June 05, 2011 (Press-News.org) The reasons why a family may have difficulty keeping up with mortgage payments are legion. Job loss, unexpected medical bills, a failed business venture and divorce are common factors in many foreclosures. But there are just as many strategies for stopping the foreclosure process and retaining ownership of a family home, including foreclosure mediation, bankruptcy and stripping a second mortgage.
Recent good news from the Connecticut Housing Finance Authority (CHFA) reveals that $33 million in federal aid will be made available to Connecticut homeowners who are facing foreclosure. The funds are a key component of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which has set aside $1 billion for the U.S. Department of Housing and Urban Development's Emergency Homeowners' Loan Program (EHLP). Only four other states are eligible to distribute these funds because each had enacted foreclosure assistance programs under state laws like Connecticut's Act Concerning Responsible Lending and Economic Security.
The EHLP will provide assistance to Connecticut homeowners who are at least 90 days or more delinquent on a first mortgage due to unemployment, underemployment, a medical emergency or serious injury. The program provides eligible applicants with a mortgage assistance loan to pay down arrearages, delinquent taxes, house insurance, condominium fees and foreclosure fees, as well as assisting with mortgage payments for up to two years. Eligible homeowners receive an interest free loan that will be forgiven if the borrower remains in the residence and makes timely payments on the first mortgage.
Eligibility is based on current income, recent reductions in income, and the applicant's ability to resume repayments, and the program is limited to a first mortgage on a principal residence, single family property (meaning a one- to four-unit structure or a condominium unit). EHLP funds will be distributed on a first-come, first-served basis.
A Connecticut Foreclosure Attorney Can Address Your Concerns
Not every solution works for every family, but a consultation with a Connecticut debt relief lawyer can help you understand your options and act with confidence. For instance, a law firm with both a family law practice and experience with financial planning can advise you about divorce and bankruptcy as well as the wisdom of avoiding bankruptcy through a short sale or structuring marital property division to minimize future financial hardships. Regardless of the circumstances that have brought you to the brink of home foreclosure, you owe it to yourself to explore the full range of legal solutions available.
Article provided by David G. Volman, Attorney at Law, L.L.C.
Visit us at www.volmanlaw.com
Connecticut Makes New Foreclosure Prevention Funds Available
The Connecticut Housing Finance Authority (CHFA) has announced that $33 million in federal aid will be made available to eligible Connecticut homeowners who are facing foreclosure.
2011-06-05
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[Press-News.org] Connecticut Makes New Foreclosure Prevention Funds AvailableThe Connecticut Housing Finance Authority (CHFA) has announced that $33 million in federal aid will be made available to eligible Connecticut homeowners who are facing foreclosure.