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Most of the home foreclosures we see today take place when a homeowner stops paying the mortgage and their lender takes back the home to satisfy the debt owed. Connecticut foreclosure is a judicial process, and there are two types of foreclosures:
- Foreclosure by Sale – Proceeds go first to the lender and any remainder goes to the owner. This applies when owner debt is less than the property value.
- Strict Foreclosure – The lender is entitled to the full amount of the sale proceeds. Strict foreclosure applies when the owner’s debt is greater than the property value.
When the bank takes a property back with strict foreclosure, the property usually goes on sale with a real estate broker as an REO or “Real Estate Owned” listing. These foreclosed real estate listings are less risky to buyers since there are no loans, liens, taxes or tenants to deal with.
RealtyQuest provides free access to information about all Connecticut foreclosed properties. The properties listed here are the bank-owned foreclosures that are listed on the Connecticut multiple list system.
View CT Foreclosed Properties by County