New Haven, Conn., – April 7, 2015 – (RealEstateRama) — Standing amidst a sea of signs featuring the word “home” in various languages, New Haven Mayor Toni Harp and Connecticut’s U.S. Senator Richard Blumenthal announced today that the Connecticut Housing Finance Authority (CHFA) is accepting applications for Connecticut’s Emergency Mortgage Assistance Program (EMAP).
“Strong home ownership makes for strong communities,” said New Haven Mayor Toni Harp. “Any homeowner in any town or city can face foreclosure. CHFA’s Emergency Mortgage Assistance Program may provide the financial safety net your family needs to keep you in your home.”
EMAP loans are available to city and area homeowners who are facing foreclosure or having trouble making their mortgage payments due to a temporary financial hardship. The announcement was hosted by Neighborhood Housing Services of New Haven, one of the CHFA-HUD approved counseling agencies.
“Homeowners at risk of losing their home to foreclosure don’t want a hand out, but a way out,” said Blumenthal. “That is why the Emergency Mortgage Assistance Program from the Connecticut Housing Finance Authority is so important.”
Speaking at the CHFA announcement Willona Ferguson of New Haven, a single mom with three children, got an EMAP loan. Due to an illness she fell behind in her mortgage payments.
“It was Christmas Eve. I got the call that I got the EMAP loan. It saved my home. Saved my family. And allowed me to complete my degree,” Ferguson said.
A loan from EMAP can help cover the past due amount as well as a portion of current monthly mortgage payments for up to five years. Connecticut homeowners who are facing foreclosure due to a temporary financial hardship beyond their control, such as job loss, health or family financial hardship, are eligible to apply. An EMAP loan is secured by a fixed-rate, second mortgage on the homeowner’s residence. To qualify, applicants must be able to resume mortgage, loan and interest payments after the assistance period.
“Our goal is to help Connecticut homeowners threatened by foreclosure to stay in their homes while they regain their financial stability,” said Norbert J. Deslauriers, Interim Executive Vice President of CHFA. “Loans from the Emergency Mortgage Assistance Program help keep families together, keep children in school, stabilize neighborhoods, and reduce the number of foreclosed properties on the market.”
Since the program was launched in 2008, EMAP has helped 1,349 families stay in their homes. “EMAP borrowers work with housing counselors and CHFA to get back to a more stable financial situation. Borrowers must show an ability to repay the loan after the assistance period,” Deslauriers said.
EMAP eligibility requirements will be explained to those homeowners who request information from CHFA’s Customer Call Center at 877-571-CHFA (2432). The Customer Call Center is open Monday – Friday from 9:00 am until 5:00 pm. After hours, callers can leave a message and the calls will be returned.
Homeowners who are facing financial difficulties may also contact any CHFA-HUD approved counseling agency in theircommunity that provides services free-of-charge to homeowners. Neighborhood Housing Services of New Haven and the GreaterNew Haven Community Loan Fund provide counseling services for the Greater New Haven area. To find a counseling agency in your area, visit CHFA’s website at www.chfa.org.
lisa.kidder (at) chfa (dot) org