Just about every state in the US has their own foreclosure process and when you look at the broader aspect of this, many states follow similar processes, while the of one or two are completely different. The Connecticut foreclosure process is judicial only as they use the mortgage bond as the primary instrument of security, and this means it is a long and relatively drawn out court process.
This state only uses the judicial foreclosure, as it only uses the mortgage as the instrument of security and three are two ways to facilitate these. Being judicial, these do however take longer to finalize.
In the case of a non-judicial foreclosure the process is much faster as it does not have to go through the court systems, however the Deed of Trust is not used for security, so the non-judicial process cannot be followed. A home owner in this state has a little more time to come up with an alternate plan because of this.
A 60 day time line for a Connecticut foreclosure to take place is cutting things a bit fin in this day and age where so many foreclosures are clogging up court systems, and these are still on the increase. Figures in Jan 2010 are up 30% on figures of Jan 2009 in this state; making it number 21 in the top US foreclosure states. Therefore logic tells us that the court process will take longer than the anticipated 60 days during normal economic times.
One of the reasons why foreclosures take less time to finalize in Connecticut is the fact that two processes are used; the decree of sale or the strict foreclosure. In terms of strict foreclosure the lender where the home owner is in default, approaches the court directly and no auction sale takes place.
In most instances this is a mere formality anyway, but this step is cut out of the process and the title of the property transfers to the lender.
The court will however set down a certain period of time for the borrower to raise the default amount and pay it to the lender before the actual foreclosure goes through. If they cannot do this, title then passes to the lender and this becomes absolute as there are no rights of redemption allowed in Connecticut foreclosures, however default judgments are, and this is in strange contrast to many other US states.
A decree of sale is a foreclosure with the sale part of the process which is still in place; the date, time and method is determined by a committee. Three different appraisers have to appraise the property and a value determined. Again, this sale may be stopped if the home owner raises and pays the default amount within a certain period of time prior to the sale taking place.
Taking into consideration that at present the foreclosure ration in this state is 1:651, and the national rate is 1:409, there are still a good deal of foreclosure property coming onto the market for sale. This makes for an excellent buyers market.
In the Connecticut foreclosures situation a judicial process takes place and although short sales are becoming more popular, January figures indicate that little has changed. We’ve got the ultimate inside info on Ct foreclosure properties .
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