HARTFORD, Conn.– Credit unions are among the more than 50 financial institutions in this state that have reached an agreement to offer mortgage relief to residents and businesses facing hardship due to the coronavirus pandemic.
Announced by Gov. Ned Lamont, the participating financial institutions have agreed to:
- 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.
Joining With Other States
The agreement, which was negotiated on behalf of the Lamont administration by Commissioner Jorge Perez at the Connecticut Department of Banking, builds upon similar initiatives that have been enacted in recent days in California and New Jersey, and has been endorsed by the Connecticut Bankers Association and the Credit Union League of Connecticut, the state said in announcing the agreement.
“This agreement with our financial institutions will allow Connecticut residents to obtain some relief as this public health emergency has had an impact on thousands of people in our state,” Gov. Lamont said. “I thank each of these financial institutions that will provide this relief and applaud their participation in this agreement. The way we are going to get through this crisis is by working together, and this is an example of how we are going to get that done.”
Added Bruce Adams, president and CEO of the Credit Union League of Connecticut, “We view ourselves as the financial first responders in this crisis, and I applaud Governor Lamont and Commissioner Perez for their leadership in partnering with us to provide even more financial solutions for the people of Connecticut.”
The Participating CUs
Participating credit unions include: American Eagle Financial Credit Union;, Bridgeport City Employees FCU; Cencap FCU; Charter Oak FCU; Community Credit Union of Milford; Connex Credit Union; Consolidated Controls Corporation FCU; CorePlus FCU; Crosspoint FCU; Connecticut State Employees Credit Union; CSP Employees FCU; Dutch Point Credit Union; Enfield Community FCU; First Bristol FCU; General Electric Employees FCU; Greater Hartford Police FCU; Greater Waterbury Healthcare FCU; Groton Municipal Employees FCU; Hartford FCU; Healthcare Financial Credit Union
Members Credit Union; MembersFirst CT FCU; Metropolitan District Employees Credit Union; Mutual Security Credit Union; New Haven County Credit Union; Northeast Family FCU; Northwest Hills Credit Union; Nutmeg State Financial Credit Union; Seasons FCU; Sikorsky Financial Credit Union; Skyline Financial CU; SoundView Financial Credit Union; St. Vincent's Medical Center FCU; Tri-Town Teachers FCU; Waterbury Postal Employees FCU, and Western Connecticut FCU