Connecticut Foreclosure

Some Information on Foreclosures by Sale in Connecticut

If you are dealing with an imminent foreclosure or in the midst of one you should immediately consult with an attorney . Your rights to any equity of redemption may be effected in the event you fail to act on your behalf. What is your equity post-foreclosure sale or transfer - its any money you may be entitled to after the foreclosure goes to judgment then its ultimate disposition through the judicial department.

A foreclosure by sale would be conducted by a committee for sale, an attorney within the judicial district appointed by the Court to conduct the sale. It is that committee which is appointed to foster the highest sale price. The auction would be Ordered for a date certain which is customarily as Saturday at noon. Typically, there will be an inspection period for approximately two hours before the sale. The auction will have been advertised by either a sign erected upon the premises and/or an advertisement take out in the local newspaper for the next two preceding Sunday or other days as Ordered by the Court. For the most part both a sign and newspaper ad with be Ordered in my opinion. On the date of the Sale the committee may utilize the services of a police officer and/or locksmith to further the auction. Liability insurance will be obtained for the date of the sale.

The day of the auction:

If you are still in possession of the property expect that on the date of the auction the committee whose name you should know from the judicial notices and/or sign erected upon the property will arrive on or about ten a.m. or thereabouts. It is you choice to permit potential bidders to inspect that portion of the property which is occupied. Remember, it is in your interests to assist the committee in generating the highest bid.

People who desire to bid would register with the committee and be issued a number. To register you must provide you name, contact information and a bank or certified funds in an amount usually equal to ten percent of the property's drive by appraisal as valued on the date of judgment.

At noon the auction opens, customarily with a faxed bid from the foreclosing plaintiff. Then bidding would be conducted with the numbers issued to the approved bidders previously registered with the committee. The highest bidder would be required to execute a bond for deed essentially a contract to purchase. Beware, the successful bidder will be required to purchase the property within thirty days or as further Ordered by the Court from the date the Court approves the Sale. Please be mindful especially under the new guidelines that banks are imposing for mortgages these days the potential inability for the bank or lending institution to conduct a full appraisal may put your deposit at risk. Failure to close within those thirty days may upon Order of the Court forfeit your deposit - substantial for the most part.

I have been acting as a committee for some time now and have yet to see a piece of property go for a dollar.