Connecticut Foreclosure/Motion for Interim Committee Fees and Expenses and/or Appraisal Fees are court-ordered payments that are imposed when a lender has requested a foreclosure of a mortgaged property. These fees are created to cover the costs associated with the foreclosure process, such as legal fees, appraisal fees, and other related costs. These fees are typically split between the lender and the borrower. There are two distinct types of Connecticut Foreclosure/Motion for Interim Committee Fees and Expenses and/or Appraisal Fees: Pre-foreclosure Fees and Post-foreclosure Fees. Pre-foreclosure Fees are paid prior to the initiation of the foreclosure process. These fees are imposed for services that are required in order to proceed with the foreclosure, and may include an appraisal fee, a legal fee, or a court filing fee. Post-foreclosure Fees are paid after the foreclosure process has been completed. These fees are imposed for services that are necessary to complete the foreclosure, such as an attorney's fee, a foreclosure sale fee, or a trustee's fee. In both cases, the fees are imposed in order to cover the costs associated with the foreclosure process, and are typically split between the lender and the borrower.
Connecticut Foreclosure/Motion for Interim Committee Fees and Expenses and/or Appraisal Fees
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FAQ
If the court orders a foreclosure sale, you can redeem the home between the judgment and the sale date, usually lasting 60 to 90 days. You can also redeem the home during the time the court takes to confirm the sale, usually 14 to 30 days.
?Connecticut is considered a 'title theory' state wherein the mortgagor debtor pledges property to the mortgagee creditor as security for a debt and conveys 'legal title' to the mortgaged premises; the mortgagor retains 'equitable title' or the 'equity of redemption'?.
All debts, including other mortgages, liens and court judgments still remaining after a foreclosure are also discharged from personal liability.
Connecticut is one of only three states that uses strict foreclosure. A strict foreclosure does not involve a judicial sale of the property. Instead, each of the individuals or entities that holds an interest in the property being foreclosed are assigned ?Law Days?. Law Days are assigned in inverse order of priority.
If the holder of an interest in the property does not pay the entire debt on its Law Day, it forfeits its interest in the property, and the next prior creditor has the opportunity to redeem the property by paying the lender in full on the next business day.
In a foreclosure by sale, the redemption period is the time between the judgment of foreclosure by sale and the sale date. During the redemption period, you can redeem the property by paying the full amount of the debt, including any lawful, related costs such as interest and attorneys fees.
In Connecticut, lenders are permitted to pursue borrowers (and other loan obligors, e.g., loan guarantors) personally for the deficiency (loan balance) due on the loan after foreclosure. To do so, a deficiency judgment must be obtained by the lender.
When it comes to mortgages, Connecticut is a ?title theory? state. Connecticut law regards the mortgage deed as a transfer of the legal title to the lender to hold as security for the debt.