Connecticut Foreclosure Process and Laws
Quick Facts About the Connecticut Foreclosure Process
Judicial Foreclosure Available: Yes
Non-Judicial Foreclosure Available: No
Primary Security Instruments: Mortgage
Timeline: Typically 60 days
Right of Redemption: No
Deficiency Judgments Allowed: Yes
Lenders may foreclose a mortgage in default through a judicial process in Connecticut.
There are two ways of carrying out the judicial foreclosure process in Connecticut, by strict foreclosure or decree of sale.
The first process is done by obtaining a court order which shows that the borrower has defaulted on his mortgage. When this is successfully done, the title of the property is directly transferred to the lender at once.
But the court also set a time period where the borrower can redeem his property. If he fails to do this within the allotted time, the lender becomes the absolute owner of the property. He will be then required to record a certificate of foreclosure within 30 days, which contains the necessary details of how it became his property.
The second process which is by decree of sale, the court appoints a committee to sell the property, sets a time and date for the sale and appoints three appraisers to determine the property’s value.
The borrower can stop the foreclosure at any time by paying the balance that he owes. If not the sale will be continued at the date at which it is set.
The lender can sue for a deficiency judgement.
Foreclosure Avoidance Counseling
HUD-approved housing counseling agencies are available to provide you with the information and assistance you need to avoid foreclosure. As part of President Obama’s comprehensive Homeowner Affordability and Stability Plan (HASP), you may be eligible for a special Making Home Affordable loan modification or refinance, to reduce your monthly payments and help you keep your home.
If you need help understanding the Making Home Affordable programs, you can use this search tool to find a counseling agency in your area that will provide you with free foreclosure prevention services. If you are eligible for the loan modification or refinance program, the counselor will work with you to compile an intake package for your servicer.
Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.
Hartford Field Office
One Corporate Center
20 Church Street, 19th Floor
Hartford, CT 06103-3220
Phone: (860) 240-4800
Fax: (860) 240-4850
TTY: (860) 240-4665
Jurisdiction: State of Connecticut
Julie B. Fagan
Field Office Director
Office Hours: 8:00 a.m. to 4:30 p.m.
Monday through Friday