Connecticut Foreclosures and Foreclosed Homes for Sale

Connecticut only offers judicial foreclosures. However, this is broken up into two distinct procedures: strict and foreclosure by sale. Neither the lender nor the borrower have any control over which type will be used, as this must be determined by the appointed judge. Depending on which procedure is used, foreclosures in Connecticut can take between two and five months.

If you're researching potential properties, it is important to distinguish which type of foreclosure process will be used if you find one of interest. If there is no equity in the property, strict foreclosure will be used. This means there will be no public auction, and if the borrower fails to repay the debt in full by a specified date, ownership will be transferred either to junior lien holders or the lender.

When equity is present, a foreclosure by sale will be ordered. This means the public has an opportunity to bid on the property on a scheduled date. Usually this is 60-90 days after the court has determined the property will be a foreclosure by sale. Using a court appointed attorney, a notice of sale will be published in a public place, with information pertinent to the auction.

Most often, property auctions in Connecticut are on Saturdays, although this may vary depending on the circumstances. While immediate full payment is not required, a 10 percent deposit is. This is because the court will need to approve the sale, which will occur within two weeks of the auction date. During this time, the original borrowers have the right of redemption by paying the full amount owed plus extra costs. If they fail to do so, ownership is transferred, and they lose their right to redemption.

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