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Summary:
| Judicial Foreclosure |
Yes |
| Non-Judicial Foreclosure |
No |
| Security Instruments |
Mortgage |
| Right of Redemption |
Court's discretion |
| Deficiency Judgments |
Yes |
| Time Frame |
Varies from 60 to 150 days |
Judicial foreclosure in Connecticut is a fairly complex process with two procedures available to the foreclosing lender, strict foreclosure, and foreclosure by decree of sale. The process begins when a lis pendens is recorded and a complaint for foreclosure served on the borrower at least 12 days before the complaint is filed with the court If the borrower cannot be found, multiple newspaper publications may be ordered by the court.
In strict foreclosure, there is no sale. This usually used when there is no equity in the property. The lender goes to court and proves default and title is conveyed to the lender immediately. However the court usually provides a set time for the borrower to redeem the property. If the borrower fails to do so, title becomes absolute to the lender.
The court enters a decree of sale if there is equity in the property (or if there is a federal lien), and a committee appointed to conduct the sale. The length of the redemption period between judgment of sale and the sale date is at the discretion of the judge; Hardship cases may prolong the redemption period. Redemption is by payment of the balance due on the mortgage plus costs.
Lenders may sue to obtain a deficiency judgment for any balance due after the sale. Confirmation of the sale by the court takes at least 30 days.
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