Strict foreclosure in Connecticut means:
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Quick sale process
Strict foreclosure is not a quick sale process. In fact, it bypasses the sale entirely, making it a distinct alternative to foreclosure sales which are typically faster than traditional foreclosure but still involve a sale.
Title transfers to lender without sale if borrower fails to redeem
No redemption period
While strict foreclosure does eliminate a traditional redemption period, this is not its defining characteristic. The key feature is the direct transfer of title to the lender, not simply the absence of a redemption period.
Public auction required
Public auction is explicitly NOT required in strict foreclosure. This process specifically avoids the sale step that characterizes other foreclosure methods like judicial foreclosure and non-judicial foreclosure.
Why is this correct?
In strict foreclosure, if the borrower fails to redeem by the law day, title transfers directly to the lender without a public sale. This distinguishes it from other foreclosure methods where a sale is required to satisfy the debt.
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