Connecticut Judgment Foreclosing Mortgage and Ordering Sale
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How to fill out Judgment Foreclosing Mortgage And Ordering Sale?
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FAQ
In a strict foreclosure, the court sets the redemption period, which is the time between the judgment and the Law Day. The Law Day can be as soon as 21 days after the court enters a judgment of strict foreclosure, but it's typically between 45 and 90 days after the judgment.
A foreclosure means that the lender takes control of a property after the borrower misses multiple mortgage payments. This is also referred to as defaulting on the loan. In doing so, the borrower is breaking the mortgage contract they signed with their lender.
Essentially, a judicial foreclosure means that the lender goes to court to get a judgment to foreclose on your home, while a non-judicial foreclosure means that the lender does not need to go to court.
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. If you don't pay in full by this date, your mortgage lender becomes the legal owner of the property.
On average, three to six months. 7. CONNECTICUT USES BOTH STRICT FORECLOSURE AND FORECLOSURE BY SALE. HOW OFTEN IS EACH USED?
The Superior Court appoints an individual, usually a local attorney, as the foreclosure committee. This individual advertises the sale and conducts an auction at the property on a date set by the Court. The bid obtained from the highest bidder at the auction is submitted to the court for approval.
Strict foreclosure is an effective remedy where the creditor has a need or use for the physical property itself. For example, a seller of goods that forecloses on goods in which it had a purchase money security interest (PMSI) may then return the foreclosed goods to its inventory and resell them at its leisure.
Because the process can last from a month up to a year or more and it creates enough uncertainty that it can work to suppress the perceived value of the property at the time of the foreclosure sale. So it ends up lowering property value and increasing the likelihood of a deficiency judgment against the borrower.