Incentive money for homeowners? How to Benefit from the $ 10 Billion Mortgage Assistance Fund

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Most Americans have received three rounds of incentive checks as part of the federal government’s coronavirus relief efforts, but there is also a lesser-known relief option available to millions of homeowners struggling to pay off their mortgages.

The $ 1.9 trillion U.S. bailout plan, passed by Democrats in March, includes $ 10 billion in the Homeowners Assistance Fund, which provides money to U.S. states, territories and tribes to prevent mortgage delays, foreclosures, and other problems for homeowners.

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The Treasury Department, which distributes funds, sends money to states for distribution through housing programs. Each state will receive at least $ 50 million from the federal government.

States must spend the money by September 30, 2025.

To qualify, homeowners must have a mortgage balance of less than $ 548,250 as of 2021. They also had to experience financial hardships such as losing their jobs after January 21, 2020, shortly before the coronavirus pandemic triggered an unprecedented shutdown of the country’s economy.

Help can also be used to pay property taxes, homeowners association fees, internet services, and other expenses.

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At least 60% of aid should go to mortgage borrowers whose income is less than the national median income (in 2019 it was about $ 35,977) or the corresponding local median income, whichever is greater.

To apply for assistance, eligible individuals must contact their public housing agency

In February, President Biden instructed federal housing regulators to extend mortgage abstinence programs for another six months and to extend other foreclosure relief programs. More than 3 million households are delaying mortgage payments and nearly 1.7 million will exit the abstinence period in September.

But the Consumer Financial Protection Bureau has called on the White House to stop mortgage companies from starting foreclosures by December 31, 2021. More than 3 million households are delaying mortgage payments and nearly 1.7 million will exit the abstinence period in September. …

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“Millions of families are at risk of losing their homes to foreclosures in the coming months, even if the country reopens,” CFPB Acting Director Dave Wegio said in an April statement.

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