Legal Question in Real Estate Law in Connecticut

Re: foreclosure

The CT Judicial Branch recently developed the mediation program for foreclosures to address the recent financial and housing crisis. The purpose of the foreclosure mediation program is to try to assist homeowners like yourself who feel like you are being intimidated or threatened by the large banking/lending conglomerates.

I don't know the particulars of your case, so I can't tell you when the auction will take place. However, if a judgment of foreclosure sale has been entered then an auction date has been scheduled.

It appears that the purpose of the mediation is to assist you and the bank to work out a modification of your loan so you don't have to be foreclosed upon. Remember, that most lenders don't want the properties because the market is not good. They would rather work it out with you so they don't get stuck with a house they can't sell.

Go to the mediation with a positive attitude and be prepared. Figure out what you absolutely can afford to pay monthly and for how long. I am seeing many lenders who are being very flexible because they don't want foreclosures.

It also appears that mediation is ordered prior to a judgment of foreclosure by sale, so that you do have the opportunity to work out a modification. Good luck!