Facing foreclosure in Connecticut is a terrifying experience, but you don’t have to go through it alone. Let’s look at some of the resources available to help in Connecticut.

You may not be aware of this, but Connecticut has nine Community Action Agencies, or CAAs, all managed by the Connecticut Association for Community Action. These agencies handle all kinds of community needs, and assisting people facing foreclosure is one of those needs. They are an excellent place to start when you need assistance in saving your home.

After the subprime mortgage crisis, Connecticut was one of the first states in the country to open a Foreclosure Hotline, and it’s still in use today. You can reach someone Monday through Friday, from 8 am to 5 pm. You can also leave a message, and someone will get back to you. This hotline is staffed with people who are experts on the relief options available to Connecticut homeowners. Let them point you in the right direction.

995Hope also operates in Connecticut. This trusted, the nation-wide agency can assist you in assessing your options, and even help you make the dreaded phone call to your loan servicer.

The Department of Housing and Development, or HUD, certifies agencies in all 50 states to provide homeowners with financial advice. Connecticut has its list of certified agencies who, in addition to being HUD-certified, are certified by the Connecticut Housing Finance Authority.  The CHFA is the central hub for all foreclosure prevention programs in Connecticut, such as:

  • EMAP (Emergency Mortgage Assistance Program) To be considered for this program, you must be experiencing financial hardship due to extraordinary circumstances, such as loss of a job or income due to injury or illness. The assistance available is in the form of a loan to help you catch up and be reinstated in your mortgage, and possibly cash contributions to your mortgage payments. Help can last for up to 60 months. Your financial profile will be taken into account when assessing what kind of help you will be offered.
  • Reverse Annuity Mortgage — This program is offered to low-income residents who are above the age of 70. It is backed by the CHFA and allows qualifying homeowners to convert the equity they’ve already built in their home into a lump-sum or monthly payment.

 

Meanwhile, The CFHC (Connecticut Fair Housing Clinic) offers foreclosure prevention clinics every month. Although some of these have been disrupted due to the novel coronavirus, the agency does plan to reschedule them. They are free of cost, and anyone is welcome to attend. They also have produced a reader-friendly guide to representing yourself during a foreclosure in Connecticut that is a must-read if you’ve reached that part of the process and are not able to hire an attorney.

If you’ve made it this far in the article, chances are you need some financial assistance. Instead of beating yourself up for that, or continuing to avoid it, why not get some help on your side? Give one of these programs a call, or at least check out their websites. You may come away, feeling just a little bit more hopeful.