Pre foreclosure at CT

[Amauris Lora]

Hey bp friends!

This is the thing I’m in Connecticut and I would like to work the pre foreclosure leads that supposedly they are motivated to sell so I don’t know exactly how long I’ll have to act on it before the lender foreclosure 

I saw some cases that take 3 to 5 months but not sure if it depends on the lender so please take some of your value time to give some knowledge about it thanks 

[Christopher Phillips]

@Amauris Lora

Owners in default are usually not motivated. But, you might be able to convince them to sell.

Connecticut is a judicial foreclosure state, so the lender goes through the court system...

It is typically around 60 days, which is really short compared to other judicial states like NY.

An owner does not have a right of redemption in Connecticut.

With strict foreclosure, no actual foreclosure sale is held. Instead, the lender goes to court to try and obtain a court order demonstrating the borrower is in default of the mortgage. If successful, the title transfers to the lender immediately. So, no auction. However, a court can allow 30 days for an owner to try and cure the situation with payment.

With a decree of sale foreclosure, the court establishes the time and manner of the sale and appoints a committee to sell the property. In this case, owner may stop the foreclosure proceedings at any time before the sale by paying the balance due on the mortgage. If no such payment is made, the committee will go forward with the sale.

In Connecticut, a lender can sue to obtain a deficiency judgment...