Mortgage Payment Relief During COVID-19 Crisis
Relief is on the way for Connecticut mortgage holders economically impacted by the COVID-19 crisis.
The Lamont administration has come to an agreement with over 50 banks and credit unions to offer mortgage relief to state residents and businesses who continue to face hardship due to the worldwide COVID-19 pandemic.
We recognize many of you may be renting apartments and homes. We will have relief information as it becomes available. In the meantime, our FAQ for renters regarding protections and more can be found on the Connecticut Fair Housing Center website here.
For a list of the participating institutions, CLICK HERE
The relief policies being offered by participating financial institutions include:
- 90-day grace period for all mortgage payments: Participating financial institutions are now offering mortgage-payment forbearances of up to 90 days, which will allow homeowners to reduce or delay monthly mortgage payments. In addition, the institutions will:
- Provide a streamlined process for requesting forbearance for COVID-19-related reasons, supported with available documentation;
- Confirm approval and terms of forbearance program; and
- Provide the opportunity to extend forbearance agreements if faced with continued hardship resulting from COVID-19.
- Relief from fees and charges for 90 days: For at least 90 days, participating financial institutions will waive or refund mortgage-related late fees and other fees including early CD withdrawals.
- No new foreclosures for 60 days: Financial institutions will not start any foreclosure sales or evictions.
- No credit score changes for accessing relief: For those taking advantage of this COVID-19-related relief, late or missed payments will not be shared with credit reporting agencies.