State and territorial governments have launched programs to help residents with their mortgages.
At least four state governments launched their Homeowner Assistance Funds last week. These programs will provide eligible homeowners in their states with tens of thousands of dollars to help them cover several costs they might have incurred during the COVID-19 pandemic.
The programs are part of a larger effort by the Treasury Department to help homeowners suffering financial hardship after the COVID-19 pandemic."The law prioritizes funds for homeowners who have experienced the greatest hardships, leveraging local and national income indicators to maximize the impact," according to Treasury's website.More than 40 states and territories have launched programs to provide assistance to homeowners, including the District of Columbia.
Households that identify as"Socially Disadvantaged" or"individuals [who] belong to a group whose ability to purchase or own a home has been impaired due to diminished access to credit on reasonable terms as compared to others in comparable economic circumstances" are also eligible for mortgage reinstatement assistance with annual income up to 150% of the median family income.
The assistance can be used to cover one of the following costs: mortgage, property tax, chattel loan, land lease, water and sewer utilities, homeowner or condominium association fees, and homeowner insurance.
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