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Connecticut’s Emergency Mortgage Assistance Program (EMAP)

The Emergency Mortgage Assistance Program (EMAP) provides temporary monthly mortgage payment assistance for up to five years to eligible Connecticut homeowners who are facing foreclosure due to a financial hardship.  The EMAP loan is secured by a fixed-rate, subordinate mortgage on the homeowner’s residence yet is one that is both limited and requires repayment. However, the repayment of an EMAP mortgage starts when the homeowner’s financial condition sufficiently improves.

Who Can Apply?

Generally, EMAP assists Connecticut homeowners who are facing foreclosure, are 60 days delinquent, have received a notice of intent to foreclose from their Lender, or anticipate becoming 60 days delinquent on their mortgage.  EMAP has many technical requirements and funding is limited, so homeowners interested in applying for this program should research or contact an experienced attorney to get informed.

EMAP requirements include:

  • Eligible borrowers must have only one home- Eligible Connecticut homeowners under this program own one home that they occupy year-round as their primary residence.  They cannot have an ownership interest in any other real estate.
  • Eligible borrowers must demonstrate a generally favorable credit history prior to their financial hardship- Potential EMAP borrowers will have a favorable mortgage payment history for the 2 years prior to the hardship with no more than three 30 day late payments in the 12 months prior (or period of ownership, whichever is less.)
  • An eligible borrower must be unable to currently meet his/her mortgage obligation- The delinquency must have arisen directly from either a significant increase in the monthly mortgage payment due to an interest rate adjustment or from the onset of an unforeseen financial hardship that was beyond the borrower’s control and caused a significant reduction in the aggregate family household income or an unanticipated increase in expenses.
  • CHFA must be able to conclude that an eligible borrower can demonstrate that he/she can repay the EMAP loan- Eligible borrowers must demonstrate that they have a reasonable expectation that they will be able to make timely payments towards both their primary mortgage(s) as well as their EMAP loan at the end of the EMAP assistance period.

Revisions

In 2012, the Connecticut State Legislature updated the EMAP statute and made several important revisions. The most significant change was opening the program to borrowers with mortgages insured by the Federal Housing Administration (FHA). In addition, borrowers who are current on their mortgage, but delinquent on property taxes, condominium fees or other assessments, can apply for EMAP, providing the borrower still has a mortgage on the property. The rules for excluding assets were also revised. Borrowers must disclose all assets when applying for EMAP loans, but are allowed to exclude up to $100,000 in pension and retirement funds for purposes of determining program eligibility.

Get Informed

The Connecticut Emergency Mortgage Assistance Program is a very complex program to understand, even to the most knowledgeable professionals. Consequentially, it is important to get informed and do your research to help ensure EMAP is the best option for you and your family.

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