Struggling with the Mortgage? Aid Coming to New York This Summer
The vaccinations are increasing and the masks are coming off but there are millions of people still feeling the financial effects of the pandemic. If you are a homeowner having difficulty paying your mortgage, taxes, utilities, insurance or association dues help is on the way.
Money Wise reports that nearly $10 billion from the American Rescue Plan has been set aside for direct financial assistance to homeowners and Syracuse.com adds, every state will get at least $50 million from the Homeowners Assistance Fund. New York will see $539,458,518 in financial assistance, through the United States Department of the Treasury.
The intent of the COVID Homeowners Assistance Fund is to relieve some of the financial hardships associated with the coronavirus pandemic. The state wants you to avoid falling behind on mortgage payments, defaulting on your loan or being foreclosed. This assistance could also help with loss of utilities or home energy services.
The New York State Homeowners Assistance Fund is expected to begin accepting applications this summer. If you would like to be notified when the program is open for applications send an email to HAF@NYSHCR.ORG.
So, do you qualify? Here are some of the qualifications:
- A mortgage loan balance less than $548,250.
- Income not to exceed the local or national median income (whichever is higher)
Earlier this week it was announced that, if you are behind in rent payments, eligible New Yorkers could see some assistance coming their way in the form of $2.7 billion in federal aid. Now we are seeing hope for homeowners in similar situations.
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