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Foreclosure mediation is a court-sanctioned program wherein Connecticut law provides homeowners an opportunity to request a modification of their mortgage during the pendency of a foreclosure action.
In a foreclosure by sale, the property is sold to the highest bidder at the sale. At the sale, the lender usually makes a credit bid. The lender can bid up to the total amount owed, including fees and costs, or it may bid less.
Under federal law, the servicer usually cant officially begin a foreclosure until youre more than 120 days past due on payments, subject to a couple of exceptions. (12 C.F.R. 1024.41). This 120-day period provides most homeowners with ample opportunity to submit a loss mitigation application to the servicer.
When the court enters a judgment of strict foreclosure, the judge sets a Law Day date for you. Your Law Day could be as soon as 21 days after the judgment. Most of the time, though, its around 45-90 days after the judgment.
HOW LONG DOES A FORECLOSURE TAKE FROM START TO FINISH? On average, three to six months. 7. CONNECTICUT USES BOTH STRICT FORECLOSURE AND FORECLOSURE BY SALE.
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For cases assigned to the Foreclosure Mediation Program, there is a litigation hold for a period of up to 8 months from the cases return date.
HOW LONG DOES A FORECLOSURE TAKE FROM START TO FINISH? On average, three to six months. 7. CONNECTICUT USES BOTH STRICT FORECLOSURE AND FORECLOSURE BY SALE.
Foreclosure mediation is a court-sanctioned program wherein Connecticut law provides homeowners an opportunity to request a modification of their mortgage during the pendency of a foreclosure action.

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