Foreclosure intent papers must be served on the borrower 12 days prior to a complaint being filed with the courts. If the borrower cannot be found, a diligent search is done by newsprint publication.

The strict foreclosure happens when there is no equity in the property. Default is proven by the lender in the courts and the title is passed on immediately to the lender. The court may allot a time frame for the borrower to redeem the property but if the borrower fails to do so, the property then becomes the lenders full possession. In the strict foreclosure procedure there is no sale of the property.

A decree of sale is used when there is equity in the property or a federal lien. A committee will be appointed by the courts to perform the sale of the property. Redemption length for the borrower is set by the judge and at the judge’s discretion. The judge will take into consideration cases of hardship and adjust the redemption period accordingly. After the sale of the property, the lender still has right to sue for any lost value of the property through the sale called a deficiency judgment. The period of this foreclosure process can vary from 60 to 150 days.

If you live in Connecticut and are facing foreclosure, 1st Foreclosure Prevention can help you work with you lender to stop the foreclosure process and help you to save your home.