Connecticut General Statutes 49-24b – Agreement to pursue foreclosure by market sale
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A mortgagor and a mortgagee may agree, by mutual consent, to pursue a foreclosure by market sale pursuant to sections 49-24b to 49-24g, inclusive. Nothing herein shall be construed as requiring either the mortgagor or mortgagee to pursue a foreclosure by market sale or to consider a foreclosure by market sale in foreclosure mediation. Failure of either party to consent to a foreclosure by market sale for any reason shall not be a basis for a claim of bad faith.
Terms Used In Connecticut General Statutes 49-24b
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.