I have owned a home in Connecticut for many years. A few months ago I lost my job and fell behind in my mortgage payments. The house is now in foreclosure. If I lose it to foreclosure, is there any way for me to get it back afterwards? I am interviewing for a job, and may be employed soon.
No, you can’t get the home back after the foreclosure is completed. In Connecticut, you have up until what is called the “Law Day” in a strict foreclosure, or until the court confirms the foreclosure sale in a decree of sale foreclosure, if you want to pay off the debt and keep the home. (This is called “redeeming” the house.)
In Connecticut, lenders may foreclose through one of two judicial procedures: strict foreclosure (where the court transfers title directly to the foreclosing party without ordering a sale) and a decree of sale foreclosure (where the court orders a foreclosure sale). In a nutshell, here are the rules regarding redemption (which are explained in more detail below):
- Strict foreclosure. If the foreclosure is a strict foreclosure, the court will set a specific date, known as a Law Day, which is the last date that you can redeem your home.
- Decree of sale foreclosure. In a decree of sale foreclosure, also called a "foreclosure by sale", you can redeem the home up until the court confirms the sale.
Most foreclosures in Connecticut are strict foreclosures.
When You Can Redeem Your Home in a Strict Foreclosure in Connecticut
In a strict foreclosure, the court sets the redemption period, which is the time between the judgment and the Law Day. The Law Day can be as soon as 21 days after the court enters a judgment of strict foreclosure. However, it is typically between 45 and 90 days after the judgment. If you do not redeem by the Law Day, you lose ownership of the home.
How to request an extension of the Law Day. You can request that the judge extend the Law Day by filing a motion with the court. Be sure to do this on or before your existing Law Day. If you are unsure about when your Law Day is, call the court clerk.
When You Can Redeem Your Home in a Decree of Sale Foreclosure
If the court orders a foreclosure sale, you can redeem the home between the judgment and the sale date. This is usually 60 to 90 days. You can also redeem the home during the time the court takes to confirm the sale, usually 14 to 30 days.
How Much You'll Have to Pay to Save Your Home
In order to redeem, you must pay the full judgment amount, plus all other lawful charges such as interest, attorney fees, and costs.
To find out the procedure for redeeming your home, check with the court or consult with a Connecticut attorney.
If Possible, Don’t Wait Until the Redemption Period to Save Your Home
In most cases if you want to keep your home, it is better to take action early in the foreclosure process. This will give you more options to save the property. For example, you could:
- pay off the past-due amounts to reinstate (catch up on) the loan, or
- 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.
Foreclosures in Connecticut only take a few months to complete so be sure to explore alternatives to foreclosure as soon as possible. (To learn more about foreclosure laws and procedures in Connecticut, visit Nolo’s Connecticut Foreclosure Law Center.)
Finding Connecticut’s Redemption Laws
To find the statutes that discuss your right to redeem the home after a foreclosure in Connecticut, go to Volume 12, Title 49, Chapter 846 of the Connecticut statutes.