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Old 09-24-2009, 03:30 PM
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Join Date: Apr 2009
Posts: 13

Foreclosure question:

What is the name of your state (only U.S. law)? Connecticut

Hello,

I lost my job and have missed two mortgage payments on a condo in CT. I am most likely headed for foreclosure. Can the mortgage company seize or sue for any of my assets i.e. - cash, securities, car etc?

I have owned the unit for 3 years and put 10% down. I am underwater as far as selling. Units in the same building are sellling for 80k below what I paid back in 2006.

Thank you.
Last edited by DavidBranson; 09-24-2009 at 09:20 PM.
  #2  
Old 09-28-2009, 11:04 AM
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Join Date: Feb 2002
Posts: 517
The lender could potentially seek a deficiency judgment. This makes it important for you to do a workout with the lender, even if it ends with a short sale or a deed in lieu of foreclosure. Make sure you fill out the MEDIATION form that came with the summons. This will allow you to meet with the lender and a mediator to attempt a work out. You may also want to seek advice from a HUD approved housing counselor: 800.569.4287
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