Friday, May 27, 2005
Connecticut Real Estate Foreclosure Law
Judicial Foreclosure Available: Yes-
Non-Judicial Foreclosure Available: No
Primary Security Instruments: Mortgage
Timeline: Typically 60 day
Right of Redemption: No
Deficiency Judgments Allowed: Yes
Lenders in Connecticut can foreclose on a defaulting mortgage through the judicial foreclosure process. The judicial foreclosure process in Connecticut is executed by either strict foreclosure or a decree of sale. With strict foreclosure, no actual foreclosure sale is conducted. Instead, the lender goes to court to try to obtain a court order proving the borrower is in default of the orginal mortgage. The title transfers to the lender immediately if they are successful.
The court sets an amount of time in which the borrower can redeem their home. If they fail to do so, the title becomes absolute to the lender and the borrower loses all interest in the real estate. 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.
For more info Visit: http://www.massiveforeclosureprofits.com
Non-Judicial Foreclosure Available: No
Primary Security Instruments: Mortgage
Timeline: Typically 60 day
Right of Redemption: No
Deficiency Judgments Allowed: Yes
Lenders in Connecticut can foreclose on a defaulting mortgage through the judicial foreclosure process. The judicial foreclosure process in Connecticut is executed by either strict foreclosure or a decree of sale. With strict foreclosure, no actual foreclosure sale is conducted. Instead, the lender goes to court to try to obtain a court order proving the borrower is in default of the orginal mortgage. The title transfers to the lender immediately if they are successful.
The court sets an amount of time in which the borrower can redeem their home. If they fail to do so, the title becomes absolute to the lender and the borrower loses all interest in the real estate. 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.
For more info Visit: http://www.massiveforeclosureprofits.com
