Good faith estimates are exactly that..."Estimates". The terms of the note, the interest rate, monthly payments and maturity date recited therein are what govern the conduct of the parties. The borrowers should have paid more attention to the note they executed. There are not many defenses to a mortgage foreclosure, but fraud in the inducement is one of them. It is possible that if there is conflicting information in the loan documents upon which the borrower relied, the transaction could be void or voidable. 

In Connecticut the borrower is subject to liability under both the note and the mortgage. He is liable for money damages under the note.The mortgage comes into play in the event of default. In which case he is alternately liable for foreclosure and a deficiency judgment.

It is rare for a mortgage foreclosure ever to make it all the way to a trial.
The majority of them are resolved through a motion for judgment after default for the Defendant's failure to disclose a defense or by a motion for summary judgment in the event that the Defendant does disclose a defense. If the Defendant has disclosed a valid defense which survives a motion for summary judgment, the matter will proceed to trial.

In title theory states such as Connecticut the title to the subject property is split by a mortgage. It is more than a lien on the property. Legal title to the property is conveyed to the lender while the borrower retains equitable title (Equity of Redemption)  to the property.

 

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