Foreclosures in Connecticut buck the National Trend

The number of new foreclosures filed in Connecticut increased in November increased over the number of foreclosures field in October. Not only does this buck the national trends, but it also runs contrary to the usual fall off that occurs as winter approaches.

Banks do not like to take homes in the winter months if they are occupied. They would rather let you shovel the snow, heat the house, and secured the house so that it is not vandalized. It does seem, however, that banks are in a rush to take back homes faster than before. Or maybe they realize that just filing a foreclosure does not guarantee a quick result as the Mediation process does slow things down a bit. Since Mediation can add a few months onto the foreclosure process, timing the filing of the foreclosure so that mediation completes in the spring might be the reason for these filings.

Me. I'm speechless. Even FannieMar and FreddieMac have a heart in not putting anyone out of their home during the holiday season. They have
suspended evictions from December 18, 2015 to January 3, 2016. On one hand, I hope that this increased foreclosures is not the banks being heartless during the holidays. On the other hand, I also hope that this is not an indication that homeowners in Connecticut are not falling further into financial distress.

Check out my interview in the newspaper
here.