State Officials Offer Help To Distressed Homeowners

WATERBURY — Connecticut’s distressed homeowners have another opportunity to explore loan modification and foreclosure prevention options with their banks at a day-long, state-sponsored forum Wednesday, November 28, at the Conference Center at CoCo Key in Waterbury.

The mortgage assistance event, the fourth sponsored by the state in what has become a national model, was announced at a news conference November 19 by Governor Dannel P. Malloy, Attorney General George Jepsen, and Banking Commissioner Howard F. Pitkin.

“This event is an excellent opportunity for any distressed homeowner to sit down with their mortgage lender, talk about their situation and determine the best strategy going forward,” Gov Malloy said. “Having the conversation is the first step, and we hope that the information homeowners receive at the event will help them stay in their homes.”

Attorney General Jepsen said distressed homeowners in Connecticut are seeing the benefits from the $25 billion national mortgage settlement announced earlier this year with the five largest loan servicing companies, as well as from debt reduction and assistance programs offered by other banks doing business in the state. Like previous state-sponsored events in Hartford, Bridgeport and Storrs, the Waterbury event is a valuable opportunity for homeowners to get answers they need to move forward.

“While not everyone will qualify for a loan modification, distressed homeowners will be able to jump-start or expedite their loan review and come away with a name and a number to call — a single point of contact — as they continue the process,” the attorney general said.

Commissioner Pitkin encouraged state residents, particularly those in western Connecticut, to take advantage of the upcoming program in Waterbury. “This is our fourth Mortgage Assistance Event to date,” he said. “Connecticut homeowners who are having difficulties with their mortgage may learn about state and federal resources that may be available to help their situation. Those who are unable to attend can get help through the department’s Foreclosure Assistance Hotline. The hotline number is 877-472-8313.”

Lilly Amorim of Brookfield said news reports about an earlier mortgage servicer event prompted her mother to seek the help she needed to modify her loan and save her home from foreclosure.

“Persistence paid off after a lengthy, stressful process and I couldn’t be more thankful,” Ms Amorim said. “I encourage others in similar circumstances to be knowledgeable of the resources available, get informed, seek assistance, do your best to be proactive and not give up hope.”

The mortgage assistance forum is scheduled from 10 am to 7 pm at the Conference Center at CoCo Key, 3580 East Main Street. Free parking is available on site.

Among the banks sending representatives are: Bank of America, CitiMortgage, First Niagara Bank, Freedom Mortgage, GMAC Mortgage, HSBC National Bank USA, Indymac/OneWest, JPMorgan Chase & Co., McCue Mortgage, Ocwen Loan Servicing, People’s United Bank, PNC Mortgage, Webster Bank, and Wells Fargo Bank.

Also attending will be HUD-approved housing counselors, the Connecticut Housing Finance Authority, Connecticut Fair Housing Center attorneys, Judicial branch foreclosure mediators, and representatives of The Workplace, Inc, and other state and nonprofit agencies.

Connecticut’s event format has become a model for other states because it succeeds in bringing hundreds of mortgage customers together with their bank representatives in one day, state officials said. The events make it easy for homeowners to start the loan review process or to expedite it.

Others, who bring all the necessary paperwork, may get an answer the same day to their modification application. If additional paperwork is necessary, the homeowner comes away with a single point of contact to make sure that information gets to where it needs to be.

The goal is to get answers as quickly as possible for homeowners, so they can evaluate their options, make decisions regarding their homes or seek additional counseling.

More information about the mortgage assistance event, including the information homeowners should bring to help them get answers quickly, is available at www.ct.gov/dob/homeowner, or by calling the Department of Banking at 860-240-8170 or 877-472-8313.