Foreclosure Laws in Connecticut

By: Kathy Swift

Connecticut is a judicial state.  It has two types of foreclosures:  1. Foreclosure by sale  2.   Strict foreclosure

The judge actually decides which kind will be used.  A foreclosure in this state can take between 8 weeks and 5 months.  It depends upon the type of foreclosure.

The foreclosure process begins in Connecticut when the lender files court documents that must reach the lien holder or borrower, at least 12 days before the date in which they are scheduled to appear in court.  The court will then analyze whether strict foreclosure or foreclosure by sale will be the method used by examining the market value, debt and other costs.

If there is not any equity in the property and no sale has occurred, the method used would be strict foreclosure.  A specified date is given that the debt must be paid, if it is not paid by the borrowers, the other lien holders then have a chance the debt is not satisfied, it automatically goes back to the lender.  The timeline for this kind of foreclosure is 5 months.

If there is equity in the property, an auction is held and this method is called judgment of foreclosure by sale in this state.  Anytime before the sale or auction, the borrower can stop the foreclosure, by paying the amount due on the mortgage.  If no payment is made, the foreclosure continues.

When the court makes it initial ruling, in a judgment of foreclosure by sale method, it usually takes 60-90 days to complete.  In this instance the court chooses an attorney, who then publishes the sale notice and conducts the sale.  The sale is usually held on a Saturday, on the property in Connecticut.  You must deposit 10% of the property’s value, if you are the winning bidder.

It takes around 2 weeks for the court to decide whether to approve the sale.  Until this approval has occurred, the borrower can still redeem the property for the amount owed plus costs.  The winning bidder has 30 days to pay the balance after the bid has been approved.

Integrity 1st Consulting is your specialist- Kathy Swift

Foreclosures
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