Legal Question in Real Estate Law in Connecticut

Re: foreclosure

Hello,

Legally, your mortgage document gives the bank the right to foreclose if you default on the agreement. The only way to stop the foreclosure is to become current on the payments.

It is unfortunate, but the only way you could stop the foreclosure would be if the bank did not have the right to foreclose; and it sounds like you are behind on your payments, which is enough to start the foreclosure process.

You could also try refinancing your existing mortgage with the same or a different lender and wrap the deficiency amounts into the new loan. Your new lender might or might not be willing to work with you on this, since it is already in foreclosure. Because your credit is probably shot due to the late payments, your best bet might be to call a reputable mortgage broker who has access to a lot of different loans from many banks. If you have owned the house for a while and have equity built up, you will be in a better position for refinancing.

As a last resort, another option is to find an investor who specializes in helping distressed homeowners, who will buy the property from you and allow you to rent it back. I work with a couple of reputable investors. If you are interested, please give my office a call. I can't guarantee results, but it might be worth a try.

Sorry I can't be of more help. Good luck!

Diana