A Connecticut real estate licensee is advising clients about the foreclosure process. Which of the following statements about Connecticut foreclosure law would be EXCEPT correct to include in the licensee's explanation?
Correct Answer
B) In strict foreclosure, a public auction is held after the law day to determine a fair market sale price.
Option B is the statement that would be EXCEPT correct — meaning it is the INCORRECT statement. In Connecticut's strict foreclosure, there is no public auction held after the law day. The law day is the redemption deadline, not an auction date. If the mortgagor fails to redeem by the law day, title passes directly to the lender without any sale or auction. Stating that a public auction is held after the law day fundamentally misrepresents 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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