In Finance

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.

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