Connecticut has been one of the more progressive states in protecting homeowners from foreclosure. Before a bank can foreclose on a mortgage in CT it must first try to work out another solution with the homeowner through mediation. It is a little bit redundant because most banks are already trying to find alternatives to foreclosure with out the court mandating it.
As a homeowner facing foreclosure all you need to due is file an appearance with the court. An appearance is a one page form that is included with the foreclosure paperwork the bank sends. Once the appearance is filed it basically buys the homeowner another 60 days to stay in there home. It is a good idea to go through the mediation even if you are working on a loan modification or a short sale.
To be eligible for the mediation the mortgage foreclosure must be filed against homeowners of one to four family, owner-occupied residential property located in the state of Connecticut. The property must also be the primary residence of the homeowner.
The mediation period starts when the court sends notice scheduling the first mediation session. It must conclude within sixty (60) days after the return date for the foreclosure action, but the court may extend the mediation for up to (30) days, or shorten the mediation period.
For further information or advice about short sales in Fairfield County CT click here.
You can also read all about the CT mandatory foreclosure mediation at the State Judicial website
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