Connecticut Foreclosure Law Summary
Quick Facts
- Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: No
- Primary Security Instruments: Mortgage
- Timeline: Typically 60 days
- Right of Redemption: No
- Deficiency Judgments Allowed: Yes |
In Connecticut, lenders may foreclose on a mortgage in
default by using the judicial foreclosure process.
Judicial Foreclosure
The judicial foreclosure process in Connecticut is carried out by either
strict foreclosure or a decree of sale.
With strict foreclosure, no actual foreclosure sale is held. Instead,
the lender goes to court to try and obtain a court order demonstrating
the borrower is in default of the mortgage. If successful, the title
transfers to the lender immediately.
However, the court sets an established amount of time in which the borrower
may redeem the property, but if they fail to do so, the title becomes
absolute to the lender and the borrower has no longer has any claim
to the property. 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.
With a decree of sale, the court: 1) establishes the time and manner
of the sale; 2) appoints a committee to sell the property; and 3) appoints
three appraisers to determine the value of the property.
The borrower may stop the foreclosure proceedings at any time before
the sale by paying the balance due on the mortgage. If no such payment
is made, the committee will go forward with the sale.
The lender may sue to obtain a deficiency judgment in Connecticut.
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