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Connecticut Foreclosure Law Summary

In Connecticut, only judicial foreclosure is
conducted.Strict  foreclosure
What is the processing period for foreclosureForeclosure  by  sale
in  Connecticut?
In strict foreclosure, there is no actual
Normally processing period is of two monthssale of property. Lender has to go to court
in  Connecticut.and obtain court order mentioning that the
borrower is in default. If he succeeds in
Is there any right of redemption inthat, the property is transferred in his name
Connecticut  for  foreclosure?automatically. But court also give some time
to borrower for the payment, if he fails in
No,  there  is  no  right  of  redemption.doing so, it goes to lender automatically.
Then the lender has to record a certificate
Are deficiency judgments permitted inof foreclosure within 30 days which should
Connecticut?have description of property, the foreclosure
proceedings, the mortgage and the date the
Yes, deficiency judgments are permitted intitle  became  absolute.
Connecticut.
In foreclosure by sale, the court decides
Which law provision governs foreclosure intime and manner of the sale, appoints a
Connecticut?committee for said sale and also appoints
three appraisers to determine the property
The laws which govern Connecticutvalue. The borrower has right to stop the
foreclosures are found in Title 49 (Mortgagessale by giving balance payment any time.
and Liens), Chapter 846 (Mortgages), §49-1Generally sale occurs on the property on a
to §49-31j of the General Statutes ofSaturday. A deposit of 10 percent of the
Connecticut.property's value is required from the winning
bidder, unless the lender is the winning
What happens during Judicial Foreclosure inbidder.
Connecticut?
This is legal information; it should not be
There are two types of foreclosures followedtreated as legal advice.
in  Connecticut.



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