A Connecticut court has entered a judgment of strict foreclosure against borrower David. The court sets a law day of April 10. On April 8, David pays the full amount of the outstanding debt, interest, and court costs to the lender. What is the legal result of David's payment?
Correct Answer
A) David has successfully redeemed the property and retains title.
Under Connecticut's strict foreclosure process (CGS §§ 49-1 through 49-31v), the mortgagor has the right of redemption up until the law day. If David pays the full outstanding debt, interest, and costs before the law day expires, he successfully redeems the property and retains title. The law day functions as a deadline, and redemption before that deadline is legally effective.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs available to eligible veterans, active-duty service members, and surviving spouses. It offers no down payment and no private mortgage insurance requirements.
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