CT SB00971

Establishes two foreclosure methods for residential properties with up to four families: decree of sale or decree of market sale, with court discretion to choose the appropriate method.

Creates a market sale foreclosure process requiring the moving party to submit a marketing plan including proposed realtor compensation, advertising strategy and costs, certified property appraisal, and all offers received.

Sets a minimum 120-day period from motion approval for the mortgagor to receive written purchase offers, with the court approving any offer after determining it is in the best interests of the foreclosure parties.

Allows the court to approve offers containing contingencies for financing or inspections and may extend deadlines for good cause; if no acceptable offers are received, the court may extend the deadline or issue a traditional decree of sale or strict foreclosure.

Requires the mortgagors to execute the conveyance in a market sale foreclosure, with closing to occur within 45 days, and specifies that sale proceeds minus approved marketing and sale expenses be brought into court for distribution according to supplemental judgment.