Substitute for Raised H.B. No. 5514 Session Year 2014
AN ACT CONCERNING AN OPTIONAL METHOD OF FORECLOSURE.
To establish an additional method of foreclosure that will support the Connecticut real estate market by selling residential properties at market prices, encourage potential purchasers eligible for first-time homebuyer and other special lending programs or who wish to perform due diligence concerning a purchase to purchase a residence in foreclosure, provide a measure of dignity to residential borrowers faced with the prospect of foreclosure, reduce deficiencies by providing a procedure for a market sale instead of a forced auction sale or lender possession of property prior to sale and provide a speedy method of concluding a foreclosure when the borrower and first mortgage lender agree on a sale.