Connecticut Sample Letter to Foreclosure Attorney - General Demand to Stop Foreclosure and Reasons
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How to fill out Sample Letter To Foreclosure Attorney - General Demand To Stop Foreclosure And Reasons?
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FAQ
In a strict foreclosure, there is no foreclosure sale. Instead of a sale date, the judge sets a ?Law Day.? To keep your house, you must pay your full mortgage debt on or before your Law Day. If you don't pay in full by this date, your mortgage lender becomes the legal owner of the property.
The Superior Court appoints an individual, usually a local attorney, as the foreclosure committee. This individual advertises the sale and conducts an auction at the property on a date set by the Court. The bid obtained from the highest bidder at the auction is submitted to the court for approval.
Strict foreclosure is an effective remedy where the creditor has a need or use for the physical property itself. For example, a seller of goods that forecloses on goods in which it had a purchase money security interest (PMSI) may then return the foreclosed goods to its inventory and resell them at its leisure.
Essentially, a judicial foreclosure means that the lender goes to court to get a judgment to foreclose on your home, while a non-judicial foreclosure means that the lender does not need to go to court.
In a strict foreclosure, the court sets the redemption period, which is the time between the judgment and the Law Day. The Law Day can be as soon as 21 days after the court enters a judgment of strict foreclosure, but it's typically between 45 and 90 days after the judgment.
Because the process can last from a month up to a year or more and it creates enough uncertainty that it can work to suppress the perceived value of the property at the time of the foreclosure sale. So it ends up lowering property value and increasing the likelihood of a deficiency judgment against the borrower.
Put your name, address, phone number, loan number, and date on the top of the letter. List the name and address of your lender. information about any money you have saved for a workout agreement. Tell the lender you are working with a foreclosure counselor and include their name and agency.
On average, three to six months. 7. CONNECTICUT USES BOTH STRICT FORECLOSURE AND FORECLOSURE BY SALE. HOW OFTEN IS EACH USED?
