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.
More information on Connecticut foreclosure laws.
