Connecticut § 49-30s - Transfer agreement to convey property subject to underwater mortgage.
Full text of Connecticut Connecticut General Statutes § 49-30s — Transfer agreement to convey property subject to underwater mortgage., with citation guidance and answers to common questions.
§ 49-30s. Transfer agreement to convey property subject to underwater mortgage.
Sec. 49-30s. Transfer agreement to convey property subject to underwater mortgage. A mortgagor of an underwater mortgage may enter into a transfer agreement to convey the residential real property subject to the mortgage to a third party and, as a condition of such conveyance, pay to the mortgagee less than the outstanding balance due on the mortgage debt, which payment shall be in full or partial satisfaction of the mortgagor's obligation to the mortgagee. Such transfer agreement shall be executed by both the mortgagor and the mortgagee and shall: (1) Contemplate a transfer to the third party of all the mortgagor's interests in the property to the third party, except for the interests reserved to the mortgagor in the transfer agreement or the interests held by more senior mortgagees or lienholders or junior lienholders that are not a party to the action and not subject to the action by virtue of section 52-325; (2) contemplate a discharge of the mortgage after satisfaction of the conditions of the transfer agreement by the mortgagor; (3) contemplate the termination of any other interest in the property subordinate to that of the mortgagee following a court's entry of a judgment of loss mitigation under section 49-30u; and (4) contain other provisions mutually agreeable to the mortgagor and mortgagee, including, without limitation, a cash contribution of either party to the other or the execution of a promissory note by one party in favor of the other party upon such terms as such parties agree.
(P.A. 16-65, S. 76.)
Source: official Connecticut text · Last verified 2026-08-27
Frequently Asked Questions About Connecticut § 49-30s
What does Connecticut General Statutes § 49-30s cover?
Section 49-30s ("Transfer agreement to convey property subject to underwater mortgage.") is part of the Connecticut General Statutes, the codified statutory law of Connecticut. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Connecticut § 49-30s?
A common citation format is "Connecticut General Statutes § 49-30s" (Connecticut). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Connecticut law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Connecticut official source linked on this page or consult a licensed Connecticut attorney.
How does Connecticut § 49-30s apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Connecticut can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Connecticut.