If you’re facing the distress of foreclosure, it’s crucial to know that help is available. For individuals and families in Colorado grappling with potential home loss, resources like mortgage assistance programs offer a vital lifeline. If you are experiencing foreclosure, please reach out to the CARE Center for guidance and support. You can contact them by phone or text at 720-356-0174, via email at [email protected], or through their chat service at https://cedproject.org. Their services are available Monday to Friday, from 8:30 a.m. to 5:30 p.m. When you reach out, be prepared to provide documentation related to your foreclosure situation as part of your application process.
Checking on Your Submitted Application
For those who have already taken the proactive step and submitted an application for mortgage assistance, rest assured that your application is being processed. If you have any questions regarding your existing application or need an update on its status, the CARE Center remains your point of contact. They can be reached through the same channels: phone or text at 720-356-0174, email at [email protected], or chat at https://cedproject.org, during their operating hours of Monday to Friday, 8:30 a.m. to 5:30 p.m.
Determining Your Eligibility for Mortgage Assistance
To access assistance through programs like the Emergency Mortgage Assistance Program (EMAP), certain eligibility criteria must be met. Homeowners are required to complete a formal application and demonstrate that they meet specific requirements. These key requirements ensure that assistance reaches those who need it most. To be eligible, homeowners must show:
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COVID-19 Related Financial Impact: Applicants must have experienced a financial hardship directly related to the COVID-19 pandemic on or after January 21, 2020. This hardship can take many forms, including job loss, reduced income or work hours, increased healthcare costs, or increased expenses due to caring for family members. Any of these, or other related issues that have negatively impacted household income, can qualify.
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Owner-Occupied Colorado Residence: The property in question must be the applicant’s primary residence and located in Colorado. Eligible property types include single-family homes, condominiums, and smaller multi-unit family homes such as duplexes, triplexes, or quadplexes (2-4 units). Please note that properties with 5 or more units, investor-owned properties, or vacation homes are not eligible for this program.
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Income Limitations: Household income must be at or below 150% of the Area Median Income (AMI) for the county in which the property is located. This income assessment is based on the AMI at the time of application or at the time the COVID-related financial hardship began. You can find current Area Median Income details for each county at https://www.huduser.gov/portal/datasets/il.html#year2024.
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Conforming Loan Limits: The mortgage loan on the property must fall under conforming loan limits (non-jumbo loan) at the time the loan was originally taken out or during the most recent refinance. It’s important to be aware that loan limits can vary by region.
By understanding these eligibility requirements and reaching out to resources like the CARE Center, homeowners can take crucial steps to navigate foreclosure and explore available mortgage assistance options.
