Which of the following statements about Connecticut's strict foreclosure process is NOT accurate?
Correct Answer
C) A public auction is held on the law day to sell the property to the highest bidder.
Option C is NOT accurate. In Connecticut's strict foreclosure, there is no public auction. The law day is the deadline for redemption, not a date for an auction. If the mortgagor fails to redeem by the law day, title passes directly to the lender without any sale or bidding process. A public auction is a feature of foreclosure by sale, not strict foreclosure.
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Related Topics & Key Terms
Key Terms:
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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