Connecticut Foreclosure Law

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Below you will find information specific to Connecticut foreclosure law. A brief breakdown of foreclosure facts are listed in the table and are defined more thoroughly just below the table:

Judicial Foreclosures	YES
Non-Judicial Foreclosures	NO
Primary Security Instruments	Mortgage
How long does it take?	2 to 3 months
Right of Redemption	Court Decision
Deficiency Judments Allowed?	Yes
Sale Publication Period	N/A
Sale/NTS	Court

 

Overview

In Connecticut, foreclosure law is conducted much different than many other states. Homes are foreclosed only by the judicial method. In addition, there are two types of judicial foreclosure that take place, strict foreclosure and foreclosure by sale. The legal document used to create a Connecticut mortgage is called a mortgage or a note.

 

Judicial Foreclosures

As previously noted, in Connecticut foreclosure law, there are two different types of judicial foreclosures that take place, a strict foreclosure and a foreclosure by sale. With strict foreclosure, the mortgagee files suit against the borrower. If successful, the court will give a strict timeline to the borrower requiring them to pay the amount in default. If no payment is made, the lender will gain the title to the property without any obligation to sell it. Strict foreclosures are more common with properties that are upside down, or the borrower owes more than the property is worth.

Foreclosure by sale is the other judicial method of foreclosure in Connecticut foreclosure law that is conducted regularly. With foreclosure by sale, a court is required to issue final judgment of foreclosure. A complaint is filed by the lender to the court along with a lis pendens and notice will be given to the public that a property is being foreclosed upon. At this point, a time and date will be set to sell the property publicly.

 

Timeline

Depending on the method of judicial foreclosure used to foreclose on a property, an uncontested foreclosure can take anywhere from two to three months to complete. However, as with any foreclosure, there are variables that can extend this length of time. A borrower that contests the action with the court, files a motion, files for bankruptcy, or asks for adjournments of hearings can all lead to delays in the foreclosure process.

Right of Redemption

Connecticut foreclosure law does have any specific amount of allotted time for a borrower to redeem their property after foreclosure. The only time that is given to a borrower is the time between the notices and the time of sale. This only applies to the foreclosure by sale method of foreclosure. With strict foreclosure, there is a specific law day which serves as a cutoff day for payment. After the law day there is no chance a borrower has for redeeming their property.

 

Deficiency Judgement

There are deficiency judgments filed in the state of Connecticut. Deficiency judgments can be acquired after a foreclosed property, sold publicly, is sold for an amount less than the amount owed described in the mortgage note. If a lender decides to apply for a deficiency judgment against the borrower, an appraisal and hearing must be held. If the lender succeeds, the borrower will owe the difference between the amount the property is sold at auction and the amount owed to the lender.

 

Related Links:

Connecticut Foreclosure Attorneys: Here you'll find a list of foreclosure attorneys specific to your area. Speak with an attorney that can help you make the best decision possible.
Deficiency Judgment: Allows lenders to get a judgement against you in the amount of the deficiency after a sale at auction. Read more about it here.
Right of Redemption: Even if you've lost your property to auction, you may be able to get it back. Here is more information about what right of redemption actually is.
Lis Pendens: When a lender files suit against a borrow. Find out more details about what is included with a lis pendens that is filed to a court.