What is strict forclosure?
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What is strict forclosure?
The city that I live in has filed strict forclosure on my property for an outstanding sewer bill. So what will happen to my mortgage holder?
Asked on June 15, 2012 under Real Estate Law, Connecticut
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Your state has two types of foreclosure: Foreclsoure by Sale and Strict Foreclosure. I a foreclosure a "lis pendens" is filed along with a foreclosure complaint being served upon you and the other defendants that may be listed. Judgment of Strict Foreclosure is typically entered (Day 90) by the Court if there is no equity in the property above the debt being foreclosed. There is no sale. The mortgagor is given a law date by which he must pay off the debt or lose his interest. All other defendants are also given law dates. Upon failure of payment, title automatically vests in the foreclosing mortgagee on the "vesting date" (Day 150). The period between judgment and the vesting date is the redemption period and is discretionary with the judge. Hardship cases may prolong the redemption period. Your lender will be notifed here and I would suggest that you seek help now with the problem. It could trigger foreclosure from them as well. Good luck.
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