Connecticut General Statutes 49-30p – Underwater mortgage: Definitions
For purposes of this section and sections 49-30q to 49-30w, inclusive:
Terms Used In Connecticut General Statutes 49-30p
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(1) “Mortgage” has the same meaning as provided in § 49-24a;
(2) “Mortgagee” has the same meaning as provided in § 49-24a;
(3) “Mortgagor” has the same meaning as provided in § 49-24a, except a mortgagor, for the purposes of sections 49-30p to 49-30w, inclusive, shall only include those mortgagors with personal net liquid assets, excluding retirement and tax advantaged health savings plans, that are less than one hundred thousand dollars;
(4) “Residential real property” has the same meaning as provided in § 49-24a;
(5) “Senior lien” means the first security interest placed upon a property to secure payment of a debt or performance of an obligation before one or more junior liens;
(6) “Junior lien” means a security interest placed upon a property to secure payment of a debt or performance of an obligation after a senior lien is placed on such property;
(7) “Lienholder” means a person who holds a security interest in real property; and
(8) “Underwater mortgage” means a mortgage where the debt associated with such mortgage, along with any senior lien, exceeds the fair market value of the mortgaged property as determined by a court in accordance with sections 49-30t and 49-30u.