Connecticutt Foreclosure Procedure
Connecticut foreclosures are performed by the courts in a Judicial proceeding with two (2) alternative methods of foreclosure: (1) Strict Foreclosure and (2) Foreclosure By Sale. The reason that there are two alternative methods of foreclosure is simply a matter of equity in the property. If there is no equity in the property, the property will be given to the bank under the strict foreclosure procedure. The rationale for this type of outcome instead of a foreclosure by sale is that there will be no money to distribute after a sale. This determination is made by the judge in the particular case.
NOTICE OF INTENTION TO FORECLOSE (breach letter)
If the lender wants to chase the homeowner for any loss suffered as a result of the auctioning of the property at less than the amount owed on the mortgage, it must send the breach letter described in the previous chapter. The lender must also comply with the Promissory Note provisions and mortgage provisions as well as, the Federal Fair Debt Collection Practices Act 15 USC 1692.
FILING A COMPLAINT TO FORECLOSE
Prior to filing a complaint to Foreclose the attorney representing the bank will cause a title search to be completed to ascertain the names of all lien holders on the property. All lien holders will be made party defendants in the foreclosure complaint. The complaint will be filed in the County Superior Court and will recite the facts of the mortgage, referring to the Volume and page # of the Land record and the fact that the mortgage has been breached and is still due and owing. The bank will then request alternative judgments requesting possession, a deficiency judgment, and strict foreclosure.
The form of the complaint is given to the attorney by the Superior Court. The complaint will require a notice to all people unemployed or underemployed who owned a property continuously for two years that they may be entitled to relief pursuant to Connecticut G.S. 49.31W.
Return Date
Connecticut requires that the with the summons and Complaint be served upon each defendant twelve (12) days before the return date. The return date is set by the banks lawyer and requires the parties to file an appearance with the Court. Connecticut, unlike many other states requires the complaint to be served prior to the complaint actually being filed with the court.
Default JUDGMENT
In order to foreclose upon a property the plaintiff needs to receive a default judgment or if contested a summary judgment hearing or a trial will be held establishing the debt. There are three (3) ways to obtain a default judgment against the defendant: 1) Failure to appear; 2) failure to disclose a defense; 3) failure to plead.
Failure To Appear The defendants must file an appearance within two (2) days of the return date ( ten days from receipt of the summons. Failure to do so, will allow the bank to get a judgment by default.
Failure To Disclose A Defense
This default is only available when the debtor ( homeowner) has a lawyer representing him. If the homeowner has a lawyer and fifteen (15) days have passed since the return date, the banks lawyer will file a demand for the disclosure of a defense. If the attorney for the homeowner fails to disclose the defense within five days, then a motion for default can be filed and will be granted if no defense is disclosed prior to the hearing.
Failure To Plead
If the homeowner is representing himself and has not filed a response within the fifteen days then a motion for default will be filed and the homeowner will be defaulted if a pleading is not generated before the hearing.Once the defaults have been entered the bank can move for a judgment.
Motion for Judgment After receiving the default, the lender or its attorney will file a motion for Judgment. The judgment must have the following documents attached to it.
1) Original Promissory Note
2) original mortgage
3) all original assignments
4) A real estate appraisal with an oath;
5) military affidavit;
6) affidavit of debt
7) affidavit that the lender does not participate in the Connecticut Emergency Mortgage Assistance Program. Once filed it normally takes seven (7) to fourteen (14) days to get the motion on the foreclosure calander.
JUDGMENT HEARING STRICT FORECLOSURE OR FORECLOSURE BY SALE
A judge at the judgment hearing will decide if the property needs to be set down for a sale date of for a law day based upon the documents presented.
http://ezinearticles.com/?Connecticutt-Foreclosure-Procedure&id=151546
Connecticut FHA Mortgages - No Income Restrictions for High Income CT Residents
Did you know that the government insured FHA program for Connecticut homebuyers does not have income restrictions? You can make a million dollars a year and still qualify for the same interest rate and program that are generally associated with low income housing programs. The Housing and Urban Development created the national Federal Housing Authority to insure mortgages including Connecticut home loans against default so that mortgage lenders would offer lower interest rates to Connecticut first time homebuyers and Connecticut homeowners to promote home ownership all over the nation.
Many Connecticut residents who are saving to buy a home do not think that they can qualify for a low interest rate FHA mortgage because they make too much money. This is a common misconception that I address frequently and often with many first time home buyers who want to get the lowest rate possible. With FHA mortgages in Connecticut you must document your income and there is little to no flexibility such as the popular twelve months of bank statements that many self-employed borrowers use to qualify for programs.
The major challenge that many high income Connecticut homeowners or potential homebuyers have is that they are limited by the Connecticut FHA mortgage limits. For example in Fairfield County the mortgage limits are $362,790 for a single family which is well below the median home price in the highly coveted areas of Fairfield.
The guidelines that determine your Connecticut FHA eligibility are:
You must have verifiable income from your W2, paystubs and tax returns
You must maintain a low monthly outflow of cash for paying your mortgage and bills
You must have 3% to put down on a purchase from your savings, parents, relatives, 401k or down payment assistance program.
You must not exceed the maximum mortgage limits for the county that you are buying in.
Keep in mind that FHA is an insurance program that any mortgage lender can use to guarantee that the mortgage money that they lend you will have some type of safety net in case you default on the mortgage at any time.
A Connecticut FHA insured mortgage is the best mortgage program available for thousands of homebuyers who want to get a low thirty year fixed rate.
http://ezinearticles.com/?Connecticut-FHA-Mortgages—No-Income-Restrictions-for-High-Income-CT-Residents&id=864898
How To Be Free Of Your Connecticut Home Mortgage, Forever!
Lately in the news there have been all types of government sponsored Connecticut mortgage assistance programs that offer to help you if you are facing foreclosure, have an adjustable rate mortgage or just want to buy a home with little to no money down. However, how many programs offer assistance for you to get completely 100% out of debt in as little as 4 - 5 years?
Don’t answer that question because I will tell you. Few to none. There are few Connecticut home mortgage programs in Connecticut that will teach you how to completely eliminate your debt in a short period of time without living out of a cardboard box. Why is that? Well, the whole financial institution in America is built on borrowing money and paying interest. There is a reason why we as a nation lead the whole world in consumer debt and national debt.
If you live in Connecticut and also have a home loan in Connecticut then you face an even greater challenge as Connecticut is one of the most heavily taxed states in the nation. If you are living on the debt bubble then you have to adopt lifestyle changes to truly tackle the debt problem you are facing. A few of the changes that can have an immediate positive impact on your battle against debt are:
Never paying full retail price for anything. If its not on sale and its not a true necessity then do not buy it at that time. Take a trip to the clothing outlets in Clinton, Connecticut if you truly want to find a bargain.
For fun make sure that you know all of the low cost or free events and attractions in your local city. These can be great for living like a king on a shoestring budget. Several times a year there are fairs and events on the green in downtown New Haven, Connecticut.
Take your lunch to work and eat out less often. If you live in Stamford, Connecticut or Hartford Connecticut this could prove to be a great saving strategy.
Use your walking shoes more often. Unfortunately in Connecticut we only have several month’s of walking weather, but make sure that you maximize that time to shed a few pounds and save some gas.
These tips can be used without taking out any new Connecticut home loans or consolidating any Connecticut home mortgages. Although I couldn’t understand why anyone wouldn’t want to lower a 18 or 19% interest rate on credit cards or a 8.5% rate on a $200,000 mortgage. This system doesn’t require you to take out a loan.
If you want a real solution that can help you solve the debt problem once and for all then you should check out the Connecticut Debt Elimination System which is the best solution for Connecticut residents that are facing mountains of debt.
http://ezinearticles.com/?How-To-Be-Free-Of-Your-Connecticut-Home-Mortgage,-Forever!&id=912448
Connecticut Home Equity Loans - How Much Will Your Home Equity Loan Cost You?
If you have managed to build up equity in your Connecticut home and you are thinking about taking out a home equity loan, you could be making a very wise decision. A Connecticut home equity loan is a great borrowing option for savvy homeowners. These types of loans are relatively easy to obtain and come with the benefit of low, tax-deductible interest. Even so, you should try to establish how much your Connecticut home equity loan will cost you before making any final decisions.
Connecticut Home Equity Loan Interest
Interest will be, by far, your biggest cost when you borrow from your home’s equity. Though loan rates are quite low compared to other loans, you will still feel the hit. Checking out average rates before you apply for your Connecticut home equity loan is a good idea because it gives you something to compare your loan offers to. Currently in Connecticut, interest rates on $30,000 home equity loans average between 5.5 percent and 8.5 percent. Keep in mind, however, that rates can change on a monthly, or even a daily, basis. Your credit score will also affect the total amount you pay.
Other Connecticut Home Equity Loan Costs
Though interest will cost you a pretty penny, it is not the only expense associated with a Connecticut home equity loan. You will also be required to pay closing costs and other fees. The closing costs on a Connecticut home equity loan are very similar to the fees paid when you took out your original mortgage. Unless you can get your lender to pay some of the expenditure, you will be responsible for paying attorney fees, title fees, document preparation, appraisals, and insurance costs. You may also be required to pay points and an annual loan maintenance fee.
http://ezinearticles.com/?Connecticut-Home-Equity-Loans—How-Much-Will-Your-Home-Equity-Loan-Cost-You?&id=370144
The Truth About Connecticut Home Owner Insurance Quote
As you are shopping for your new Connecticut home, keep your Connecticut home owner insurance quote in mind. It is not impossible to save money on your home owner insurance policy if you have already purchased a home, or have lived in your home for several years, but it is easier to save money if you evaluate the pros and cons of the homes you consider in regards to your home owner insurance quote.
The location of your home is important when it comes to your Connecticut home owner insurance quote. If your home is near a fire hydrant, a fire department, and a police station, you may be able to get a better home owner insurance rate. Some home owner insurance companies in Connecticut prefer professional fire departments over volunteer fire departments; however, any fire department is better than none.
Find out how old each home’s electrical, plumbing, heating, and cooling systems are. If they are under ten years old, you may be able to get a cheaper Connecticut home owner insurance quote. If they are older than ten years, replacing them may be necessary which will cost you extra money in addition to the price of the home.
Connecticut is an East Coast state, and many home owner insurance companies give more affordable rates to policyholders in the East who own brick homes over other building materials. Brick homes are more resistant to high winds and storms – two weather conditions very common to the East. If you have a brick home, not only is the structure of your home able to stand up against the elements better, but your home’s contents are better protected as well. Home owner insurance companies love additional home protection – it means you put them at a low risk to insure.
Safety precautions can be taken after you purchase your home, but keeping precautions in mind as you shop helps you save money upfront.
http://ezinearticles.com/?The-Truth-About-Connecticut-Home-Owner-Insurance-Quote&id=455119
Connecticutt Foreclosure Procedure
Connecticut foreclosures are performed by the courts in a Judicial proceeding with two (2) alternative methods of foreclosure: (1) Strict Foreclosure and (2) Foreclosure By Sale. The reason that there are two alternative methods of foreclosure is simply a matter of equity in the property. If there is no equity in the property, the property will be given to the bank under the strict foreclosure procedure. The rationale for this type of outcome instead of a foreclosure by sale is that there will be no money to distribute after a sale. This determination is made by the judge in the particular case.
NOTICE OF INTENTION TO FORECLOSE (breach letter)
If the lender wants to chase the homeowner for any loss suffered as a result of the auctioning of the property at less than the amount owed on the mortgage, it must send the breach letter described in the previous chapter. The lender must also comply with the Promissory Note provisions and mortgage provisions as well as, the Federal Fair Debt Collection Practices Act 15 USC 1692.
FILING A COMPLAINT TO FORECLOSE
Prior to filing a complaint to Foreclose the attorney representing the bank will cause a title search to be completed to ascertain the names of all lien holders on the property. All lien holders will be made party defendants in the foreclosure complaint. The complaint will be filed in the County Superior Court and will recite the facts of the mortgage, referring to the Volume and page # of the Land record and the fact that the mortgage has been breached and is still due and owing. The bank will then request alternative judgments requesting possession, a deficiency judgment, and strict foreclosure.
The form of the complaint is given to the attorney by the Superior Court. The complaint will require a notice to all people unemployed or underemployed who owned a property continuously for two years that they may be entitled to relief pursuant to Connecticut G.S. 49.31W.
Return Date
Connecticut requires that the with the summons and Complaint be served upon each defendant twelve (12) days before the return date. The return date is set by the banks lawyer and requires the parties to file an appearance with the Court. Connecticut, unlike many other states requires the complaint to be served prior to the complaint actually being filed with the court.
Default JUDGMENT
In order to foreclose upon a property the plaintiff needs to receive a default judgment or if contested a summary judgment hearing or a trial will be held establishing the debt. There are three (3) ways to obtain a default judgment against the defendant: 1) Failure to appear; 2) failure to disclose a defense; 3) failure to plead.
Failure To Appear The defendants must file an appearance within two (2) days of the return date ( ten days from receipt of the summons. Failure to do so, will allow the bank to get a judgment by default.
Failure To Disclose A Defense
This default is only available when the debtor ( homeowner) has a lawyer representing him. If the homeowner has a lawyer and fifteen (15) days have passed since the return date, the banks lawyer will file a demand for the disclosure of a defense. If the attorney for the homeowner fails to disclose the defense within five days, then a motion for default can be filed and will be granted if no defense is disclosed prior to the hearing.
Failure To Plead
If the homeowner is representing himself and has not filed a response within the fifteen days then a motion for default will be filed and the homeowner will be defaulted if a pleading is not generated before the hearing.Once the defaults have been entered the bank can move for a judgment.
Motion for Judgment After receiving the default, the lender or its attorney will file a motion for Judgment. The judgment must have the following documents attached to it.
1) Original Promissory Note
2) original mortgage
3) all original assignments
4) A real estate appraisal with an oath;
5) military affidavit;
6) affidavit of debt
7) affidavit that the lender does not participate in the Connecticut Emergency Mortgage Assistance Program. Once filed it normally takes seven (7) to fourteen (14) days to get the motion on the foreclosure calander.
JUDGMENT HEARING STRICT FORECLOSURE OR FORECLOSURE BY SALE
A judge at the judgment hearing will decide if the property needs to be set down for a sale date of for a law day based upon the documents presented.
http://ezinearticles.com/?Connecticutt-Foreclosure-Procedure&id=151546
Residential Construction Issues in Connecticut
Are you in this midst of a construction project or just thinking about one? Is your contractor licensed? Does the construction contract contain all of the information required by Connecticut state law? With all of the construction going on in Fairfield County, it is important for you to review these issues to make sure that you, the homeowner, are protected in the event your project turns sour.
In Connecticut, both new home builders and home improvement contractors must be licensed. There are separate and distinct licenses for each and both are licensed by the Department of Consumer Protection (“DCP”). Holding either license, however, does not mean that the builder/contractor has done anything more than fill out the proper paperwork and pay the required fees. The license is not an endorsement by the DCP that the builder or contractor does good work or maintains appropriate insurance. According to the DCP, the definition of a “Home Improvement” is “any permanent change to residential property, including but not limited to driveways, swimming pools, porches, garages, roofs, siding, insulation, solar energy systems, flooring, patios, landscaping, painting, radon mitigation, residential underground oil tank removals, fences, doors, windows and waterproofing, unless the work contracted for is worth less than $200.00.” A “New Home Construction Contractor” is any person or business who builds speculative housing or contracts with a consumer to construct or sell a new home or builds any portion of a new home prior to occupancy.
To check if your new home builder or renovation contractor is licensed, you can go to DCP’s web site at www.ct.gov/dcp and click on the Home Improvement tab. A major benefit of using a registered new home builder or renovation contractor is that DCP administers the “New Home Construction Guaranty Fund” and the “Home Improvement Guaranty Fund.” These funds are available to reimburse consumers who are unable to collect for loss or damage suffered from a registered contractor’s failure to perform under a contract. The maximum recovery from the Home Improvement Guaranty Fund is $15,000.00 and $30,000.00 from the New Home Construction Guaranty Fund. There are specific requirements for collecting from each of the funds and you should contact DCP or an attorney knowledgeable in construction law to make sure that you fully comply with all of the requirements.
Once you determine that your home improvement contractor is licensed, you must make sure that the contract contains all of the required information. Connecticut law requires the following of a home improvement contract: (1) It must be in writing, including all changes and modifications; (2) It must include four dates: the date the contract is signed, the date the work will begin, the date by which the work will be completed, and the date by which the homeowner may cancel the transaction; (3) It must include a Notice of the Customer’s Right to Cancel within three business days after signing the contract. The Notice must be attached to and made part of the contract, and must be in duplicate; (4) The notice contained in the contract must be near the customer’s signature and in substantially the following form: “You the buyer may cancel this transaction at any time prior to midnight on the third business day after the date of this transaction. See the attached notice of cancellation for an explanation of this right.” NOTE: Saturday is a legal business day in Connecticut; (5) Both the contractor and customer must sign and date the contract; (6) Contractor must give customer a completed copy of the contract to keep; (7) The contract must be entered into by a registered contractor or salesperson; and (8) It must contain the name and address of the contractor.
If you are building a new home, once you determine that your new home contractor is licensed, you should make sure that the contract contains all of the required information. The new home contract must contain a provision advising you that you may be contacted by the contractor’s other prospective customers concerning the quality and timeliness of the contractor’s new home construction work. You then may advise the contractor in writing upon execution of the contract that you do not wish to be contacted.
If your contractor refuses to enter into a contract that complies with the necessary requirements, you should seek another contractor.
It is recommended that you do not give your contractor cash advances or large up-front payments. You and your contractor should agree on a payment schedule that roughly follows the progress of the work (i.e. - 20 percent progress payments each time the job reaches pre-determined levels of completion). It is never advisable to provide the final payment until the job is complete.
Finally, Connecticut law provides for certain express and implied warranties for new home construction. You should contact DCP or an attorney knowledgeable in construction law if you have a new home warranty issue.
http://ezinearticles.com/?Residential-Construction-Issues-in-Connecticut&id=470103
Connecticut Foreclosures - The Courts Are In Charge
Over the past year, a sluggish real estate market and the consequences of questionable lending practices have led to an increase in the rate of Connecticut foreclosures.
As of February 2007, in fact, Connecticut was experienced a foreclosure for every 118 households making the Connecticut foreclosures rate the nations’ seventeenth highest.
Connecticut’s legal procedure concerning foreclosures offers two options: foreclosure by sale, or strict foreclosure. The appropriate option is determined by the amount of home equity owner has accumulated in the property.
In those cases in which the home owner has accumulated little or no equity, the strict foreclosure rule applies. The bank or lender is entitled to the full amount of proceeds from the property. If the homeowner has accumulated some equity, however, the foreclosure by sale method applies. The judge assigned to each foreclosure case will determine which option is the correct one.
The First Step: The Complaint to Foreclose
The Connecticut foreclosures laws require that, when a foreclosure is in order, a set of procedural steps be followed. The first step is the Complaint to Foreclose, in which the bank determines the correct names of all those who hold liens against the property in question. Those parties will be included in the Complaint as defendants.
The Connecticut foreclosures statute requires that the Complaint to Foreclose be filed in the Superior Court of the County in which the property is located, indicating that the mortgage is in default and that the bank is within its rights to ask for repossession of the property, or strict foreclosure.
If the bank suffers a loss from selling a Connecticut foreclosure at auction for an amount less than what it was still owed, the bank is required to send a notification of breach and to follow the mortgage and promissory note provisions.
If you intend to file a Connecticut foreclosure, both the summons and Complaint must be served on all defendants within twelve days. If this is done, and the defendant fails to appear at the Court hearing, the court may award the plaintiff a default judgment; default judgments are also possible if the defendant neither makes no plea nor offers a defense.
A Matter For The Court
Connecticut foreclosures are initiated as soon as a lender files the necessary legal documents against the property owner. From that point the Court makes all the decisions regarding the amount of debt, the property’s actual value, and the costs involved in the foreclosure proceeding. And most importantly, the Court determines whether there will be a foreclosure by sale or a strict foreclosure.
In cases of strict foreclosure, the borrowers are given a specific day by which they must either pay off the amount owed or lose their interest in the property. All the other defendants to the foreclosure actins are given similar deadlines, and if nor payment is made, the title to the property vests in the foreclosing lender, usually after one hundred and fifty days. But the time between the judgment of strict foreclosures and the vesting date dictated by Connecticut foreclosure law is discretionary, and if the Court determines that the debtor under financial hardship, it may extend the time for repayment.
If the Connecticut foreclosure is to be a foreclosure by sale, the court will set a sale date which is usually sixty to ninety days in the future. The Court will also, within fourteen days of the actual sale, decide whether or not the terms of the sale are acceptable.
http://ezinearticles.com/?Connecticut-Foreclosures—The-Courts-Are-In-Charge&id=550127
Connecticut Real Estate Courses
Not everybody is interested in real estate. And not everybody knows anything about this subject, much less about the specifics of Connecticut real estate. This is one of the main reasons why experts on Connecticut real estate have come up with Connecticut real estate courses so as to provide knowledge and information to those who want to learn about this subject.
What are Connecticut real estate courses?
There are various laws and ordinances that govern each state of the US. Also, there are laws and ordinances that are unique to one or two states only. That is why it is important to understand the specifics of Connecticut real estate if you are interested in this field.
Connecticut real estate courses assist people in learning the specifics of Connecticut real estate. These are actually classes where there are lectures and lessons regarding anything and everything that one should know about Connecticut real estate. These courses are mostly handled and taught by Connecticut real estate agents or by people who are already experts in this field.
What do these courses offer?
People who teach these courses offer different kinds of information. The classes are also handled differently by each one. However, the most common and the basic things taught in Connecticut real estate courses include the laws that govern Connecticut real estate, the duties and responsibilities of a Connecticut real estate agent, and the types of real estate found in Connecticut. There also are some courses that teach people how to enhance, improve, and hone their real estate skills of selling and buying.
Who can take Connecticut real estate courses?
Anyone who is interested in real estate can take these courses. Most of the time, people who are interested in becoming Connecticut real estate agents or who would like to own real estate businesses in the state are the ones who enroll in these courses.
http://ezinearticles.com/?Connecticut-Real-Estate-Courses&id=277408
Connecticut Real Estate - Pleasant Northeastern Escape
Connecticut is close to all the major attractions in the Northeast, but has much to offer on its own. If you’re looking for a little peace in the Northeast, Connecticut real estate is a good option.
Connecticut
With a colonial history, beach towns and little seaside villages, Connecticut is a classic Northeastern state. Unlike its neighbors, Connecticut tends to be less populated and have a bit slower pace of life. Sitting close to New York City, Connecticut is a popular relocation spot for people working in the city, but trying to avoid the population crush.
Hartford
The capital of the state, Hartford is a modern city and considered the insurance company capital of the United States. With such a title, you might think Hartford isn’t exactly a vibrant city. Unfortunately, you’re correct. There isn’t much to recommend the city if you’re looking for nightlife or outdoor experiences. Real estate prices, however, are reasonable for the Northeast and it is a relatively short trip to more vibrant locations.
Mystic
Unlike Hartford, Mystic is town with a ton of culture. Located on the Atlantic seaboard, the town has a strong seafaring history and takes pride in it. With colonial architecture, the city is bursting with color as the leaves turn in the fall. A classic seaport, Mystic celebrates the history with maritime museums, classic whaling schooners and as pleasant a group of people as you will ever find. You can even order 5-cent beers in a few of the local taverns. Admittedly, the glasses are very small, but 5 cents is 5 cents!
Connecticut Real Estate
Connecticut real estate prices differ greatly from location to location. Generally, the closer the location is to New York City, the higher the prices. A single-family residence in Hartford will set you back $325,000, but prices range from the low $200,000 to over $1,000,000 throughout the state.
On a positive note, Connecticut real estate has a strong growth pattern. Appreciate rates for 2005 were over 13 percent, which is above the national average.
http://ezinearticles.com/?Connecticut-Real-Estate—Pleasant-Northeastern-Escape&id=81606