Connecticut General Statutes
Chapter 846 - Mortgages
Section 49-10b. - Residential real estate transaction involving payoff of mortgage loan. Disclosure statement prepared and sent to mortgage holder by notification agent. Form.

(a) For the purposes of this section:

(1) “Date of completion of the closing” means the date that payoff funds become available for transmittal to the mortgage holder;
(2) “Notification agent” means: (A) The buyer's attorney, where the buyer is represented by an attorney and the seller is represented by a separate attorney who assumes the responsibility for transmitting the mortgage payoff funds to the mortgage holder; (B) the new lender, in a refinance situation where the attorney representing the mortgagor is also the attorney representing the new lender; (C) the seller, where the seller is not represented by an attorney and the attorney representing the buyer has taken the responsibility for transmitting the payoff funds to the mortgage holder; or (D) the seller's attorney, where the buyer is represented by a separate attorney who assumes the responsibility for disbursing the mortgage payoff funds to the mortgage holder;
(3) “Mortgage holder” or “holder of the mortgage” means the owner of the mortgage or the mortgage servicer as set forth in the mortgage payoff letter provided to the notification agent;
(4) “Residential real estate transaction” means any real estate transaction involving a one-to-four family dwelling.
(b) At any residential real estate transaction involving the payoff of a mortgage loan, a disclosure statement shall be prepared by the notification agent and shall be sent by the notification agent by certified mail, return receipt requested or by confirmed facsimile transmission or by overnight carrier, to the holder of the mortgage which is to be paid off, within two business days from the date of completion of the closing. The disclosure statement shall include a copy of the payoff statement or other written authorization provided by the mortgage holder. The person or entity charged with the responsibility of securing the mortgage payoff statement shall transmit a copy of such payoff statement in a timely manner to the notification agent but, in any event, not later than the date of closing. To the extent not shown on the payoff statement, the disclosure statement shall identify the mortgage, the names of the mortgagors or borrowers, the loan number, the property address and the date of completion of the closing. The disclosure statement shall direct that, if funds are not received by the mortgage holder within five business days from the date of completion of the closing, notice of that fact shall be given to the notification agent. Such statement shall include the name, address, telephone and fax number, if available, of the notification agent. Such disclosure statement may be in substantially the following form:
NOTIFICATION
Please be advised that a loan from ..., (lender) to .... (mortgagor) dated .... and recorded in the land records in the town of .... in volume .... at page .... bearing loan number .... secured by a mortgage on .... (address), or as otherwise shown on the attached payoff statement, was paid at closing on .... (date of completion of the closing). If you do not receive the mortgage payoff funds within five business days of the date of completion of the closing, you are directed to notify this office immediately as follows:
Notification agent's name ....Address ....Telephone number ....Fax number ....
(P.A. 97-267, S. 2; P.A. 98-49; June 12 Sp. Sess. P.A. 12-2, S. 85.)
History: P.A. 98-49 amended Subsec. (a) by adding definition of “date of completion of the closing” and amended Subsec. (b) by deleting requirement that disclosure statement shall be executed by all parties or their attorneys, permitting disclosure statement to be sent by confirmed facsimile transmission, changing “mortgage lender” to “mortgage holder” and “pay off date” to “date of completion of the closing” (Revisor's note: Opening and closing parentheses were inserted editorially by the Revisors around the words “date of completion of the closing” in the notification form in Subsec. (b)); June 12 Sp. Sess. P.A. 12-2 made a technical change in Subsec. (a)(1).

Structure Connecticut General Statutes

Connecticut General Statutes

Title 49 - Mortgages and Liens

Chapter 846 - Mortgages

Section 49-1. - When foreclosure a bar to further action on debt.

Section 49-2. - Inclusion of taxes and other items as part of mortgage debt. Open-end mortgage. Reverse annuity mortgage. Negative amortization.

Section 49-2a. - Interest on funds held in escrow for payment of taxes and insurance.

Section 49-2b. (Formerly Sec. 37-10). - Interest on escrow accounts; regulations of Banking Commissioner.

Section 49-2c. - Exceptions.

Section 49-3. - Mortgage securing future advancements.

Section 49-4. - Mortgages by U.S. government and certain credit associations and banks to secure future advancements.

Section 49-4a. - Open-end mortgages, United States or its instrumentalities and certain banks authorized to hold.

Section 49-4b. - Open-end mortgage as security for guaranty of an open-end loan. Mortgage deed requirements. Description of loan and secondary liability.

Section 49-4c. - Mortgage as security for obligations under an electricity purchase agreement.

Section 49-5. - Mortgages on property of public service companies.

Section 49-5a. - Master mortgage recording.

Section 49-5b. - Required information in a mortgage contingency clause.

Section 49-6. - Trust mortgages.

Section 49-6a. - Definitions. Interim financing policy disclosure required.

Section 49-6b. - Definitions.

Section 49-6c. - Notice of late fee required. Exception.

Section 49-6d. - Legal representation.

Section 49-7. - Agreements concerning expenses and attorneys' fees.

Section 49-7a. - Lenders prohibited from requiring multiple original notes.

Section 49-7f. - Mortgage brokers and lenders prohibited from referring buyers of real property to a real estate broker, salesperson or attorney for a fee or commission. Suspension or revocation of licenses.

Section 49-8. - Release of satisfied or partially satisfied mortgage or ineffective attachment, lis pendens or lien. Damages.

Section 49-8a. - Release of mortgage. Affidavit. Recording of affidavit with town clerk. Penalty for recording false information.

Section 49-9. - Release of mortgage, mechanic's lien or power of attorney. Form of instrument. Index. Operation of executed release.

Section 49-9a. - Validation of release of mortgage. Affidavit.

Section 49-10. - Assignment of mortgage debt. Form of instrument. Requirements. Sufficient notice of assignment. Allocation of recording fees paid by a nominee of a mortgagee. Operation of executed assignment.

Section 49-10a. - Request for payoff statement or reinstatement payment statement.

Section 49-10b. - Residential real estate transaction involving payoff of mortgage loan. Disclosure statement prepared and sent to mortgage holder by notification agent. Form.

Section 49-11. - Release of mortgage by executor, administrator, spouse, next of kin, guardian, conservator or other suitable person.

Section 49-12. - Release of mortgage by foreign executor, administrator, trustee, conservator or guardian.

Section 49-13. - Petition for discharge of mortgage or ineffective attachment, lis pendens or lien.

Section 49-13a. - Undischarged mortgage invalid as further lien. Time periods. Tolling of time period by recording notice.

Section 49-14. - Deficiency judgment.

Section 49-15. - Opening of judgments of strict foreclosure.

Section 49-16. - Foreclosure certificate. Penalty.

Section 49-17. - Foreclosure by owner of debt without legal title.

Section 49-17a. - Collection of rental payments without legal title.

Section 49-18. - Foreclosure by executor, administrator or trustee.

Section 49-19. - Title to vest in encumbrancer paying debt and costs.

Section 49-20. - Redemption by holder of encumbrance on part of property foreclosed.

Section 49-21. - Defendant to receive and file certificate of satisfaction or certificates of judgment of strict foreclosure or foreclosure by sale.

Section 49-22. - Execution of ejectment on foreclosure judgment. Disposition of property.

Section 49-22a. - Execution of ejectment on foreclosure judgment on mortgage guaranteed by Administrator of Veterans' Affairs.

Section 49-23. - Ejectment by mortgagee barred by tender of debt and costs.

Section 49-24. - Court may foreclose lien or mortgage on land by sale or market sale.

Section 49-24a. - Definitions.

Section 49-24b. - Agreement to pursue foreclosure by market sale.

Section 49-24c. - Appraisal of property in foreclosure by market sale.

Section 49-24d. - Listing agreement in foreclosure by market sale.

Section 49-24e. - Contract for sale of property in foreclosure by market sale.

Section 49-24f. - Judgment of foreclosure by market sale.

Section 49-24g. - Right-of-first-refusal law days.

Section 49-25. - Appraisal of property.

Section 49-26. - Conveyance; title of purchaser.

Section 49-27. - Disposal of proceeds of sale.

Section 49-28. - When proceeds of sale will not pay in full.

Section 49-29. - Expenses of sale and costs.

Section 49-30. - Omission of parties in foreclosure actions.

Section 49-30p. - Underwater mortgage: Definitions.

Section 49-30q. - Modification of underwater mortgage.

Section 49-30r. - Conveyance of property encumbered by underwater mortgage in satisfaction of mortgagor's obligation. Transfer agreement.

Section 49-30s. - Transfer agreement to convey property subject to underwater mortgage.

Section 49-30t. - Judgment of loss mitigation following agreement under section 49-30q or 49-30r.

Section 49-30u. - Judgment of loss mitigation following agreement under section 49-30s.

Section 49-30v. - Nonentry of judgment of loss mitigation.

Section 49-30w. - Junior lien on property encumbered by underwater mortgage.

Section 49-31. - Actions against the state.

Section 49-31a. - Subordination clauses.

Section 49-31b. - Information in deed sufficient notice as to nature and amount of obligation. Deed for variable rate mortgage loan.

Section 49-31c. - When subordination not subject to statute of frauds and automatically effective.

Section 49-31d. - Definitions.

Section 49-31e. - Application for protection from foreclosure.

Section 49-31f. - Application for protection from foreclosure action. Qualifications. Court determination of eligibility. Stay of foreclosure action.

Section 49-31g. - Restructuring of mortgage debt by court.

Section 49-31h. - Partial payment by homeowner mandated by court as condition for granting of restructuring order.

Section 49-31i. - Determination of restructured mortgage debt. Limitations on amount of mortgage debt following restructuring. Computation of new mortgage debt.

Section 49-31j. - Regulations.

Section 49-31k. - Definitions.

Section 49-31l. - Foreclosure mediation: Notice of foreclosure mediation program. Forms. Procedure. Stay of litigation.

Section 49-31m. - Ezequiel Santiago Foreclosure Mediation Program.

Section 49-31n. - Mediation period. Information required. Termination of program.

Section 49-31o. - Consent of mortgagee required for changes. Disclosure of information submitted to mediator.

Section 49-31p. - Successor in interest in foreclosed property secured by federally-related mortgage loan. Assumption of interest limited. Definitions.

Section 49-31q. - Successor in interest in foreclosed property. Termination of tenant lease and assumption of interest subject to tenant lease.

Section 49-31r. - Foreclosure mediation: Notice of community-based resources.

Section 49-31s. - Simultaneous filing of motions for judgment of foreclosure and for default for failure to appear permitted for vacant, abandoned and unoccupied real property.

Section 49-31t and 49-31u. - Eligibility for foreclosure mediation program after consent to foreclosure by market sale. Foreclosure mediation program: Certificate of good standing.

Section 49-31v. - Foreclosure mediation program: Funding.