Foreclosure Affidavit Of Indebtedness
Description
How to fill out Foreclosure Affidavit Of Indebtedness?
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FAQ
No, you can't get the home back after the foreclosure. In Connecticut, you have up until the "Law Day" in a strict foreclosure or until the court confirms the foreclosure sale in a decree of sale foreclosure to "redeem" the house.
Foreclosure auctions are usually held at the courthouse in the county where the property is located. After a sale has taken place, it usually takes approximately 30-45 days for the sale to be ratified, however the ratification time can vary significantly from county to county.
Foreclosure Eliminates Liens, Not Debt But the second-mortgage debt and creditor's judgment remain, even though they're no longer attached to the foreclosed property. While the security for the debt has been eliminated, the obligations remain in place.
If a foreclosure is nonjudicial, the foreclosing bank must file a lawsuit following the foreclosure to get a deficiency judgment. On the other hand, in a judicial foreclosure, most states allow the bank to seek a deficiency judgment as part of the underlying foreclosure lawsuit; a few states require a separate lawsuit.
When a borrower loses their home to foreclosure and still owes their lender money after the sale, the remaining debt is usually referred to as a deficiency. Lenders can sue to recover this amount.
