Connecticut General Statutes 49-31r – Foreclosure mediation: Notice of community-based resources
(a) A mortgagee, as defined in § 49-8a, shall include the form promulgated by the Judicial Branch, in accordance with subsection (c) of § 49-31l, concerning notice of community-based resources to parties involved in foreclosure mediation with any notice to a mortgagor, as defined in said § 49-8a, of an intent to accelerate the mortgage loan.
Terms Used In Connecticut General Statutes 49-31r
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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.
(b) The Judicial Branch shall provide such form to parties involved in foreclosure mediation to public libraries, religious organizations and community-based programs throughout this state to ensure that such form is readily available to mortgagors.
(c) Such form shall include the following:
(1) A reference to CHFA/HUD-Approved Housing Counselors in lieu of a reference to CHFA-Approved Housing Counselors;
(2) A column in the approved housing counselor chart that includes the counties in which each housing counselor serves; and
(3) A notification to mortgagors who are currently parties to a foreclosure action that they should contact the Department of Banking’s foreclosure assistance hotline for assistance with time sensitive foreclosure concerns.