Homeowners can now apply for mortgage assistance

0

ALBANY, NY (NEWS10) – As of Monday, January 3, those who have struggled to pay their mortgage due to the coronavirus pandemic can now apply for money to cover their arrears.

Under the U.S. Federal Salvage Act, New York State received $ 539 million to help people at risk of foreclosure or displacement stay in their homes. Local organizations such as the Affordable Housing Partnership are now helping Capital Region residents apply for this money.

“What we’re finding that families are facing is that they’ve either lost their jobs – they were in the restaurant business – everything has closed. Or maybe they were receiving child support and the father of their children lost an income, and they can’t pay, ”said Susan Cotner, executive director of the Affordable Housing Partnership in Albany.

To help relieve some of this financial pressure, applications are now being accepted for the Homeowners Assistance Fund. This can be done both online and over the phone.

“Typically, under federal program rules, the goal is to reach people who are behind on some type of housing payment. Whether it’s mortgages, co-op payments, property taxes, the goal is to try to reach these people and try to help them get up to date on their housing payments, ”he said. explained Dina Levy of New York State Homes and Renewal.

The total amount given to each household would not be more than $ 50,000. Applicants must also prove that COVID-19 is the reason they are at least 30 days late on their payments.

“For those who have been in a bank, let’s say in a forbearance agreement, which is a temporary break in mortgage payments, they should also apply for this program and not wait until they are past due,” Levy said.

Applicants who are in active foreclosure litigation will become a top priority. Those who have not applied, but are interested, are encouraged to do so as soon as possible.

“It’s kind of a first come, first served situation that we have. The site is quite user-friendly. They’ve tried to make sure that you upload as few documents as possible to apply, as they can check other resources to confirm the income and resident information you provide, ”Cotner said.

If the owner stays in their home for a period of five years, the loan will be canceled entirely.

To apply, go to New York State Homeowners Assistance Fund website.

If a homeowner is asked for money to apply, they should consider this a scam and call 1-844-776-9423.


Source link

Share.

Comments are closed.