October 27, 2008

Homeowner facing foreclosure may qualify for state help

Press release from state Sen. Tom Colapietro, a Bristol Democrat:
Connecticut homeowners facing foreclosure may find help in several new programs created by the General Assembly earlier this year, state Senator Thomas Colapietro (D- Bristol) said today. However, navigating the programs and knowing where to turn to for help can be difficult.

Foreclosure isn’t just a problem for individual homeowners,” said Senator Colapietro. “It hurts property values and strains communities, which is a problem for all of us. The state has programs available that may help people who are having trouble with their mortgage, but they have to know where to look and who to call; and it’s not always easy to figure it all out.”

Programs for individuals and families facing possible home foreclosure are available through several agencies. Connecticut resident can also contact the state Department of Banking’s Mortgage Foreclosure Assistance Hotline at (877)472-8313.

The Connecticut Housing Finance Authority (CHFA) offers three financial assistance programs for homeowners who qualify:

  • Connecticut Fair Alternative Mortgage Lending Initiative and Education Services Program (CT FAMILIES): CT FAMLIES loans are for individuals and families who bought any current home using an Adjustable Rate Mortgage, or who had an Adjustable Rate Mortgage and refinanced into another Adjustable Rate Mortgage. You must reside in the property as your primary residence and must meet certain income guidelines to qualify.

  • Emergency Mortgage Assistance Program (EMAP): A program for homeowners who have received a Notice of Foreclosure dated on or after July 1, 2008, the EMAP loan is available to eligible homeowners who are not able to meet their monthly mortgage payment obligation due to extenuating circumstances. CHFA provides assistance in paying a portion of the homeowner's monthly mortgage payment for a maximum of five years.)

  • Homeowner Equity Recovery Opportunity Program (HERO): HERO is a $30 million program that allows CHFA to purchase mortgages directly from lenders and place eligible borrowers on an affordable payment schedule for a 30-year fixed-rate mortgage. To qualify for HERO assistance, borrowers must have made an effort to meet financial obligations, have a sufficient and stable income, have the legal title to the mortgaged property and reside in it as their permanent residence, show an accounting for their cash flow and agree to attend in-person financial counseling at a CHFA-approved agency.

The General Assembly also created the statewide Mortgage Crisis Job Training Program through The Workplace, Inc., which offers customized employment services, job training scholarships, job placement assistance, financial literacy, credit counseling and referrals to other needed services for borrowers who are at least 60 days past due on their mortgage payments on their primary residence in Connecticut and have a household income of less than $120,000. There is no cost to qualified participants.

To for more information on financial assistance programs or to contact CHFA, visit www.chfa.org or call (860)721-9501.

For more information on the Mortgage Crisis Job Training Program or to contact The Workplace, Inc. call toll-free (866)683-1682 or visit www.workplace.org/mortgage.asp.

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Copyright 2008. All rights reserved.
Contact Steve Collins at scollins@bristolpress.com

17 comments:

Anonymous said...

Tom can't even write his own press release!

Anonymous said...

He just says what he's told to say anyway...

Anonymous said...

cry about Tom all that you want - if the republicans had any credibility they would have a challenger to him.

Anonymous said...

Boy am I glad Tom did another service for the community. At least we all know him and the name brought out the Tom haters . It was getting boring . His involvement gave the hatemongers something to bitch about ! By the way are you jerks gonna ever do anything constructive? Or can't you?

Anonymous said...

Oops, must have missed the public relations press release from Geladino - could it be re-run so that we can all see the differences of opinions of both of our Senatorial candidates? Ooops, wrong district, it's most of the other districts throughout the state which have active gop slates actively running for office.

Anonymous said...

Thank you Tom,,,, Barnes that is!

Anonymous said...

You really are dumb TJ and company to think that Tom would associate on here. He's got more class than any of you LMAO Wink, Wink !! You betchya ya losers!!!!

Anonymous said...

Geladino would have done better than that!

Ask him, he'll tell you.

Anonymous said...

Who's going to pay my mortgage while I'm paying for everyone else's?

Anonymous said...

What do you think, 3:39, that you get to keep or spend the money you earn, when there's some one lying on the couch who needs it? It's time to spread your wealth! Hoping your kids were going to college? Hoping you could retire before you die? Not when ole Tom and his kind are around.

Anonymous said...

Why is the GOP beating a dead horse?

Colapetro has no opposition, what do they expect to accomplish?

Why not go after Wright or Lenski?

Why not come up with some candidates?

No wonder that are slowly becoming extinct.

Anonymous said...

4:49pm - wow, someone really has finally gotten the basic answer as to how to win an election - get a candidate, how unique - hope that it doesn't catch on because then the gop will want another charter revision commission to prevent it from happening again.

Anonymous said...

My mistake, I thought this was about Tom's support of the state helping people in foreclosure. Sorry!

Anonymous said...

Why doesn't Tom write his own press release? Got a GED and can't even write?

He's just a lackey for the Democants. Talk about phonies!

LOL ;0)

Anonymous said...

You republican'ts bore me (Yawn)You are really good for nothing !!Except kissing each other trying to convince yourselves that the whole world is wrong and you are right We should listen to you anonymous nobodys? LMAO At you jerks!

Anonymous said...

Only a cruel person whether it be a democrat or republican would use a blog like this to be mean.

Anonymous said...

Who is Lenski?