Foreclosure sale

Bank-owned, 433 Stanwich Road, on the corner of Carissa, has been listed for $2,227,500. Owners fighting foreclosure rarely spend money on maintenance of the house they’re going to lose, so a rigorous inspection is in order here, but it’s certainly a lot of structure, including a huge guest cottage. Depending on what’s salvageable, it might be of interest at this price.

For a hint of what may be wrong — or right, I suppose — with Connecticut foreclosure law, take a look at the docket sheet for this foreclosure, which began in July 2009 and only “ended” in September, 2021. And I put ended in quotes, because it looks like the defendant has appealed a deficiency judgment that was ordered. The final debt as found by the court in 2016 was in excess of $4.2 million, much of which, I imagine, was accrued interest on the unpaid $3 million mortgage over 13 (plus — default occurs long before suit is filed) years.

This was a WaMu loan (of course), written off years ago, so no crocodile tears here for the bank that now holds title, but CT’s judicial foreclosure system does strike me as an inefficient, flawed process, when a simple foreclosure can be dragged out for this long.