SELLING A HOME
BEFORE FORECLOSURE IN CONNECTICUT
Falling behind on your mortgage can be overwhelming. If you're considering selling the property, the most important thing is understanding where you are in the process, what the property may be worth and what options may still be available.
THE SOONER YOU UNDERSTAND
THE NUMBERS, THE MORE INFORMATION YOU HAVE.
A foreclosure situation involves legal and financial issues that should be addressed with the appropriate professionals. From the real estate side, one of the first questions is whether the property could realistically be sold and what the current market value may be.
WHAT DO YOU NEED TO KNOW FIRST?
WHAT COULD THE HOME SELL FOR?
A current market analysis can provide a realistic starting point. The property's location, condition, comparable sales and current market conditions all matter when determining potential market value.
HOW MUCH IS OWED AGAINST THE PROPERTY?
The mortgage balance and other obligations can affect what happens next. Your lender, attorney or financial advisor can help determine the exact amounts that need to be considered.
IF SELLING IS ON THE TABLE, HERE'S WHERE I COME IN.
PROPERTY REVIEW
Look at the home's condition, location and market position.
MARKET VALUE
Develop a current market analysis and discuss realistic pricing expectations.
SELLING STRATEGY
Discuss preparation, marketing, timing and the type of sale that may fit the situation.
NEGOTIATION
Market the property, manage buyer activity and negotiate offers while coordinating with the appropriate parties.
EQUITY CAN CHANGE
THE CONVERSATION.
One of the most useful things a homeowner can know is approximately what the property could sell for compared with the amount owed.
That doesn't determine the legal or financial outcome, but it can provide important information for conversations with your lender, attorney and other advisors.
MARKET VALUE
MINUS WHAT'S OWED
This is only a simplified way to think about potential equity. Actual sale proceeds can also be affected by commissions, closing costs, taxes, liens, mortgage charges and other obligations.
THE REALTOR IS ONLY ONE PIECE OF THE TEAM.
THE REALTOR
I handle the real estate side — market value, preparation, pricing, marketing, showings, offers and negotiations.
THE ATTORNEY
An attorney can advise you about the foreclosure proceeding, legal rights, deadlines, court filings and the legal consequences of different options.
THE LENDER & COUNSELOR
Your mortgage servicer and an appropriate housing or financial counselor can address the loan, payments, loss-mitigation options and financial circumstances.
IF YOU HAVE BEEN SERVED WITH A FORECLOSURE COMPLAINT, PAY ATTENTION TO THE DEADLINES.
Connecticut has a Foreclosure Mediation Program for qualifying homeowners. Eligibility depends on factors including the type of property, occupancy, location and circumstances of the mortgage.
The Connecticut Judicial Branch states that qualifying homeowners generally must file the required Foreclosure Mediation Certificate and Appearance within 15 days after the return date on the summons.
If you have received foreclosure paperwork, speak with an attorney or an appropriate housing counselor promptly about your specific deadlines and options.
COMMON QUESTIONS
Can I sell my home if I'm already in foreclosure?
A sale may still be possible in some circumstances, but timing and the status of the foreclosure matter. An attorney can explain the legal situation, while a Realtor can help determine the property's market value and whether a sale is realistic.
What if I owe more than my house is worth?
A short sale may be one possibility, depending on the lender, the loan and the circumstances. Lender approval and other requirements may apply.
Should I stop making my mortgage payments?
This page cannot tell you whether to stop making payments. That is a financial and legal decision that should be discussed with your lender, attorney or qualified housing counselor.
What if I've received a foreclosure notice from the court?
Pay close attention to the documents and deadlines. Contact an attorney or qualified housing counselor promptly. Connecticut also has a foreclosure mediation program for qualifying homeowners.
Do I need to wait until foreclosure is filed before talking to a Realtor?
No. From the real estate side, it can be useful to understand the property's market value sooner rather than later, particularly when timing may affect the available choices.
Can you tell me whether selling is my best option?
I can help you understand the property's market value and the real estate side of a potential sale. Legal and financial decisions should be made with the appropriate attorney, lender or qualified counselor.
YOU DON'T HAVE TO WAIT UNTIL YOU KNOW EXACTLY WHAT TO DO.
If you're worried about losing your home, we can start with the real estate side: what the property may be worth, what it might take to sell it and what the current market looks like.
LET'S TALK ABOUT YOUR PROPERTY.
Bring me the situation exactly as it is. You don't need to have all the answers first.
TALK ABOUT MY SITUATION → EXPLORE OTHER COMPLICATED SALES →This page provides general real estate information and is not legal, financial, mortgage, foreclosure or housing-counseling advice. Foreclosure laws, court procedures, deadlines and available options can vary by case. If you are involved in a foreclosure proceeding, consult a qualified Connecticut attorney, your mortgage servicer and/or an appropriate housing counselor regarding your specific situation.