Maria purchased a home in Hartford with a conventional mortgage. She later defaulted on her loan, and the lender initiated foreclosure proceedings. The Connecticut court set a specific date by which Maria must pay the full outstanding debt or lose her property. What is this court-designated date called?
Correct Answer
B) Law day
In Connecticut's strict foreclosure process, the court establishes a 'law day,' which is the specific date by which the mortgagor (Maria) must redeem the property by paying the full debt owed. If she fails to pay by the law day, title automatically vests in the lender without any public sale. This terminology is unique to Connecticut's strict foreclosure system under CGS §§ 49-1 through 49-31v.
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