States Distribute Biggest “Stimulus Checks” to Homeowners

MILLIONS of homeowners across America who are struggling to pay their mortgages can see some relief.

A federal program provides billions of dollars to states to help their residents catch up on late payments.

2

Relief for struggling Americans struggling to pay off mortgages

The pandemic has caused homeowners to scramble as people lose jobs or employers cut hours, drastically reducing income.

The American Rescue Plan Act set aside stimulus funds that states can use to help vulnerable homeowners at risk of losing their homes.

States had to ask for the available money.

The National Council of State Housing Agencies (NCSHA) said all eligible states and territories have applied for the funding.

The majority of states manage the Homeowners Assistance Fund through their own state’s Housing Finance Agency (HFA).

States are working with the US Department of the Treasury to implement their own Homeowner Assistance Fund.

What is the owner’s assistance fund?

The Homeowners Assistance Fund (Haf) is a federal program to help households behind on their mortgages and other housing-related expenses due to Covid-19.

The Haf program will be implemented at the state level.

Under the direction of the Treasury Department, $ 9.9 billion will be distributed among all states and territories that have applied and are approved to run a program.

A minimum of $ 50 million will be granted to each state.

It can be used for mortgage relief, utility bills and other housing costs.

Some states are using the funds they receive to set up pilot mortgage assistance programs so they can start helping homeowners sooner.

States ready to help

Many states are still setting up their homeowner assistance funds.

California has a mortgage relief program and will soon be accepting applications from people at apply for federal stimulus money.

The California Mortgage Relief Program seeks to help approximately 20,000 to 40,000 struggling homeowners.

Each eligible household will receive up to a maximum of $ 80,000.

Some other large paying states include New York and Texas, which will give a maximum of $ 50,000 and $ 40,000 respectively to qualifying households.

New York Governor Kathy Hochul announcement recently that it will start accepting applications on January 3.

In the meantime, has launched its program this week.

Qualifying Maryland homeowners in need can receive a one-time payment of up to $ 30,000.

How to register

Some other states, including Ohio, Pennsylvania, and Georgia, have their pilot programs underway.

But keep in mind that you may not be able to apply immediately in every state where their programs are running.

Some states will allow you to subscribe to its mailing list for the latest updates on its mortgage assistance program.

This means that you should be notified once the applications are opened.

NCSHA has established a interactive map to help you find your US state or territory and what type of housing assistance is available.

We’ve posted the full map below.

States, including Georgia, and Ohio, have their pilot programs running.

2

States, including Georgia, and Ohio, have their pilot programs running.

Additionally, many states start with an initial screening process where you will be asked a series of questions to see if you meet the basic eligibility requirements.

Some of the questions include whether the state you are seeking help in is your primary residence, do you own your home, and have you experienced financial hardship associated with the pandemic after January 21, 2020.

We have more information on how thousands of Americans can claim $ 80,000 in homeowner stimulus checks.

Plus, mortgage help as house prices rose during the pandemic.

I’m a cleaning expert – this is how I keep my home smelling fresh for longer at a low cost

We pay for your stories!

Do you have a story for the US Sun team?

Source link

About Teresa G. Wilson

Check Also

Affinity Bancshares: Worth keeping an eye on, but not buying it now (NASDAQ: AFBI)

Marilyn Nieves/E+ via Getty Images introduction I’m always interested in learning more about small regional …