Connecticut mortgage help and foreclosure assistance.

Locate assistance for paying your mortgage and obtain foreclosure help in all areas including Bridgeport and Hartford. There are five 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 mortgage help from the Mortgage Relief Initiative. Last, but not least, Connecticut offers foreclosure mediation.

CTFAMLIES - Connecticut Housing Finance Authority (CHFA)

The CT FAMLIES Program is a mortgage refinance assistance program that helps homeowners refinance into a fixed rate, 30-year mortgage

• What types of mortgages are eligible to apply for CT FAMLIES
  At this time the CT FAMLIES program is open to those who have an Adjustable Rate Mortgage, homeowners who have a fixed rate, Interest Only, Option ARMs or Pick-A-Pay Adjustable Rate Mortgages. Almost all mortgages are eligible.
• What if I cannot afford the closing costs to refinance my mortgage?
  The program can help. In addition to a CT FAMLIES first mortgage, you may be eligible for a CT FAMLIES Second Mortgage, which can assist with your need for paying for financing of closing costs or other related loan expenses.
• I owe more money on my home than my property is worth. Can CT FAMLIES still help me?
  In most instances, yes, the program can still meet your needs. A CT FAMLIES second mortgage is available which can help to bridge the gap between your home’s current value and the amount owed on your current mortgage.
• What will the new interest rate on my mortgage be?
  When you refinance into a new CT FAMLIES mortgage loan, you new mortgage payment will be based on the rate of a 30-year fixed rate mortgage. All interest rates are very competitive.
• Dial 860-571-3500

 

 

 

Emergency Mortgage Assistance Program (EMAP)

The EMAP mortgage assistance program is administered by CHFA and it provides emergency mortgage assistance payments to Connecticut homeowners who are suffering a financial hardship. 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, 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 are required, and need to by law, give the homeowner a notice by certified or registered mail indicating that the borrower has 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 qualify for EMAP. The criteria for this situation include the borrower :

• (1) does not meet the criteria for the CT FAMLIES aid program and
• (2) the borrower has taken the necessary steps to negotiate with their lender directly OR they have met through a face-to-face meeting with a mortgage counselor and
• (3) the homeowner has been unsuccessful in solving their default or delinquency, they may apply for EMAP.

Dial (860) 721-9501

Homeowner's Equity Recovery Opportunity (HERO) Loan Program

The Connecticut HERO loan program allows the state of Connecticut to buy eligible mortgages directly from lenders and 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 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.

 

 

Connecticut Fair Housing Center

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.

Non-profit foreclosure counseling

Several non-profit organizations exist in Connecticut. The HUD certified non-profit organizations provide Connecticut homeowners with foreclosure counseling and assistance programs. Learn more.

Bank of America customers in Connecticut

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.

Mortgage Relief Initiative

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 mortgage loan that will better meet their needs and which will help them lower their bills.

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 expect to).

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 :

• have pledged to reach out to those borrowers that have a high-rate mortgages with difficult payment terms;
• are expanding their utilization of various assistance programs that should help mortgage borrowers that have limited home equity. These programs include programs like Federal Housing Authority loans, as well as loans that are guaranteed by state agencies;
• have also designated one or more "go to" lenders that can help borrowers explore their various mortgage relief options;

Unfortunately the Mortgage Relief banks cannot help everyone - in particular those borrowers who are seriously delinquent on their mortgage 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.