Emergency Mortgage Assistance Program - EMAP
Program Description
The Emergency Mortgage Assistance Program (EMAP) offered through the Connecticut Housing Finance Authority (CHFA) provides financial assistance for up to five years to Connecticut homeowners suffering a temporary financial hardship, who have fallen behind on their mortgage payments, and have received a notice of foreclosure action from their lender. The initial disbursement of the EMAP mortgage loan will be paid to a homeowner’s mortgage lender to correct the delinquency and bring their mortgage to a current status. Eligible homeowners are required to pay a portion of their monthly mortgage payment to CHFA while receiving Emergency Mortgage Assistance. The required amount of the payments made by the homeowner to CHFA is based on their income. CHFA will then pay the total required monthly mortgage payment to the homeowner’s lender for up to five years while the homeowner continues to pay their partial payment to CHFA. The total amount of the Emergency Mortgage Assistance paid by CHFA to the current mortgage lender is repaid by the homeowner as a 30-year, fixed-rate, fully amortizing mortgage loan. During the period of assistance, the homeowner must participate in an annual recertification process to determine continued eligibility and must notify CHFA of any changes in their financial status. Borrowers will begin repayment of the EMAP mortgage loan at a time when the borrower’s finances allow, based on CHFA’s review.
EMAP Program Homeowner Eligibility Requirements
The Emergency Mortgage Assistance Program is available to Connecticut homeowners who meet all of the following eligibility requirements: The delinquent mortgage must be a non-FHA insured mortgage secured by the homeowners’ primary principal residence and the homeowner must not have an ownership interest in any other real estate. The homeowner’s inability to make the mortgage payments on their primary residence must be due to either an unforeseen financial hardship (which reasonably could not have been alleviated by the liquidation of assets by the homeowner) resulting in a reduction of household income of at least 25% or a significant increase in the monthly payments required by their current mortgage lender. The homeowner must have received a delinquency notice from their current mortgage lender dated on or after July 1, 2008, which indicates the lender’s intent to initiate foreclosure proceedings. Except for the current delinquency, the homeowner must have a favorable mortgage credit history with no more than three 30-day late payments for the previous 2 years or period of ownership (whichever is less).
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The homeowner must have contacted their current mortgage lender or a CHFA approved housing counselor (refer to the list of approved agencies on the reverse side) as indicated in the required delinquency notice in an effort to negotiate terms to correct the delinquency of the mortgage. In the event these negotiations are unsuccessful or in the event you successfully negotiated repayment terms but were unable to honor those terms due to an unforeseeable financial hardship you may be eligible to apply for EMAP. � CHFA must determine that there is a reasonable expectation that the homeowner will be able to reinstate their current mortgage payments and have the ability to repay the EMAP mortgage loan.
Eligible Properties
All properties must be owner-occupied and the primary residence of the applicant. • Single family homes • Single family homes located in Planned Unit Developments (PUDs) • Single family condominiums • Two-to-Four family homes Please note that no business or commercial use of the property is allowed. Homeowners may contact the CHFA Customer Call Center at 860-571-3500 or toll free at 877-571-CHFA (2432) to obtain the necessary Emergency Mortgage Assistance Application documentation.
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Eligible homeowners must be fully discharged from any action of bankruptcy. The homeowners primary residence secured by the mortgage must be an eligible property.
EQUAL HOUSING OPPORTUNITY
www.chfa.org
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CHFA strives to assist as many homeowners as possible. If you do not meet the EMAP eligibility requirements, we encourage you to contact the following resources to explore additional options:
CHFA-Approved Housing Counseling Agencies
Acorn Housing Corp Bridgeport 203-366-4180 Catholic Charities & Family Services Norwich 860-889-8346 Co-opportunity Inc. Hartford 860-236-3617 Housing Education Resource Center Hartford 860-296-4242 Mutual Housing Assoc. of Southwestern CT Stamford 203-359-6940 Neighborhood Housing Services of New Britain 860-224-2433 Neighborhood Housing Services of New Haven 203-777-6925 Neighborhood Housing Services of Waterbury 203-753-1896 Urban League of Greater Hartford 860-527-0147 For questions or additional information please contact CHFA’s Customer Call Center at 860-571-3500 or Toll Free at 877-571-CHFA [2432].
Connecticut Housing Finance Authority 999 West Street • Rocky Hill, CT 06067 www.CHFA.org