Something doesn't sound right

Member since 2008 · 1 post · 0 votes

Hello,
To make a long and convoluted story simple, I will keep my focus on my questions: I live in Connecticut

1. After the courts have issued a foreclosure by sale, how long is the process before it goes to auction?

2. Is there anytime during the foreclosure process that the lender (or a representative for the lender) can intervene and stop the process?

3. If I want to attend an auction, do I need to clear this with anyone involved in this process? And is there a specific amount of money I need to pay up front before I can participate in the auction?

I received some information regarding a family member's home that is in this process. Nothing I have been told (by another family member) makes any sense to me (hence the above questions).

I appreciate any assistance you can offer me.

Thank you

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Joshua D.Pro Member
BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
18y
For a start, have a look at your State Foreclosure laws. You can find a summary at:
http://www.biggerpockets.com/foreclosurelaw/connecticut.html
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Jonathan Katz
Real Estate Consultant · Calabasas, CA · Member since 2008 · 61 posts · 1 vote
18y
Grace,

Originally posted by "Grace111":
1. After the courts have issued a foreclosure by sale, how long is the process before it goes to auction?

By definition the question you have just asked is self fulfilling. If the judge has set a Foreclosure by Sale, usually being done when the property has a sufficient amount of equity, the court will enter a date when a judgment is established and the time frame are up to the discretion of the judge. It can take at least 30 days before that may come to fruition.

Originally posted by "Grace111":
2. Is there anytime during the foreclosure process that the lender (or a representative for the lender) can intervene and stop the process?

A court hearing is required for any and all actions on a CT foreclosure. This includes hearings to extend the sale date, to place a file on hold and to cancel a sale. A judge will decide whether or not to grant the request. If granted though, the postponement is usually a 60 day minimum. the foreclosure sale will be postponed and reset to a future date which is decided by the court. IMPORTANT: Fees and costs to extend sale date are estimated at $420. Committee fees of approximately $5,420.00 could also be assess if a sale is continued. The amount of the committee fee is determined by the stage the foreclosure is in at the time of the request.

Originally posted by "Grace111":
3. If I want to attend an auction, do I need to clear this with anyone involved in this process? And is there a specific amount of money I need to pay up front before I can participate in the auction?

You do not need to advise anyone that you will be bidding at the auction and it depends on your county. Since there is a redemption period of 20 days it depends on how you want to approach this because if you lend the money you can wait up to 20 days after sale date to take care of the money. If you will need to have the entire cash on hand at the sale in order to purchase the property will most likely be up to your county.

It is always best if the homeowner or anyone that can assist the homeowner in calling their lender is not available it is important to hire an attorney or a company to handle their application, such as ours. Best of luck to them.

Regards,
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