Locate assistance for paying your mortgage and obtain foreclosure help in all areas including Bridgeport and Hartford. There are five main programs in Connecticut. One is the CT FAMLIES program, offered directly by the state, and the second is the Mortgage Relief Initiative, which is being managed by several banks. There is also Connecticut HERO and assistance from the Mortgage Relief Initiative. Last, but not least, Connecticut also offers foreclosure mediation.
The CT FAMLIES Program is a mortgage refinance solution that helps homeowners lower their payments by refinancing into a fixed rate, 30-year mortgage
The state of Connecticut EMAP mortgage assistance program is administered by CHFA and it provides emergency mortgage assistance payments to homeowners who are suffering a financial hardship or some form of crisis. Assistance provided is in the form of a new mortgage that will be a 30-year, fixed rate fully amortizing loan. The financial hardship can include anything from a loss of income, reduction in work hours, up to and including increases in mortgage payment amounts or other housing expenses, including costs of heat and utilities, or property taxes.
Prior to commencing a foreclosure proceeding against a homeowner in Connecticut, mortgage lenders and banks are required, and need to by law, give the homeowner a notice by certified or registered mail. This needs to indicate to the homeowner that they have up to 60 days from the date of the notice to discuss options with the lender or hold a face-to-face meeting with a HUD-approved housing mortgage counselor in an attempt to resolve the default. The notice provided needs to inform the borrower about the EMAP program. If after discussion, the mortgage lender and the borrower can’t resolve the late payments or default, the borrower still has 60 days from receipt of the written notice to apply for the EMAP mortgage assistance program.
In addition, a homeowner or borrower already in the foreclosure process may still qualify for EMAP. The criteria for this situation include the borrower:
Dial (860) 721-9501
The Connecticut HERO loan program allows the state of Connecticut to buy eligible mortgages directly from lenders. After this transaction occurs the state can then place the mortgage borrowers on an affordable mortgage repayment plan. To be qualified for this assistance program, a borrower must have failed to qualify for the programs indicated above, including the CT FAMLIES or EMAP. CHFA needs to determine if the mortgage borrower is eligible for HERO and CHFA must successfully negotiate with the borrower’s lender to purchase the mortgage. CHFA would then need to alter the repayment terms of the mortgage to make the loan affordable to the homeowner. Only after all of this occurs will the state be able to provide some form of relief to the family.
This is an organization that helps homeowners, lenders, borrowers, and housing counselors throughout Connecticut. It helps anyone who is involved in the housing crisis. People can gain access to information, programs, and various resources. Read more on how it can help.
Several non-profit organizations exist in Connecticut. The HUD certified non-profit agencies provide Connecticut homeowners with foreclosure counseling and assistance programs. Many of the services are offered at no cost to income qualified clients. Learn more.
If your mortgage was originated by, or is currently held by Bank of America or Countrywide, then you can get free foreclosure counseling and help in applying for mortgage assistance. BOA has opened a center in Connecticut that allows borrowers the ability to meet face to face with specialists and review all programs and solutions to a potential foreclosure filing. To date the bank has helped tens of thousands of homeowners across the nation and the state avoid or stop a foreclosure filing. Read more Bank of America Connecticut mortgage programs.
If you are behind on your mortgage, facing foreclosure, or just need to get more information on various mortgage assistance programs in Connecticut, then a free foreclosure clinic is an option for you. Sessions are held all across the state. Housing counselors, government representatives, and banks and mortgage servicers are all represented at the clinics. Individuals will be able to meet face to face with specialists to explore their options, and all services are offered at no cost to homeowners in Connecticut. Read more.
The Mortgage Relief initiative is focused on the New England area and the mortgage assistance program has grown from five regional banks to nearly fifty banks of every size with branches that are located throughout much of New England and in Connecticut.
The banks that are participating in this program represent a safe and sound place to discuss both your financial situation and credit needs, with expertise and respect.
Whenever possible, the banks that are participating in this mortgage assistance initiative will help eligible homeowners refinance their current mortgage into a conventional loan that will better meet their needs and which will help them lower their monthly payments. Other resources may also be administered to those individuals who are struggling.
Who Can We Help?
The banks will help those homeowners who have high-rate, resetting, or nontraditional loans who are having difficulty paying their mortgage bills. Or if you expect to struggle in the future, you may still qualify.
The banks participating in the Mortgage Relief Initiative, which include Citizens Bank (1-888-411-1145), Sovereign Bank (800.288.6225), TD Banknorth, Webster, Bank of America, and banks that are part of the Massachusetts Bankers Association. These banks have agreed to the following.
Unfortunately the Mortgage Relief banks cannot help everyone - in particular those borrowers who are seriously delinquent on their payments. Those borrowers who owe far more on their loan than the current value of their home because prices have fallen and those who may be facing imminent foreclosure may also find it difficult to receive assistance.
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