How to Stop Foreclosure in Connecticut

Foreclosure is bad for almost everyone involved. The homeowner loses his home, equity and credit, and the lender loses interest on the mortgage. It is a no-win solution. As a result, most states have put in place specific programs designed to help homeowners navigate this process and stop foreclosure. The following will show you how to stop the foreclosure process in the state of Connecticut.

Instructions

1. Understand your rights. All lenders are required to provide borrowers with a written notice by registered or certified mail. The borrower has 60 days from the date of notice to resolve the default.

2. Contact the Connecticut Housing Finance Authority. CHFA offers several programs including the Connecticut Fair Alternative Mortgage Lending Initiative and Education Services (CT FAMLIES) program. Homeowners can place a call between the hours of 8:30 a.m. to 5:00 p.m. to [phone] or toll free (877) 571-CHFA (2432). You can also e-mail at [e-mail].

3. Ask for information about the CT FAMLIES loan. Eligible homeowners may qualify for a CT FAMLIES 30-year fixed rate loan if they have an adjustable rate mortgage (ARM).

4. Inquire about the Emergency Mortgage Assistance Program (EMAP). This program is meant to provide emergency mortgage assistance to eligible homeowners.

5. Contact a local CHFA-approved counseling agency for assistance with resolving the default. See Resources for a contact list.

6. Request a foreclosure mediation. All lenders are required to honor a request for mediation. Contact Roberta Palmer, Superior Court Operations, for more information at [phone] or via e-mail at: [e-mail].

Tips & Warnings

• Some programs are not available for borrowers who have FHA-insured loans. Call the HUD Counseling and Referral Line at [phone] for assistance.

References

• CHFA: Summary of Programs

Resources

• CHFA-Approved Counseling Agencies