Connecticut Foreclosure Law Summary
Stop Connecticut Foreclosure
- Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: No
- Primary Security Instruments: Mortgage
- Timeline: Typically 60 days
- Right of Redemption: No
- Deficiency Judgments Allowed: Yes
In Connecticut, lenders may foreclose on a mortgage
in default by using the judicial foreclosure process.
The judicial foreclosure process in Connecticut is
carried out by either strict foreclosure or a decree of sale.
With strict foreclosure, no actual foreclosure sale
is held. Instead, the lender goes to court to try and obtain a court order demonstrating
the borrower is in default of the mortgage. If successful, the title transfers to
the lender immediately.
However, the court sets an established amount of
time in which the borrower may redeem the property, but if they fail to do so, the
title becomes absolute to the lender and the borrower has no longer has any claim
to the property. The lender then has thirty (30) days to record a certificate of
foreclosure, which must contain a description of the property, the foreclosure proceedings,
the mortgage and the date the title became absolute.
With a decree of sale, the court: 1) establishes
the time and manner of the sale; 2) appoints a committee to sell the property; and
3) appoints three appraisers to determine the value of the property.
The borrower may stop the foreclosure proceedings
at any time before the sale by paying the balance due on the mortgage. If no such
payment is made, the committee will go forward with the sale.
The lender may sue to obtain a deficiency judgment
information on Connecticut foreclosure laws.