Finance
Under Connecticut's foreclosure process, after the law day passes in a strict foreclosure, what happens to the mortgagor's interest?
AThe mortgagor receives the surplus
BTitle vests absolutely in the mortgagee (lender) with no further right of redemption✓ Correct
CThe property is sold at auction
DThe mortgagor retains a right to repurchase within 5 years
Explanation
In strict foreclosure, once the mortgagor fails to redeem by the court-set law day, title vests absolutely in the lender. There is no auction or further right of redemption once the law day passes.
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