Section 49-30p - Underwater mortgage: Definitions.

CT Gen Stat § 49-30p (2019) (N/A)

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For purposes of this section and sections 49-30q to 49-30w, inclusive:

(1) “Mortgage” has the same meaning as provided in section 49-24a;

(2) “Mortgagee” has the same meaning as provided in section 49-24a;

(3) “Mortgagor” has the same meaning as provided in section 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 section 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.

(P.A. 16-65, S. 73; P.A. 17-236, S. 10.)

History: P.A. 17-236 made a technical change to Subdiv. (3), effective July 11, 2017.

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Section 49-30q - Modification of underwater mortgage.