact of life for the owner, it becomes a tremendous problem when forced to sell the home.Currently Cromwell has a total of 70 homes on the market (only single family residences were used for this research). Out of those homes 6% are listed as short … (0 comments)
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foreclosure: Skip all the middle men and buy that house direct from the bank! - 02/08/11 09:48 AM
Skip all the middle men and buy that house direct from the bank!
At least a few times a month I get a call that goes something like this:
"I found a house about to go into foreclosure. I also found out that ________(Bank of America, Deutsche Bank, Wells Fargo, Sovereign, XYZ Bank.....) has the loan on the house. I want to buy this house from the bank. Can you help me?"
Sorry folks, but the truth is that it just doesn't work that way. You have a few chances to buy a home going into foreclosure. Buying "direct" from the bank … (4 comments)
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foreclosure: Connecticut foreclosure activity continues to grow - 01/28/11 02:17 PM
Connecticut foreclosure activity continues to grow
According to a recent article in the Commercial Record, the foreclosure crisis just continues to worsen - even in Connecticut. Two of the states major metropolitan areas reported increase in foreclosure activity.
There were 6,068 foreclosure property filings in 2010 in the New Haven-Milford area, a 7.72 increase from 2009. The Hartford-West Hartford-East Hartford metropolitan area had 6,111 foreclosure filings in 2010, an 11.07 percent increase from 2009's numbers. There were 5,777 foreclosure filings in the Bridgeport-Stamford-Norwalk area in 2010, a 7.76 percent increase from the previous year. The Norwich-New London metropolitan area had the … (0 comments)
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foreclosure: Who pays Realtor commissions in a short sale? - 01/07/11 09:40 AM
Who pays Realtor commissions in a short sale?
In almost all real estate sales the seller pays for all the Realtor commissions out of the proceeds of the sale including fees to both the sellers agent and the buyers agent.
The way this works is:
A listing agent (seller's agent) is hired by the seller. The agent charges (for example) 6% of the sales price of the home as payment for the Realtor's services. The sellers Realtor markets the home to attract buyers, negotiates on behalf of the seller for the best price and terms, and oversees the transaction to closing ( that's the short version by the way, but for simplicity's … (0 comments)
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foreclosure: I plan to sell short. Should I make my mortgage payment anymore? - 12/27/10 11:01 AM
I plan to sell short. Should I make my mortgage payment anymore?
This is by far the most popular question asked by my Connecticut short sale clients. It would also rank as my least favorite question as the truth is I do not feel it is my position to advise anyone to, or not to, pay their mortgage. In fact, you'll be hard pressed to find any professional (lawyers included) to directly advise you here. This is a personal decision that you will have to make yourself. I will however give you the consequences of the action either way so that you … (41 comments)
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foreclosure: Fannie Mae Guidelines Update: No new mortgages for 7 YEARS after foreclosure - 11/30/10 01:28 PM
Fannie Mae Guidelines Update: No new mortgages for 7 YEARS after foreclosure
Fannie Mae has recently introduced new guidelines for mortgage underwriting, and is getting tougher on those who have experienced a prior foreclosure.
The time that must have elapsed after a foreclosure is up to 7 years from the previous 5. The changes highlight the importance of borrowers working with their servicers to avoid foreclosure and pursue other workout solutions, including short sales.
Fannie Mae Waiting Period Requirements as of 10/1/2010
BANKRUPTCY Chapter 7 or 11: 4 years
BANKRUPTCY Chapter 13: 2 years from discharge date or 4 years from dismissal … (2 comments)
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foreclosure: Dealing with a Connecticut foreclosure - help yourself with mediation - 07/15/10 03:31 PM
Are you dealing with a Connecticut foreclosure and running out of time?
Resolutions take time. Short sales take time, loan modifications take time, and deeds in lieu take time.
Banks are not very effective at communicating their workout plans to their attorneys, and attorneys will frequently move forward with a foreclosure, even if you are in the middle of a workout with your lender.
This is preventable.
Connecticut offers a foreclosure mediation service. This is free to qualified homeowners. Basically the state will assign a mediator to help you deal with your servicer (bank) in court, and most importantly help you get … (0 comments)
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foreclosure: So just how many homes accidentally foreclose? - 07/07/10 07:25 PM
I doubt a study has been done, but I would guess the number is quite high.
I just had my second "accidental foreclosure" happen today.
The first was a few weeks back. In their eternal wisdom, the lawyers for Vericrest accidentally foreclosed a few weeks prior to our approved short sale closing. No one wanted it to happen, least of all Vericrest, so we are 6 weeks into rescinding the foreclosure now so that we can go ahead and close.
Today I just happened to be checking tax records on one of my listed properties. I was very surprised to find … (10 comments)
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foreclosure: Fannie Mae's New Guidlines for Waiting Period After a Preforeclosure Sale, Short Sale, or Deed-in-Lieu of Foreclosure - 06/28/10 11:22 AM
Fannie Mae's New Guidlines for Waiting Period After a Preforeclosure Sale, Short Sale, or Deed-in-Lieu of Foreclosure
Effective April 30, 2010, Fannie Mae has changed the required waiting period for a borrower to be eligible for a mortgage loan after a preforeclosure event. The waiting period commences on the completion date of the preforeclosure event, and may vary based on the maximum allowable LTV, CLTV, and HCLTV ratios (referred to herein as LTV ratios) and occupancy of the property.
A summary of the changes:
Read the entire Fannie Mae announcement
GET CT SHORT SALE HELP
… (1 comments)
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foreclosure: FICO SCORES ... How They're Arrived At ... How They're Affected by Short-Sales, Foreclosures, & Bankruptcies - 06/07/10 10:01 PM
I get asked all the time...and this is by far the best explanation of credit ramifications of foreclosure/short sales/deed in lieu that i have yet to see....
Via Gene Mundt (Chicago Bancorp):
It is pretty much understood, that if in foreclosure or going through a short-sale, credit scores are going to take a hit. What has not been clearly understood ... is just how much of a hit is felt? Until recently, there had not been much of a barometer or "method" known for calculating or determining how these delinquencies would affect a FICO score. Fair Isaac has recently revealed a little bit of information as to how … (0 comments)
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foreclosure: Is FORECLOSURE really a four letter word? Rate of strategic default continues to grow. - 05/11/10 10:28 AM
Is FORECLOSURE really a four letter word? Rate of strategic default continues to grow.
Tired of carrying that house? It seems more and more folks are just saying no to making their mortgage payments and are choosing instead to simply walk away.
It is now estimated that 1 in 5 mortgage defaults is strategic. Strategic default is when the homeowner has the ability to pay, yet chooses not to and walks away simply because they feel that the home is no longer a good investment.
In this recent 60 minutes episode several people openly discuss their strategic default without shame. It is my opinion that … (1 comments)
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foreclosure: A sad call that came just a few weeks too late - 04/26/10 11:11 AM
I got a call from a Southbury, CT gentleman over the weekend. He was calling to find out his options regarding his foreclosure.
Regrettably, the real problem was he had already been foreclosed on 3 weeks ago. The lender now owned his home. In fact his former had also just begun proceedings for a $75,000 deficiency judgement.
At first he wanted to know how long he could stay...
I explained he may have a couple weeks to a couple months if the lender had to go so far as to evict him.
Then he asked would it be possible to make … (5 comments)
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foreclosure: What happens to my house in bankruptcy? - 04/21/10 10:28 AM
What happens to my house in bankruptcy?
I often hear folks touting bankruptcy as an answer to a foreclosure. This is simply not always accurate. Bankruptcy is a solution to debt issues. However, if you are hoping to save your home, filing bankruptcy will not in fact help you keep your home. A bankruptcy will only TEMPORARILY halt collection efforts from your lender, and will remove your personal responsibility to this debt. However you will inevitably have to repay the amounts owed, work out a repayment plan, modify the loan, or your home will end up in foreclosure anyway. Even once your responsibility … (0 comments)
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foreclosure: Distressed Sales Again on the Rise, Reaching 29% in January and Nearly 1 Million Last Year - 04/12/10 02:21 PM
Distressed Sales Again on the Rise, Reaching 29% in January and Nearly 1 Million Last Year
First American CoreLogic recently released its first monthly report on distressed sales activity. The report below indicates that distressed home sales - such as short sales and real estate owned (REO) sales - accounted for 29 percent of all sales in the U.S. in January: the highest level since April 2009. The peak occurred in January 2009 when distressed sales accounted for 32 percent of all sales transactions. After the peak in early 2009, the distressed sale share fell to 23 percent in July, before rising again … (0 comments)
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foreclosure: Connecticut Foreclosure Filings Increasing - 03/23/10 10:43 AM
Connecticut Foreclosure Filings Increasing
As suspected, the foreclosure problem only continues to grow month to month in Connecticut. As detailed in this Hartford Courant article foreclosure filings increased between February and March 2010, most likely due to our continuing unemployment problem as well as resetting adjustable rate mortgages.
The state has decided to continue their foreclosure mediation program for an additional year to aid with this continuing problem. If you are in need of foreclosure mediation services the state's mediation program can be reached at 860-263-2734.
Considering a CT short sale?
… (0 comments)
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foreclosure: What will happen if I don't make my mortgage payment anymore? - 01/18/10 06:23 PM
What will happen if I don't make my mortgage payment anymore?
Are you considering or have you made the decision that you cannot or will not pay your mortgage any longer?
Here's what you can expect:
What will happen:
Your credit score will start dropping with the first missed payment and will continue to sink. After about a month or two of nonpayment your lender's collection department will start calling you repeatedly at all hours of the day and they will send threatening letters. After about 3-6 months of non payment your lender will start foreclosure proceedings. The time between that and … (0 comments)
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foreclosure: 2010: Year of the strategic default? - 12/04/09 12:52 PM
Everywhere you look these days someone is talking about strategic default....more and more people are strategically discontinuing payments on their overleveraged homes and short selling or simply walking away.
I believe we have only seen the beginning of this.
Loan modifications do not address the real problem of heavy negative equity and are sure to fail most of the time. Even if the homeowner lowers their current payment they are left more trapped than ever. There will be no quick recovery this time. Years later when there is a need to HAVE TO move, the original problem of being upside down remains and the … (16 comments)
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Minna Reid, CT REALTOR®, Short Sale Agent
Berlin,
CT
More about me…
CG Real Estate
Address: 1224 Mill St., Bldg B, East Berlin, CT, 06023
Cell Phone: (860) 416-1255
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