Relief could be on the way for some distressed Connecticut homeowners. Connecticut has received $33 million in federal funds to aid those facing foreclosure. The funds are available through the Connecticut Housing Finance Authority, which you can contact at 877-571-2432 or through their website.
Although Connecticut’s housing market has faired better than many states in the aftermath of the property bubble, the state is certainly not untouched by foreclosure. The Federal Emergency Homeowners’ Loan Program is designed to help those are unemployed or underemployed and more than 90 days delinquent on their mortgages. Distressed property owners can receive up to 24 months worth of assistance (to a maximum of $50,000). Funds are provided as interest free loans that are forgivable so long as the property remains owner-occupied and the owner stays current on their mortgage payments.
Assistance is available on a first come, first serve basis. The following eligibility requirements apply:
- The income of the applicant can be no more than 120 percent of the area median income.
- The applicant must have suffered a loss of at least 15 percent of their income.
- The property in question must be owner-occupied.
- The applicant must have a “reasonable likelihood” of being able to resume mortgage payments within 2 years.
For complete information on applying for assistance and other eligibility requirements, you can check the FAQ for this program here.
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