Connecticut Coalition of Mutual Assistance Associations
Founded in 1995, the CCMAA is a statewide, non-
The coalition serves recent refugees and immigrants who range from the very old to the very young. We serve individuals who have left their native lands – generally not under good conditions – and who have arrived in Connecticut generally without financial resources, without English as a spoken language, without an understanding of American cultural, educational, judicial, medical, or employment “systems”, and (often) without strong family or community support systems.
The CCMAA, focused as it is on providing key social and human services directly to
members of Hartford’s diverse immigrant/refugee communities, relies mostly on a part-
A few ways to prevent home foreclosures
It is hard enough moving to a new country. It’s not easy learning a different language, finding a stable job, and making new friends. Our organization has helped many new citizens with integrating into our society. Now, we are helping them stay. In the past 5 to 10 years the housing market has greatly fluctuated to the point where certain mortgages have become unaffordable. Foreclosure has affected everyone around the country, including our newest citizens who may not have a financial support system american born citizens have to rely on. Here are a few tips for keeping your home out of foreclosure if you have fallen behind on payments.
PLEASE NOTE: If your home is currently in foreclosure, you should seek the representation of a foreclosure defense attorney. They are usually inexpensive and have the ability to delay the bank from selling your home while you work out an agreement with the lender.
Loan Forbearance – If you think your financial situation is short term and you will be able to continue making payments again in a few months getting a loan forbearance may be right for you. This is a preplanned agreement between you and your lender where they allow you to miss payments or make partial payments for a certain number of months. After the forbearance period ends you are required to make your normal monthly payments again in addition to partial payments of what you missed. For example if you miss one month’s $1,000 payment you could split it into the following months by paying $1,500 for two months. To set up a loan forbearance agreement you should talk to your lender’s loan mediation department. If you do not feel comfortable talking to your bank, there is the option of going through a HUD approved housing counselor. They are a free organization that should beable to act as a middleman between you and your bank.
Loan Modification –This is a more permanent solution for people who have fallen on hard times. The original loan is modified to make it more affordable for the borrower. There is quite a bit of paperwork that needs to be filled out to apply for the loan modification and there is no guarantee that it will be approved. Government programs like HAMP under the Affordable Housing Act have been put in place to help loan modifications move more smoothly.
Short Sale – Sometimes the best thing to do is to leave your home and start fresh. A short sale is where you get the banks approval to sell the home for less than what you currently owe on it. It can be difficult because you need to first find an actual buyer that makes an offer. The only way to find out if the bank will accept the short sale offer is by formally submitting it. The bank will not tell you the lowest amount of money they are willing to accept for the home. You should also find out if the bank will hold you responsible for the deficiency or not. The deficiency is amount of debt left over after you sell the house. For example if you owed $110,000 and the house sells for $100,000, the $10,000 difference is the deficiency. The bank may sue you again for the deficiency unless you get them to sign a deficiency waiver first. This makes them forgive the debt you owe them after the home is sold. The only drawback to this is the government will consider this forgiven debt income and you will be taxed on it.
Whatever you chose to do remember to do your research first.
Foreclosure Defense Resources:
Life Skills Talk at CCMAA Soccer
Read more here.
African Community Council
Guinean Community in CT
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