§ 49-30p — Underwater mortgage: Definitions.

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 .

Legislative History

(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.