Connecticut mortgage help

 

Foreclosure Assistance and Help With Mortgage in Connecticut

Emergency Mortgage Assistance Program (EMAP)

The Connecticut EMAP mortgage help and foreclosure assistance program is administered by the Connecticut Housing Authority. This program provides emergency assistance with paying a homeowners mortgage to homeowners in Connecticut who are experiencing a short term financial emergency. Mortgage assistance is giving to these homeowners in the form of a new mortgage that will be a fixed 30-year mortgage at a competitive interest rate.

In addition to the EMAP program, Connecticut also has a mortgage foreclosure/delay program in place to help prevent foreclosures. Before a home can be foreclosed, banks and mortgage lenders need to give the homeowner a notice by registered or certified mail indicating that the borrower has up to 60 days from the date of the notice to go over options with the lender on how to stop the foreclosure process, or they can decide to meet with a mortgage counselor in an attempt to stop the default. In addition, the 60 day delay also allows the borrower time to apply for the Connecticut Emergency Mortgage Assistance Program.

Even if you are a homeowner already in foreclosure, you can still receive aid from EMAP which can possible stop the foreclosure. There are some conditions to the program, and they include.

  • The borrower doesn’t qualify for the CT FAMLIES aid program below
  • The borrower took steps to negotiate with the lender but was unsuccessful

 
 

 

 

CTFAMLIES - Connecticut Housing Finance Authority (CHFA)

The CT FAMLIES mortgage refinance assistance program refinance assistance program that will help homeowners with refinancing into a fixed rate, 30-year mortgage at a competitive, lower interest rate. Some of the common questions of the program include:

    If my home value is less than my mortgage, can the CT FAMLIES program still help me?
    Yes. A CT FAMLIES second mortgage is available to homeowners in this situation and the mortgage help can bridge the gap between your home’s current market value and the total amount that is owed on your mortgage.

    Are all types of home loans eligible for assistance?
    Yes. The CT FAMLIES mortgage assistance program is now available to those who hold a fixed rate loan, an Adjustable Rate Mortgage, Interest Only mortgages, Option ARMs or Pick-A-Pay Adjustable Rate Mortgages are all eligible for aid.

    I cannot pay for the closing costs to refinance my mortgage? Can I still get help?
    Yes, the program can help. You have options. For example, in addition to a CT FAMLIES primary mortgage, you can take out a CT FAMLIES Second Mortgage, to help pay for the closing costs.

    How competitive are the interest rate?
    The interest rate is very competitive with market rates. When you refinance into a CT FAMLIES home mortgage loan, you will be providing a competitive, 30 year fixed rate mortgage.

 

Homeowner's Equity Recovery Opportunity (HERO) Loan Program

Last but not least, there is a third program available in Connecticut. The Connecticut HERO loan program empowers Connecticut to buy outstanding mortgages directly from banks and lenders. Connecticut can then change the mortgage and offer the homeowner new terms. This program is for families who can’t get mortgage or foreclosure help from the programs above, including EMAP and the CT FAMLIES program.

 

Mortgage Relief Initiative

Mortgage help is providing by banks located in Connecticut. The banks that have decided to take part in this program will assist homeowners with refinancing their mortgage into a conventional mortgage loan, at many times a lower interest rate, and the new loan will better meet the homeowners current financial needs.

This program can really help homeowners who currently have a high interest rate, resetting, or nontraditional mortgage and that are having difficulty with paying their mortgage. However, it was not created with the intent of helping everyone, and homeowners who lied or extremely overextended themselves will not have success in receiving mortgage help from this program.

Some of the banks in this program include Sovereign Bank, Citizens Bank, Bank of America, TD Banknorth, Webster, and several others. These banks have committed to communicating with borrowers that have a high interest rate mortgage and difficult repayment terms.
 

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