This form is used to certify the judgment for strict foreclosure of property which gives the property title without the sale of the property first taking place. This is an official form from the Connecticut Court System, which complies with all applicable laws and statutes. USLF amends and updates forms as is required by Connecticut statutes and law.
Connecticut Certificate Of Strict Foreclosure With Cash
State:
Connecticut
Control #:
CT-JD-CV-47
Format:
PDF
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How to fill out Connecticut Certificate Of Strict Foreclosure With Cash?
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FAQ
What is the disadvantage of a strict foreclosure? There is no clearly established value for the property because there is no public auction. The lender's losses cannot be established and there are no deficiency judgments with strict foreclosures.
In strict foreclosure proceedings, the lender files a lawsuit on the homeowner that has defaulted. If the borrower cannot pay the mortgage within a specific timeline ordered by the court, the property goes directly back to the mortgage holder.
Most Connecticut foreclosures are also strict foreclosures. In a strict foreclosure, there is no foreclosure sale. Instead of a sale date, the judge sets a Law Day. To keep your house, you must pay your full mortgage debt on or before your Law Day.
A Strict Foreclosure is a process under the UCC whereby a lender receives all or a portion of its collateral in exchange for reducing all or part of the obligations owed by the company to the lender.
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In a strict foreclosure, instead of a sale date, the court sets a "law day. So, if the Court grants a strict foreclosure the bank will be made whole, more or less, and the State of Connecticut will be out a whole lot of money.