Foreclosure Process
The typical process of a foreclosed home is the buyer misses their payments, notices of foreclosure are sent, the property goes to auction and if it doesn’t sell, reverts back to bank ownership. The bank can then choose to put the home back on the market for sale, listed through realtors.
In the past decade, getting the home from auction back on to the market took about a year. But today, in some states, that process can easily take a few years. The influx of foreclosure properties and the moratorium placed in certain states added months and years on to the process. Connecticut is one such state that has seen this huge increase in taking properties from auction to market, easily surpassing the 50+ month mark in 2016.
A major contributor to Connecticut’s timely process is the fact that it’s a judicial foreclosure state. Each state is either judicial or non-judicial, simply meaning they either proceed with foreclosure in or out of the court system. Connecticut’s judicial foreclosure process gives homeowners extended time to contest foreclosure and prolong it through court hearings and increased paperwork.
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