In Connecticut's strict foreclosure process, what is the term used for the court-ordered deadline by which a mortgagor must redeem the property or forfeit title to the lender?
Correct Answer
B) Law day
In Connecticut's strict foreclosure process, the court sets a 'law day,' which is the specific date by which the mortgagor must pay the debt and redeem the property. If the mortgagor fails to redeem by the law day, title passes directly to the lender without any public sale. This is the defining feature of strict foreclosure under CGS §§ 49-1 through 49-31v.
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Related Topics & Key Terms
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Related Concepts
Closing costs are the fees and expenses paid by the buyer and seller at the closing of a real estate transaction, beyond the purchase price. They typically range from 2-5% of the purchase price.
A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as the FHA, VA, or USDA. It is originated and funded by private lenders and may be conforming or non-conforming.
The debt-to-income ratio (DTI) compares a borrower's monthly debt obligations to their gross monthly income. It is used by lenders to determine how much mortgage a borrower can afford.
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