July 17, 2023

stop foreclosure

Facing foreclosure? CHFA CAN HELP!

Under the American Rescue Plan Act of 2021, Connecticut has been awarded approximately $123 million to establish MyHomeCT, a program funded by the Homeowner Assistance Fund. The goal of MyHomeCT is to cure mortgage delinquencies and defaults, and prevent foreclosures among eligible homeowners that occurred as a result of the COVID-19 pandemic. The program also includes assistance for qualified non-mortgage expenses including, but not limited to, real estate taxes and insurance as well as condominium or homeowners' association fees.

The MyHomeCT Program will offer grant assistance (up to $50,000) which can reinstate (“catch-up”), provide up to 12 months’ worth of go-forward payments, or a combination of both to eligible Connecticut homeowners who have suffered a financial hardship as a result of the COVID-19 pandemic.

Do you qualify?

  • Applicants must have experienced a COVID-19 related financial hardship after January 21, 2020, or experienced a financial hardship before January 21, 2020 which was then worsened/extended by the pandemic.
  • Assistance for a delinquency existing from prior to January 21, 2020 is capped to three months so any amounts owed before October 2019 will not be eligible. Real estate property taxes that were assessed on the October 2018 Grand List and subsequent Grand Lists are eligible expenses.
  • Homeowner must live in the state of Connecticut and occupy the property as their primary residence.
  • Property must be an owner-occupied 1-to-4 unit house, condominium or manufactured home.
  • Homeowners applying for mortgage assistance must have a mortgage that had a principal balance at or below the Federal Housing Finance Agency’s conforming loan limits for Fannie Mae and Freddie Mac at the time of origination.
  • Household income must be equal to or less than 150% area median income (AMI), adjusted for household size.

Want to talk to an expert about your options to avoid foreclosure?

Last Updated on July 17, 2023 by Minna Reid

About the author 

Minna Reid

Minna Reid is The Broker - Owner of Reid Real Estate Group. Reid Real Estate Group is a full-service Connecticut residential real estate brokerage, specializing in helping homeowners with legal and financial challenges including short sales, probate sales and tax lien complications.

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