- December 4, 2023
- Posted by: legaleseblogger
- Category: Related News
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**Marital Rights and Property Equity: What Happens After Foreclosure in Connecticut**
I am reaching out for advice regarding the legal aspects of my current situation. My husband purchased our home during the pandemic, and due to the shutdown, I lost my job. This led to only his name being on the loan, with the intention to add my name to the deed at a later date. Unfortunately, this never happened.
Given the circumstances, I have made the difficult decision to pursue a divorce, considering that we have two children together. With this in mind, I am concerned about my rights regarding the equity in the property following a foreclosure sale or auction. It is worth noting that the home has been appraised at $50,000 higher than the original purchase price.
I would greatly appreciate any insights or feedback you might have on this matter, especially considering the specific legal framework in Connecticut.
I believe that the AI Legalese Decoder can be a valuable tool in this situation. By using this advanced platform, you can gain a clear understanding of your rights and options in terms of property equity and foreclosure proceedings. The AI Legalese Decoder can process complex legal language and provide you with comprehensive information tailored to your specific circumstances in Connecticut. This can empower you to make informed decisions and take the necessary steps to protect your interests during this challenging time.
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Your rights to home equity would be determined by the laws in your state.
As a practical matter, foreclosure sales tend to be below market value and it is highly unlikely there will be any excess after a foreclosure sale.
Hubby could file a chapter 13 bankruptcy before the sale and do a cure and maintain if he can afford the monthly payments. It would also allow time to have a non forced sale to maximize equity proceeds.
Foreclosure sales rarely result in getting anywhere close to market value. Even if the home appraised higher than when you purchased it will likely sell for much less than that, in addition you will likely owe fees as a result of the foreclosure sale.
In all likelihood you will come out of this still owing the bank money
Consult an attorney right away. You have too many variables in play here and need proper guidance. A foreclosure will have many fees and missed payment penalties added into the amount so the amount you owed prior to the foreclosure isnÔÇÖt the total amount owed. Combined with the lower prices of a foreclosure sale there is very little chance that any of the $50k in equity would exist at the end. You still have some time left to attempt the best plan moving forward which is why an attorneyÔÇÖs advice will be valuable.
Even if your name wasn’t on the deed, the property is assumed to belong to the couple, to be split equitably during the divorce. I wouldn’t get too excited though it is auctioned off for a foreclosure odds are you won’t be getting much if anything
Back in like ~2009 right after the real estate bubble burst, my dad bought a foreclosed house. It was something he would never have been able to afford otherwise; bought a 400k+ house for closer to 200k. You are not going to get market value. ItÔÇÖs just like getting a car repossessed, and you will likely still owe money on it.
If you file bankruptcy chapter 13 they will put a hold on the foreclosure. You will need to have the income to catch up on the arrears. If you miss a payment it goes back into foreclosure. You will have to pay the money you owe buy it will be divided into smaller chunks that you will pay in addition to your regular payment.
I doubt you’ll see that money. When a house is forclosed, the bank just wants to make back the money they’re owed, so normally the houses sell for much less than market rate – hence their appeal.
The house was purchased while you were married, so it should be considered as marital property, but I could be wrong. Please speak to a lawyer.
First – IÔÇÖm not your lawyer – this is isnÔÇÖt legal advice – call a lawyer.
There must be some equity otherwise it would be strict foreclosure in CT.
Judicial auction is not the best way to go. Are you defending the foreclosure at all? With a competent lawyer you could likely delay long enough for a sale.
With a half way rational argument as a pro se, you likely could buy time for a private sale.
On the divorce portion, any equity would be seen as part of the marital estate – but again, speak to a lawyer (might need (or more likely have to b/c of conflicts) to be a different lawyer than the one for the house)
Good luck – hopefully you can work out a soft landing for you and your kids
There is no equity in a foreclosure.
Why would you go into foreclosure if you have equity?
NAL You won’t be seeing any of that money. The home is definitely not going to be purchased anywhere near market value. The bank will be taking all the money because the banks name is now going to be on the deed, not your husband’s. That money will be going to the mortgage payments that your husband failed to pay plus the rest of the mortgage. The bank keeps the extra money from the sale.
You can file for bankruptcy to try and stop the foreclosure. It’s a long process, I went through bankruptcy after getting over 150k in medical bills for a 3 week stay with no insurance. I filed for bankruptcy in February 2014. I didn’t go before the court until March 2015. So, I had to wait a whole year for them to grant my bankruptcy.
Chapter 13 bankruptcy is your best option for avoiding foreclosure and keeping your house. While you’ll still have to pay your mortgage, Chapter 13 allows you to eliminate about 90% of your other debt, significantly reducing your monthly payments.
You should file a chapter 13. If you file chapter 7, there is a possibility that they take the house. If you file a Chapter 13 bankruptcy, an automatic stay is put into place, which demands creditors stop any and all collection efforts. If a lender has scheduled a foreclosure sale for your home, the automatic stay will legally postpone this sale, usually for three to four months, while the bankruptcy is pending.
Your husband is the one to file bankruptcy since only his name was on the deed. I don’t know if he would have to file dependently as single or married. You independently filing bankruptcy will have no effect on the foreclosure of the house.
You will definitely need to get a lawyer who specializes in bankruptcy and foreclosures.
I hope you get this sorted out. And your husband is a dick.
ETA: I did my bankruptcy in NJ.
Just be glad your divorce will cost less than your foreclosure ƒÿë
You will still owe the money to the bank after foreclosure sale, straight outta luck.
I’m so sorry for what you’re going through, and I think you’re making the right decision to separate from a liar. But frankly, when it comes to foreclosure, you dodged a gd missile by not being on the deed or presumably on the mortgage. The auction of the house will not make any money and your husband will likely still owe money on the property. You will hopefully be free and clear of that. Additionally, there will not be a foreclosure on your credit report when you seek new housing.
If you end up owing money for the house after auction would you like to pay a percentage of the money owed as well?
I am not a lawyer, but I have gone through a foreclosure and bankruptcy. I’ve also bought foreclosed homes at auction.
He won’t be receiving any money after the auction. The bank will take it all regardless of if they make more than what he owed them. This is because when he stopped making payments, the bank (or government, or HOA) went to court and a judge ruled they can take ownership of the property. Meaning at the time of the auction, his name is no longer on the deed, the bank’s name is on the deed.
The property is no longer his asset; it shouldn’t be listed in your divorce paperwork.
If he is early in the forecloser process, and the bank still has not gone to court. He could do a short sale. In today’s market, if a home is priced right, people will buy it. He may not make what he owes the bank, and will still have to pay what is left of the loan, but that would be a far better option than foreclosing.
Unfortunately, during a foreclosure, the bank pays for ridiculously expensive insurance on the house, and that usually eats up any equity.
He could request a Loan Modification. IÔÇÖm assuming there were more issues than this situation. Check with a divorce attorney about your rights to everything. If there was manipulation in this situation, keeping the foreclosure proceedings from you, then there very well may be other things. Just be careful how you proceed. These situations can become very touchy very fast. Seriously talk to an attorney, in general the first consultation is free. If that helps you. Good luck! I wish you and your children the very best!
I bought a home from a divorcing couple in Tx, paid $3200 above the outstanding mortgage amount, they probably got less than 1k each after paying expenses.
YouÔÇÖll be lucky to get anything
Becareful what you ask for. If you think you are owed on thr upside, just know you also are on the hook for the downside.
If therr are debts and liability you will need to share.
NAL but unless your name is Bank of America (or whoever owns the loan) youÔÇÖre not getting any equity
Why not try to sell the house?? Pay off the note and keep the remaining equity.
When you’re foreclosed on.. you don’t get equity from the sale… lol what world do you people live in?
I donÔÇÖt know about your state, but I did a few divorces in Illinois and I think youÔÇÖre not necessarily SOL even if your husband destroys all the equity in the home. In Illinois, youÔÇÖd have a colorable argument that this constitutes a ÔÇ£dissipation of assetsÔÇØ (basically, that your husband intentionally stopped paying the mortgage because of the marriage breakdown to spite you). To the extent this foreclosure sale destroyed equity in the home, and you guys have other assets to split up, you should be able to allocate the destroyed equity to his half of the divorce estate and your half gets to include the things with actual value. But like others said, this is a question for a divorce lawyer in your state.