Connecticut foreclosures are performed by the courts in a Judicial proceeding with two (2) different methods of foreclosure: (1) Strict Foreclosure and (2) Foreclosure By Sale. The reason that there are two different methods of foreclosure is simply a matter of equity in the character. If there is no equity in the character, the character will be given to the bank under the strict foreclosure procedure. The rationale for this kind of outcome instead of a foreclosure by sale is that there will be no money to spread after a sale. This determination is made by the estimate in the particular case.
NOTICE OF INTENTION TO FORECLOSE (breach letter)
If the lender wants to chase the homeowner for any loss suffered as a consequence of the auctioning of the character at less than the amount owed on the mortgage, it must send the breach letter described in the past chapter. The lender must also comply with the Promissory observe provisions and mortgage provisions in addition as, the Federal Fair Debt Collection Practices Act 15 USC 1692.
FILING A COMPLAINT TO FORECLOSE
Prior to filing a complaint to Foreclose the attorney representing the bank will cause a title search to be completed to ascertain the names of all lien holders on the character. All lien holders will be made party defendants in the foreclosure complaint. The complaint will be filed in the County Superior Court and will recite the facts of the mortgage, referring to the quantity and page # of the Land record and the fact that the mortgage has been breached and is nevertheless due and owing. The bank will then request different judgments requesting possession, a deficiency judgment, and strict foreclosure.
The form of the complaint is given to the attorney by the Superior Court. The complaint will require a notice to all people unemployed or underemployed who owned a character continuously for two years that they may be entitled to relief pursuant to Connecticut G.S. 49.31W.
Connecticut requires that the with the summons and Complaint be served upon each defendant twelve (12) days before the return date. The return date is set by the edges lawyer and requires the parties to file an turn up with the Court. Connecticut, unlike many other states requires the complaint to be served prior to the complaint truly being filed with the court.
In order to foreclose upon a character the plaintiff needs to receive a default judgment or if contested a summary judgment hearing or a trial will be held establishing the debt. There are three (3) ways to acquire a default judgment against the defendant: 1) Failure to appear; 2) failure to disclose a defense; 3) failure to plead.
Failure To Appear
The defendants must file an turn up within two (2) days of the return date ( ten days from receipt of the summons. Failure to do so, will allow the bank to get a judgment by default.
Failure To Disclose A Defense
This default is only obtainable when the debtor ( homeowner) has a lawyer representing him. If the homeowner has a lawyer and fifteen (15) days have passed since the return date, the edges lawyer will file a need for the disclosure of a defense. If the attorney for the homeowner fails to disclose the defense within five days, then a motion for default can be filed and will be granted if no defense is disclosed prior to the hearing.
Failure To Plead
If the homeowner is representing himself and has not filed a response within the fifteen days then a motion for default will be filed and the homeowner will be defaulted if a pleading is not generated before the hearing.Once the defaults have been entered the bank can move for a judgment.
Motion for Judgment
After receiving the default, the lender or its attorney will file a motion for Judgment. The judgment must have the following documents attached to it.
1) Original Promissory observe
2) original mortgage
3) all original assignments
4) A real estate appraisal with an oath;
5) military affidavit;
6) affidavit of debt
7) affidavit that the lender does not participate in the Connecticut Emergency Mortgage Assistance Program.
Once filed it typically takes seven (7) to fourteen (14) days to get the motion on the foreclosure calander.
JUDGMENT HEARING STRICT FORECLOSURE OR FORECLOSURE BY SALE
A estimate at the judgment hearing will decide if the character needs to be set down for a sale date of for a law day based upon the documents presented.