In a Connecticut strict foreclosure action, the court enters a judgment setting the following law days: the mortgagor's law day is October 1st, the second mortgagee's law day is October 8th, and the first mortgagee (the foreclosing party) takes title if no one redeems. The mortgagor redeems on October 1st by paying the full debt to the foreclosing first mortgagee. What is the effect of the mortgagor's redemption on the second mortgagee's interest?
Correct Answer
C) The second mortgagee's lien survives intact because the mortgagor's redemption reinstates full ownership and all existing encumbrances on the property
Under Connecticut strict foreclosure law, when the mortgagor redeems by paying the foreclosing party's debt in full by the mortgagor's law day, the foreclosure is defeated and the mortgagor retains ownership of the property. Because the foreclosure proceeding is terminated by the mortgagor's redemption, the property is restored to its pre-foreclosure status — meaning all existing encumbrances, including the second mortgagee's lien, survive intact. The second mortgagee's law day never comes into effect because the mortgagor's timely redemption ended the entire proceeding. The second mortgagee retains a valid lien on the property.
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Related Topics & Key Terms
Key Terms:
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A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
Tenancy by the entirety is a form of co-ownership available only to married couples that includes the right of survivorship and protection from individual creditors. Neither spouse can unilaterally sell or encumber the property.
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