Foreclosure in Connecticut

[pgk2010]

I'm curious to hear from anyone who has been foreclosed in Connecticut how long the process is actually taking right now. We have decided to walk away from our house, both mortgages were discharged and not re-affirmed in CH7, we're just trying to figure out the best time to stop paying as we don't want to be evicted before our oldest daughter finishes out the school year in June 2011.

From what I've read on the forums, we can probably stop paying our second now as the 2nd lender has very little equity to come after post sale, foreclosure costs, commissions, etc. - 1st is 338K, second is 59K - house worth about 370K according to Zillow.

[ryan]

It appears that for a judicial FC state, Connecticut's timeline is rather short. A few months seems to be typical, from what I am reading online. I would definitely look up some FC filings online for your court district and see how long actual cases are taking to come to the sheriff's sale. That should be your best information.

[dasmom]

You will probably be able to stay through June and beyond if you go through mediation. Connecticut now requires that every foreclosure filed is reviewed for eligibility to go through their mediation program. One requirement is that the home must still be your primary residence. There is also an upper limit for home values. It looks like you quailify. During mediation you can request that you are allowed to stay in the home through the school year. Check out ct.gov; do a search for the the mediation program. This will answer some of your questions. Good luck!

[pgk2010]

Thank you for the responses so far. I looked up all the foreclosure auctions taking place in my town for November and it seems most of those cases were filed in march/April. So looks like 7-8 months for the process on average. But when does the "eviction" take place? Can we stay until the day of the sale, or are we ordered out earlier?

Also Ty dasmom for the mediation info, I will look into it.

[dasmom]

As I understand it, you probably would want to have an alternate living situation lined up for the sale date so that you don't have to worry about an eviction.