Can I reclaim my Connecticut house if it goes into foreclosure?

Foreclosed homeowners in Connecticut are not entitled to a post-sale redemption period under state law.

Question

For many years, I have had a property in Connecticut. I lost my job a few months ago and fell behind on my home payments. The home is now under foreclosure. Is there any possibility for me to reclaim my property if I lose it due to foreclosure? I’m in the process of interviewing for a job and might start shortly.

Answer

No, you cannot reclaim your house after a foreclosure. In Connecticut, you may “redeem” the home until the “Law Day” in a strict foreclosure or until the court certifies the foreclosure sale in a decree of sale foreclosure.

Lenders in Connecticut may foreclose through one of two legal procedures: strict foreclosure (in which the court transfers title straight to the foreclosing party without requiring a sale) or decree of sale foreclosure (where the court orders a foreclosure sale). In a nutshell, these are the redemption rules, which are further discussed below:

Foreclosure is strictly enforced. If the foreclosure is stringent, the court will designate a precise day, known as a “Law Day,” as the final day you may redeem your house.
Foreclosure sale decree. You may redeem the house in a decree of sale foreclosure, commonly known as a “foreclosure by sale,” until the court accepts the sale.

The majority of Connecticut foreclosures are stringent foreclosures.

When Can You Redeem Your Connecticut Home in a Strict Foreclosure?

The court determines the redemption period in a strict foreclosure, which is the time between the verdict and the Law Day. The Law Day may occur as soon as 21 days after the court files a stringent foreclosure judgment, although it is usually between 45 and 90 days following the verdict. You lose possession of the residence if you do not redeem by the Law Day.

By submitting a motion with the court, you may request that the judge prolong the Law Day. Before the Law Day, the motion must be submitted and heard. If you’re not sure when your Law Day is, contact the court clerk.

When You Can Redeem Your Home in a Foreclosure by Decree of Sale

If the court orders a foreclosure sale, you have 60 to 90 days between the judgment and the auction date to redeem the house. You may also redeem the house during the period it takes the court to ratify the sale, which is normally 14 to 30 days.

How Much Will You Have to Pay to Save Your House?

To redeem, you must pay the whole amount of the judgment plus all additional legal expenses such as interest, lawyers’ fees, and costs. Check with the court or a Connecticut attorney to learn about the process of redeeming your house.

If at all possible, save your home before the redemption period begins.

Most of the time, if you want to retain your house, you should act early in the foreclosure process. You’ll have more possibilities to preserve the property this way. As an example:

You could try to work out a mortgage modification, forbearance agreement, or repayment plan with your lender or the terms of your loan contract to reinstate the loan, or you could try to work out an alternative to foreclosure that will allow you to keep the property, such as a mortgage modification, forbearance agreement, or repayment plan.

Connecticut foreclosures only take a few months to complete, so look into alternatives to foreclosure as soon as feasible.

You could also look into the Connecticut Housing Finance Authority (CHFA), which provides foreclosure prevention services to Connecticut households facing foreclosure.

Discovering Connecticut’s Redemption Statutes

Go to Volume 12, Title 49, Chapter 846 of the Connecticut laws to locate the statutes that outline your ability to redeem your house following a foreclosure. Statutes change, so double-checking is usually a good idea. The way courts and other organizations interpret and implement the law might also shift. Some restrictions may even differ across states. These are just a few of the reasons why you should visit an attorney if you are facing foreclosure.