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Tina, Lawyer
Category: Real Estate Law
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Experience:  17 years of legal experience including real estate law.
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What is the different between strict foreclosure and foreclosure

Customer Question

What is the different between strict foreclosure and foreclosure by sell?
And what does it mean Strict foreclosure "ready"?
And what can I do to keep my property after this motion for judgment? Thanks
Submitted: 4 years ago.
Category: Real Estate Law
Expert:  Law Pro replied 4 years ago.

Welcome to JustAnswer! My goal is to do my very best to understand your situation and to provide a full and complete excellent answer for you.

My name is Fred and I'm going to assist you with your question.

Please bear with me if you believe my answer isn’t coming fast enough because I’m also working with other customers too. I apologize for any seemingly late response.

In Connecticut, the lenders go to court in what is known as a judicial foreclosure proceeding. Connecticut has two (2) versions of judicial foreclosure one is known as "strict foreclosure" and the other is known as foreclosure by sale where the court must issue a final judgment of foreclosure. In the foreclosure by sale the property is sold as part of a publicly noticed sale. A complaint is filed in court along with what is known a lis pendens. A lis pendens is a recorded document that provides public notice that the property is being foreclosed upon.

A strict foreclosure is a summary proceeding that usually involves a property with little or no equity. Basically all parties in interest to the mortgage are given a set timetable to make full payment or redeem at the conclusion of which title to the property will pass directly to the lender without a sale if the conditions for redemption are not met.

A "strict foreclosure" is a foreclosure proceeding in which the lender is entitled to take possession of the property directly upon default of the mortgage agreement.

Strict foreclosure is very similar to a deed in lieu of foreclosure, except the borrower does not have the option to refuse. Their only course of action if they wish to fight the proceeding is to take the matter to court.

In simple terms, the mortgage agreement states that the lender owns the property until the mortgage has been paid in full. If the borrower breaks any of the conditions of the mortgage before it is paid in full, they will lose any right to the property and the lender will take possession of it. The borrower forfeits any equity they have built in the property through repayment of principal or increase in property value.

However, in your case the city is foreclosing because the property taxes weren't paid for the property correct?
Customer: replied 4 years ago.
Yes. In the very beginning was the city start the procession strict foreclose by back taxes. Then my lender paid the back taxes . But after that the lender forged my signature to notify my tenants to pay him rent.
Is that mean from now on the property was automatically transfer the owner ship to the lender. ??? without my signature ,court order or process ??
Do I still responsible for insurance or maintain?
I really would like to keep my property. Because when I bought it was a boarded broken property and I had spend lot of money to fixed it up and fully rented now. Would you please tell me what should I do to claim my property back . Thanks a lot.
Expert:  Law Pro replied 4 years ago.
A lender can institute strict foreclosure if the property taxes aren't paid - their security interest is at risk.

Please explain what you mean that the lender "forged" your signature noticing the tenants to pay them the rent.
Customer: replied 4 years ago.
I mean the lender forgery my signature to collect the rent.
Anyway to get my property back. Do I have the right to find a buyer now in this stage? Thanks

And where to rate your service. It didn't show on my screen .
Expert:  Law Pro replied 4 years ago.
If the lender forged your signature you can file suit against them for forgery and fraud.

However, a lender is entitled to pay the outstanding taxes and pursue strict foreclosure if the taxes aren't paid.

Connecticut has no specific post sale statutory right of redemption, which allows a party whose property has been foreclosed to reclaim that property by making payment in full of the sum of the unpaid loan plus costs. After the sale the court will generally provide a short window for there to be a redemption and in a strict foreclosure the cutoff period is called a "law day" after which no redemption can be made. There is a time limit to undertake such redemption prior to the sale date.

Have you been noticed of "law day"?