Life in Newtown, CT

What is foreclosure?  This question at the top of our list of frequently answered questions (FAQ)!  Many buyers and sellers have heard the term "foreclosure", but many are not really sure as what it means.  Depending on who we are talking to, the answer to this simple question can convey a vastly different meaning.

The simple answer to "what is foreclosure" is that the bank has taken ownership of a home - usually due to the mortgage not being paid for several months.  Once buyers and sellers hear this answer, other questions follow and the conversations that come out of "what is foreclosure" can lead almost anywhere.

Foreclosure is a legal matter and it requires an attorney.  It can be quite complicated and it can also be a rather lengthy process.  For a homeowner, the end result of foreclosure can result in losing ownership of their home and being evicted by a Sheriff.  Losing a home to foreclosure is a devastating and life changing event. 

While in pre-foreclosure, a homeowner can continue to live in the house.  There is usually a period of time where the homeowner can "pay up" the mortage to bring it current and take the house out of foreclosure.  Foreclosure has a lasting affect on your credit report - as long as 7 to 10 years.  Foreclosure laws vary by state and there are different types of foreclosure.  If you are served with foreclosure papers, we suggest that you contact an attorney immediately.

For a homebuyer, "what is foreclosure" can indicate a buying opportunity - a "deal".  A foreclosed property that is listed for sale is a "distressed" sale.  It is a "bank owned" or an "REO" property and generally is priced aggressively to get it sold quickly.  Expect a foreclosure property to be an eyesoar and to be in great disrepair as once the bank owns it, they will not keep up with home maintenace. 

If you have any questions about foreclosure or if you would like a list of foreclosure properties, Email us!

Bob & Richelle Ward, Realtors, ABR
Prudential Connecticut Realty
www.connecticuthomesforsale.com
Cell - (203) 470-9818

Prudential Connecticut Realty's Newtown Office will be holding an informative seminar for anyone who would like to know more about foreclosure and short sale properties.  Attorney Frank Lieto of Lieto & Greenberg LLP will discuss short sales and Attorney Larry Riefberg of Reifberg, Smart, Donohue and NaJame, P.C. will talk about foreclosures.

• Date:  Tuesday, June 30, 2009
• Time:  6:00 pm
• Location:  33 Church Hill Road, Newtown

What is a short sale?  Short Sale is a term that we hear quite often these days. A short sale is when there is not enough money in the transaction to satisfy all the obligations of the seller. These obligations can include the payoff of any and all mortgages, any loans collateralized by the property, transfer taxes, legal fees, real estate commissions and any outstanding property taxes or liens against the property. A short sale is often a better alternative for the bank and the seller to avoid the foreclosure process.

What is a foreclosure?  A foreclosure is legal proceeding whereby a property that has mortgage on it is taken back by the bank or lender due to non-payment of the mortgage.  The bank or lender has taken back ownership of the property - sort of like a repossession.

Stop by for a visit and while here, you can learn about these types of distressed properties.

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We have posted on www.LifeinNewtown.com about short sales in the past.  Here are the most recent:

http://activerain.com/blogsview/1094706/newtown-ct-of-short-sales-as-of-5-31-09-

http://activerain.com/blogsview/995075/newtown-ct-of-short-sales-as-of-3-21-09-

http://activerain.com/blogsview/904961/newtown-ct-of-short-sales-as-of-1-28-09

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Bob & Richelle Ward, Realtors, ABR
Prudential Connecticut Realty
www.connecticuthomesforsale.com
Cell - (203) 470-9818