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Connecticut Foreclosure Laws |
Connecticut Foreclosure Laws make it a lien theory state and allow two types of foreclosures which are Strict Foreclosure and Foreclosure by Sale. Both of these comes under judicial foreclosure process. There is no provision for non judicial foreclosure. For residential properties, the legal instrument associated in the foreclosure is mortgage or note. The CT foreclosure law that governs the foreclosures in Connecticut are part of Title 49 (Mortgages and Liens), Chapter 846 (Mortgages), $49-1 to $49-31j of the General Statutes of Connecticut
Connecticut Foreclosure Law Day
Connecticut foreclosure laws for strict foreclosures set the law day for every person who is listed in the list of defendants by the judge. Once the case is filed with the court, the law day is assigned that can be between three weeks to nine months. During this period homeowner can clear his/her debt to save the home. The right to property is lost after the said Connecticut foreclosure law day. If all the people who have been given law days fail to redeem the property, the title of the property is transferred to the lending institute.
The time allowed in law day or sale day in CT can also be extended but this also increases the amount of redemption. Further according to foreclosure law in Connecticut, for the extension in period, "Motion to Reopen" is filed with the court in which the reason for the same should be clearly mentioned. Along with this when and how you want to redeem must also be given. To be effective the motion must be reopened before the Connecticut foreclosure law day.
Foreclosure by Sale
Foreclosure by sale is another way of foreclosing the property but not as common as Strict foreclosure. In this Connecticut foreclosure laws need to be followed that requires series of notices. Here the foreclosure auction is done in which the property is given to the highest bidder. Three appraisers to determine the value of the property and committee is also appointed by the court. The court along with this also laid down the time and manner in which the sale has to be done. During this time, according to Connecticut foreclosure laws, the borrower has the right to make the payment and get back his/her property. Property is auctioned on Saturday and given to the highest bidder. The bidder will have to make the payment which is 10% of the value of the property. The lender can also make the bid to win the property according to foreclosure laws in CT.
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For more information on Connecticut foreclosure laws also go through the given links and you can also read the other pages of Realestatezing.com that throw light on CT foreclosure, rate, assistance etc.
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