Avoiding Judgment Through Connecticut’s Foreclosure Mediation Program

foreclosure defense attorneys newtown ct

In 2008 Connecticut established what was one of the first Foreclosure Mediation Programs in the country to help homeowners with the record-breaking number of foreclosure cases being filed. When a qualifying homeowner enters mediation, the foreclosure action is stayed pending conclusion of the mediation.

The mediation process is overseen by a foreclosure mediation specialist who is employed by the Court. They are neutral third parties that do not represent either the bank or the homeowner. The mediator will meet with the homeowners (and their attorney) and the attorney for the bank. The goal is to reach a fair and reasonable agreement. This could be:

  • Repayment terms for the past due balance
  • Modification of the mortgage to terms that the homeowner can afford
  • Short sale
  • Deed in lieu of foreclosure
  • Other voluntary agreement

Mediation is available to those who:

  • Signed the note secured by a mortgage on the property
  • Occupy the property as their primary residence
  • The property is a 1 to 4 family residence
  • The foreclosure case has a return date on or after July 1, 2008.

Note: if you did not sign the note, you can still qualify for mediation if you are now the owner of the property and:

  • You are a defendant in a foreclosure action having a return date on or after October 1, 2015
  • You are a successor-in-interest, meaning that:
  • You are the spouse of a deceased borrower, and you became the owner of the property through your spouse’s estate or
  • You held title with your spouse with rights of survivorship or
  • The property was transferred to you by a divorce decree or legal separation

There are time deadlines for requesting mediation when you are served with foreclosure papers, so it is imperative that you act quickly. The attorneys at Bellenot & Boufford, LLC have been helping homeowners in mediation since the inception of the program in 2008. We offer a free initial phone consultation. Please call if you have any questions or want to save your home and / or avoid judgment. We can also help negotiate a resolution prior to your being served with foreclosure papers.

Law@BBesq.com     203-304-9050     WWW.BBesq.com

Emergency Mortgage Assistance Program EMAP

For anyone who is behind on your mortgage, facing foreclosure or you are having trouble making your mortgage payments due to financial hardship, the Connecticut Housing Finance Authority, CHFA, has a program that may help.

EMAP, the Emergency Mortgage Assistance Program, is designed to cure the arrearage on your mortgage and possibly help keep the mortgage current for up to 60 months.

You need to meet certain qualifying criteria such as, the arrearage cannot exceed $50,000 and you must meet CHFA’s criteria for a financial hardship. The program is meant for single-family homes, condominiums, a planned unit development home and 2-4 family homes. There are other requirements that must be met as well.

This is a 30-year fixed rate loan at very reasonable rates. You may not even have to begin repaying immediately. CHFA will determine when you are able to begin repaying the loan.

As part of its foreclosure prevention resources, the Connecticut Housing Finance Authority also offers emergency loans and job training with placement assistance.

You can visit the Connecticut Housing Finance Authority at CHFA.org or contact Ron Bellenot at the law offices of Bellenot & Boufford, LLC if you have any additional questions. Ron is happy to give you a free phone consultation to determine if there are other available programs or means of managing your mortgage in difficult financial times.

Reverse annuity mortgage program (RAM)

If you are or know an elderly homeowner (70 years and older) with long-term illnesses  and or disabilities, the Connecticut Housing Finance Authority has a program that may provide financial relief.

You can borrow up to 70% of the appraised value of their home up to $510,400 The mortgage will pay monthly benefits which will increase by 3% yearly.

The monies can be applied to various in home or out of home care needs, renovations, long-term care insurance premiums, prescription drugs, meals and other living needs.

An applicant must meet other qualifying criteria as well.

You can visit the Connecticut Housing Finance Authority at CHFA.org or contact Ron Bellenot at the law offices of Bellenot & Boufford, LLC if you have any additional questions. Ron is happy to give you a free phone consultation to determine if there are other available programs.