Connecticut General Statutes Title 49. Mortgages and Liens § 49-30p. Underwater mortgage: Definitions

(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.