Foreclosures
Lawrence & Jurkiewicz, LLC are foreclosure attorneys in Avon and Torrington, Connecticut. Connecticut and Vermont are the only states in which “strict foreclosure” exists. At the judgment hearing, the court determines whether there is significant equity in the property, over and above the mortgage or lien being foreclosed.
If significant equity does not exist, the court enters a judgment of strict foreclosure, and assigns each defendant (the owners and the junior encumbrancers) a “law day”, that is, a date by which each defendant may redeem the property by paying the foreclosing plaintiff its debt and costs. If a defendant redeems, title to the property vests in that defendant, subject to the encumbrances which are prior in right to the mortgage being foreclosed. If there is no redemption, title to the property vests in the foreclosing plaintiff, upon the passage of the last law day. If the debt owed to the plaintiff exceeds the value of the property on the date title vests, the plaintiff may be able to obtain a deficiency judgment against the owners by filing an appropriate motion within 30 days.
If significant equity exists (or if the United States is a defendant), the court enters a judgment of foreclosure by sale, and appoints a “committee” to auction the property to the highest bidder. The proceeds from the sale are paid into court and then distributed according to the relative priority of the parties’ interests, pursuant to the terms of a “supplemental judgment”.
Lawrence & Jurkiewicz, LLC is conversant with the complexities of the foreclosure process, including the effect of bankruptcy, and is prepared to represent the interests of parties in interest at all stages of the proceeding. For more information, call to schedule a free initial consultation with a foreclosure lawyer at our Avon or Torrington, Connecticut office.
