While most Americans have already received their third stimulus check, the burden of the economic recession continues to haunt them. The relief that they enjoyed after receiving the $1,400 per head stimulus payment has evaporated within three months and they are back to square one. But there are ways to get some more assistance, and the homeowners’ fund is one of them.
The $1.9T American Rescue Plan contains a hidden stimulus check, the Homeowners Assistance Fund. This fund was set up to assist homeowners with their mortgages, utilities, homeowners association fees, taxes, and insurance.
The money will be distributed through housing agencies in the states. Close to 3 million owners have mortgage payment dues, while 2.1M have gone in for forbearance.
Each state will receive its allocation depending on the number of foreclosures and delayed mortgage payments that were reported. Unemployment data will also be considered.
The highest amount will go to California at $1.06B, Texas at $842M, Florida at $676, and New York at $539.5M.
Qualifying For The Homeowners Stimulus Check
People qualifying for the homeowners’ stimulus check will need to own their home, with a mortgage balance below $548,250. To apply you will need to contact the housing agency of your state.
60% of this fund will go to borrowers with income below the local or the national median income, whichever is more.
Relief Is Above The Moratorium Declared On Mortgage Foreclosure
A freeze on commercial and residential foreclosure measures is already in place till the end of August. You can get a forbearance for a maximum year and a half. All you need to do is contact your mortgage loan provider or your bank.
The funds are to be utilized by the end of September 2025. The first state to announce mortgage assistance was Illinois.
