Judicial Foreclosure Lawyer Waterbury, Connecticut
At The Law Offices of Ronald I. Chorches, our judicial foreclosure lawyer Waterbury, Connecticut recommends has decades of experience with judicial foreclosure actions throughout the state. Whether you are a defendant or plaintiff, our team can help you to increase your chances of success. For a consultation with a leading Waterbury, Connecticut judicial foreclosure lawyer, call our office today.
What is Judicial Foreclosure?
Judicial foreclosure is a specific type of foreclosure action that takes place in court. Unlike a foreclosure process that is overseen by the public trustee, a judicial foreclosure is overseen and decided upon by a judge. In general, a judicial foreclosure is a lot more time consuming and costlier than other kinds of foreclosure.
As a foreclosure lawyer Waterbury, Connecticut has to offer might explain, the court conducts this process in the same way as any other type of court action. Often parties include other claims for relief in the complaint. So, for instance, a judicial foreclosure case might also include a claim for judgement on the promissory note, damages, appointment of a receiver, a decree for a quiet title, or the eviction of parties currently occupying the property. All parties involved will have the opportunity to present their case before the judge as to why a lien or interest should or should not be judicially foreclosure. It will be solely up to a judge to make a decision; however, it can be useful to have a judicial foreclosure lawyer in Waterbury, Connecticut on your side.
Judicially Foreclosed Liens
Under the law, a court must foreclose on certain liens or property interests. For example, the court has a legal obligation to oversee the foreclosure of any deeds of trust to private trustees, owners’ association assessment liens, and many more. As a judicial foreclosure lawyer in Waterbury, Connecticut may tell you, in general nearly all non-consensual liens will have to be judicially foreclosed.
A Basic Overview of the Judicial Foreclosure Process
The following is a very basic overview of how a standard judicial foreclosure may proceed. Keep in mind the process for your own case could vary depending on the circumstances and factors of the case.
You become behind in your mortgage payments. At this point, you typically have 120 days of delinquency before the foreclosure process can begin.
You are sent a letter of notification. Typically the bank will send you a letter that states you are behind on payments and the foreclosure process will begin unless you pay everything off.
A lawsuit is filed by the bank. If you fail to pay off the debt, the bank will file a lawsuit asking the court for the right to sell the home and apply all proceeds from the sale to the debt.
You receive a notice of the lawsuit. You may be served with a summons and complaint. At this time, if you have not already done so, you should consult a judicial foreclosure lawyer in Waterbury, Connecticut.
You can respond. Once you receive a summons, you will have a certain period of time to respond. In general this is 20 to 30 days. If you don’t respond, the bank will ask the court for a default judgement and will almost certainly win the suit. If you respond, you will be given the chance to tell a judge why you think you should be able to keep the house, or in other words, why the foreclosure is unwarranted.
The court enters a judgement. The court will enter a judgement and a foreclosure sale is arranged. At the sale, the bank typically makes a credit bit. If no one bids higher, the bank will win.
Right to redeem. In select states, you may have a short time period to redeem the property.
You voluntarily leave or get evicted. If the bank wins the home, you will be asked to leave the property. Failure to do so can have legal consequences.
If you need a judicial foreclosure lawyer in Waterbury, Connecticut, please call The Law Offices of Ronald I. Chorches.