How does Connecticut law govern the foreclosure process?
Connecticut law mandates that lenders utilize the judicial foreclosure process when initiating foreclosure on a property. The judicial foreclosure process involves either strict foreclosure or a decree of sale. Strict foreclosure is a proceeding in which the lender has the right to possess the mortgaged property directly upon default of the mortgage agreement. If successful, the title transfers to the lender immediately. However, the court sets an established amount of time in which the borrower may redeem the property. If the borrower fails to do so, the title becomes absolute to the lender and the borrower no longer has any claim to the property. Decree of sale is an announcement by the court that establishes the amount of outstanding mortgage and requires the property to be sold to pay off the debt. In this case, the court establishes the time and manner of the sale, appoints a committee to sell the property, and appoints three appraisers to determine the value of the property. The
