| In Connecticut, only judicial foreclosure is | | | | |
| conducted. | | | | Strict foreclosure |
| | | | |
| What is the processing period for foreclosure | | | | Foreclosure by sale |
| in Connecticut? | | | | |
| | | | In strict foreclosure, there is no actual |
| Normally processing period is of two months | | | | sale 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 in | | | | that, 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 in | | | | of 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 in | | | | title became absolute. |
| Connecticut. | | | | |
| | | | In foreclosure by sale, the court decides |
| Which law provision governs foreclosure in | | | | time 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 Connecticut | | | | value. The borrower has right to stop the |
| foreclosures are found in Title 49 (Mortgages | | | | sale by giving balance payment any time. |
| and Liens), Chapter 846 (Mortgages), §49-1 | | | | Generally sale occurs on the property on a |
| to §49-31j of the General Statutes of | | | | Saturday. 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 in | | | | bidder. |
| Connecticut? | | | | |
| | | | This is legal information; it should not be |
| There are two types of foreclosures followed | | | | treated as legal advice. |
| in Connecticut. | | | | |