Foreclosure is what happens when a homeowner fails to pay the mortgage. Many homeowners fight foreclosure by hiring a real estate lawyer to represent them.
A foreclosure is a home that belongs to the bank, which once belonged to a home owner. The homeowner either abandoned the home or voluntarily deeded the home to the bank. You will hear the term the bank taking the property back, but the bank never owned the property in the first place, so the bank can't take back something the bank did not own. The bank foreclosed on the mortgage or trust deed and seized the home. There is a difference.
Sellers stop making payments for a host of reasons. Few choose to go into foreclosure voluntarily. It's often an unpredictable result from one of the following:
Many banks do not sell homes directly to investors or home buyers. If a bank is willing to sell homes individually and not in bulk sales, the bank will generally list the home through a real estate agent. There are REO agents who specialize in foreclosure listings.
Contact a real estate attorney in CT for more inquiries about foreclosure.