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Sunday, November 12, 2017

Connecticut Foreclosure Basics

Foreclosure is a legal process in which a lender takes steps to recover the balance of a loan via the forced sale of an asset used as the collateral for a loan. Connecticut has two versions of judicial foreclosure: strict foreclosure and foreclosure by sale. With strict foreclosure, the property secured by the mortgage is redeemed by the lender, while foreclosure by sale involves the sale of the property to pay off the outstanding loan amount. Below is an overview of the foreclosure process in Connecticut.  

The Connecticut Foreclosure Process

In Connecticut, the foreclosure process begins with the filing of a lis pendens, which is a recorded document that provides notice to the public notice that a property is being foreclosed upon. Following the filing of the lis pendens, a proceeding takes place in which the court provides all parties in interest to the mortgage with a timetable within which full payment shall be made. Upon the expiration of the assigned deadline, the property either passes to the lender, is redeemed by the borrower, or is sold at auction.

Connecticut Foreclosure Timeline

In Connecticut, it usually takes between 60 and 75 days to effectuate a strict foreclosure. However, this process can be delayed when any of the following occur:

  • The borrower contests the foreclosure action;
  • The borrower files for bankruptcy;
  • The borrower seeks delays and adjournments of hearings; or
  • The borrower files a motion for a foreclosure by sale.

The Right of Redemption in Connecticut

The right of redemption in a foreclosure case allows a debtor whose property has been foreclosed to reclaim the same by paying the outstanding amount plus costs. Connecticut, unfortunately, does not have a statutory post-sale right of redemption. However, the court usually provides a short period of time in which redemption may occur following a foreclosure sale.

Deficiency Judgments in Connecticut

A deficiency judgment is an unsecured judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to completely pay off an underlying loan. In Connecticut, such a judgment may be obtained when a foreclosed property is sold for less than the amount that the underlying mortgage secures. When a deficiency judgement is obtained, the borrower must pay the lender the additional money owed.

Connecticut Foreclosure Attorney

If you are currently having trouble meeting your monthly mortgage obligations and believe that you may be at risk of foreclosure, please contact an experienced Connecticut real estate attorney to discuss your situation. An experienced Connecticut foreclosure attorney will ensure that you understand your rights as a borrower while keeping you apprised of all available legal options. At the law office of Benjamin S. Proto, we are fully prepared to defend you against foreclosure action in a court of law. In addition, there are a number of methods available that can delay or prevent the foreclosure process. Please contact the law office of Benjamin S. Proto for a free consultation.


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