Homeowner Assistance Fund Annual Report
The Commonwealth files a report with the U.S. Department of the Treasury annually. The Annual Report describes the Commonwealth’s progress of the HAF program, including background information, outreach expenditures, performance on goals laid out in the HAF Participant Plan, and coordination efforts with community-based organizations, housing agencies, and servicers. The Annual Report can be found below.
How To Request Mortgage Relief
Your mortgage servicer is likely not the same company that set up your loan. Not all mortgages offer the same relief, and there may be state or local assistance you can tap. Dont rely solely on the knowledge of the agent to whom you speak. Do some research of your own online. Youll find some links to help you find programs that may be tailored to suit your mortgage needs. Do not rely on the information from your loan servicer, its best to directly contact your mortgage company to get the best results.
How To Send Your Child To College Debt Free
Getting a college degree is an investment in the future, but a costly one. The more recognized the institution the better ones prospects in the job market down the road, but will be harder on your pocket. So, let’s say you want to send your child to Oxford, youll need to save up quite a bit, $454,990 according to CNBC.
One thing financial advisors are recommending that parents put away any extra money left over from the monthly Child Tax Credit payments towards a childs future educational needs. Heres how you can save and invest to reach that goal, or perhaps a more modest one.
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Mortgage Stimulus Programs Faq
Is there a mortgage relief program in 2022?
The Homeowner Assistance Fund is still helping homeowners in 2022 who need mortgage relief. Under the American Rescue Plan, the HAF was funded with at least $50 million for each state to assist homeowners in danger of foreclosure or housing instability. Talk to your loan servicer about HAF eligibility.
Is there a GSE rescue package?
There is not currently a GSE rescue package for homeowners. However, Fannie Mae and Freddie Mac both have options to help homeowners who are struggling with their mortgage payments. To find out whether you qualify for mortgage assistance, reach out to your mortgage loan servicer. Thats the company to which you make your payments.
Is there really a mortgage relief program?
Even though the Covid pandemic is waning, many homeowners can still take advantage of Covid-era relief programs. If you have a conforming mortgage or a government-backed mortgage, its not too late to request an initial loan forbearance and pause your payments if youre going through a temporary financial hardship. Ask your loan servicer about forbearance options.
Is there a government mortgage relief program?
The CARES Act and subsequent American Rescue Plan have provided mortgage relief during the Covid-19 pandemic. These programs do not refinance your mortgage but let you postpone repayment while keeping your loan active. The CARES Act also created a temporary moratorium on foreclosures and renter evictions.
Become A Mihaf Partner
LENDING PARTNER:
Lenders, mortgage companies, reverse mortgage companies and mortgage servicers can become a MIHAF PARTICIPATING PARTNER by completing the MIHAF Collaboration Agreement and MIHAF Service Provider Contact and ACH Instructions below.
SERVICE PARTNER:
County Treasurers, land contract holders, mobile home lenders. mobile home parks, condominium/homeowners’ associations, homeowners insurance company, utilities, gas, electric, water, sewer, and internet/broadband services can become a MIHAF PARTICIPATING PARTNER by completing the MIHAF Provider Participation Agreement and the MIHAF Service Provider Contact and ACH Instructions below.
MIHAF Partner Agreements
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Relief For Those In Need
While certain protections like mortgage forbearance have largely run out at this stage of the game, theres still some aid available for property owners thanks to the Homeowner Assistance Fund. That fund has a good $10 billion available to pay to homeowners who are behind on their mortgages and other housing-related expenses.
As was the case with rental assistance funds, money from the Homeowner Assistance Fund will be given out at the state level. But eligible recipients will be in line for anywhere from $15,000 to $80,000. That money can cover expenses including:
- Mortgage payments
- Certain home repairs
How To Find Out If Your Loan Is Federally Backed
To find out whether your loan is backed by the federal government, making you eligible for the help noted above, here are some actions that you can take:
- Check online. Use loan lookup tools provided by Fannie Mae or Freddie Mac to find out if either of those two government-backed providers owns your mortgage.
- Check the Mortgage Electronic Registration Systems website to find your servicer, if you dont know who it is.
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Stimulus Checks: Which States Are Sending Tax Rebates To Residents
California, for one, is disbursing up to $1,050 in inflation relief payments to eligible taxpayers.
Dan Avery
Writer
Dan is a writer on CNETs How-To team. His byline has appeared in Newsweek, NBC News, The New York Times, Architectural Digest, The Daily Mail and elsewhere. He is a crossword junkie and is interested in the intersection of tech and marginalized communities.
As inflation continues to soar and motorists feel the pinch at the pump, states across the country are looking for ways to ease the economic hit. Some have paused the state gas tax, but others are taking another route to put money back in peoples pockets and are digging into revenue surpluses from 2021 to give back some of what residents have paid in.
California, most notably, will soon send inflation relief checks of up to $1,050 to about 23 million residents, thanks to a budget compromise reached by Gov. Gavin Newsom and state lawmakers on Sunday that includes a $17 billion relief package.
Other states have launched or are considering similar disbursals.
Since the start of the coronavirus pandemic, the federal government has issued three rounds of stimulus checks: Eligible Americans received up to $1,200 starting in April 2020, up to $600 beginning in December 20201 and up to $1,400 starting in March 2021.
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How To Request Emergency Rental Assistance
Because the Treasury disburses ERA funds to states and other entities, you must apply for ERA assistance through the appropriate state or entity. To help with this, the Treasury has created a webpage to help tenants and landlords find rental assistance programs in their local area. Use it to direct yourself to the appropriate state or other authority to determine how to apply to receive assistance or to help your tenants do so.
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Veteran Mortgage Relief Options
One benefit of a VA loan is that the Department of Veterans Affairs can help you out if youre having trouble making mortgage payments.
Veteran mortgage assistance comes in two forms:
If youre underwater on a VA loan and need to refinance, you may be able to use the VA Streamline Refinance to do so. Like other Streamline programs, the IRRRL requires no income or employment check, and skips the home appraisal so your LTV wont matter.
If youre not sure whether a refinance is right for you, you might take advantage of the other VA relief program.
For VA loan holders as well as veterans with non-VA mortgages, the VA offers access to professional counselors who can help you if youre having trouble making your payment. These people help veterans figure out whether they should refinance, try to restructure their loan, or take another measure to prevent foreclosure.
Even better, the VAs loan technicians work with your lender on your behalf so you dont have to figure out all the logistics of a mortgage relief program yourself.
Reduce Your Monthly Cost By Refinancing To A Cheaper Interest Rate
According to the Bank of America, refinancing can decrease your scheduled mortgage imbursement by lowering your interest rate or spreading your mortgage tenure. However, refinancing will change your long-term interest payments, which may vary depending on how long you have left on your loan. It may assist you in eliminating mortgage insurance.
Closing fees are always considered when refinancing. These fees normally range between 2% and 6% of the amount of your loan, meaning youre going to need a lot more than just your monthly income to qualify.
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Brookings Details The Impacts Of Evictions That Often Fail To Make The News
In late August the federal eviction moratorium was overturned by the Supreme Court. The justices who voted on the side of a realtor association in Alabama argued that small landlords were disproportionately hurt by the moratorium and that it was no longer needed as the economic recovery was in full swing. However, in the weeks that followed, organizations like Goldman Sachs released projections that as many as 750,000 households could be evicted by the end of this year.
In light of these developments, researchers at Brookings took a look at the impacts evictions have on communities and their findings are alarming. In a new blog, the authors stated that “evictions have restarted, with evicted parents being separated from their children while entire communities are likely to see increased COVID-19 diagnoses.”
Additionally, the researchers — Carl Romer and Kristen Broady — described the disproportionate harm this decision would have on the Black communities saying, “Black-majority neighborhoods see higher eviction rates relative to neighborhoods where less than 1% of the population is Blackeven where poverty rates are low, education rates are high, and renters cost burden is small.“
Reminder: New Child Tax Credit Payments Are On The Way
On Wednesday the IRS began sending out payments as part of the new Child Tax Credit, with eligible households receiving up to $300 per child. The payments began in July and this week’s round represents the third to be distributed. If you haven’t yet signed up for the programme, head over to GetCTC to submit your details and trigger the monthly financial support.
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Financial Help For Homeowners And Landlords
Forbearance is not the same as forgiveness. Forbearance only puts off the inevitable day when paused payments must be made up. Programs funded by the Consolidated Appropriations Act, 2021 and the American Rescue Plan Act of 2021 provide financial assistance to homeowners and landlords under two programs: the Homeowner Assistance Fund and the Emergency Rental Assistance program.
What Is A Heloc
Home equity lines of credit are a revolving source of funds that you can access as you choose. HELOCs usually feature variable interest rates, depending on the lender.
HELOCs have two phases: the draw period and the repayment period. The draw period is usually 10 years. This is when you can access your available funds as you choose, and as little or as much as you may need. During this time, youll most likely only be required to make small, interest-only payments against what you borrow.
If you dont ask for an extension after the draw period, then you will enter the repayment period. Once in repayment, you can no longer access additional funds, and you must make payments to the principle, plus interest. The length of the repayment period varies, but most lenders have a 20-year repayment period. Depending on your lender, you may be offered different types of repayment options.
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Congress Mortgage Relief Programs
Homeowners who have experienced financial hardship during the pandemic have a few options for mortgage relief.
To help borrowers struggling with mortgage payments due to unemployment or illness, Congress enacted mortgage stimulus programs under the CARES Act and the American Rescue Plan.
Many of these mortgage relief programs have been extended into 2022 to help those who are still struggling financially. If you find yourself in need of financial assistance, current options include:
Mortgage Relief Options From Fannie Mae And Freddie Mac
Homeowners with conforming loans backed by Fannie Mae or Freddie Mac have options for mortgage relief.
If youre experiencing a temporary hardship, its not too late to ask about forbearance. Theres currently no deadline to make an initial forbearance request with your loan servicer.
If you have a conventional loan, theres currently no deadline to make an initial forbearance request with your loan servicer.
In addition, Fannie and Freddie recently came out with expanded refi programs that make it easier and cheaper to lower your interest rate and mortgage payment.
Fannie Maes RefiNow and Freddie Macs Refi Possible are designed for low- to moderate-income homeowners. You might qualify if you make average or below-average income for your area.
These refinance programs have unique benefits that can offer financial relief to homeowners, including:
- Lower mortgage rate and monthly payment
- Reduced closing costs with no appraisal fee
- Easier debt-to-income qualification
These new loan options can offer big savings for homeowners who might not otherwise qualify to refinance.
You can check your areas median income using Fannie Maes lookup tool and Freddie Macs lookup tool.
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Relief Programs For Renters
Renters have protections during COVID, too, although theyre less robust than the relief programs offered to homeowners.
- Some renters cannot be evicted until at least June 30, 2021, if they are behind on payments due to COVID-related financial hardship
- $25 billion in emergency rental assistance will be available through state and local governments to help renters who cant make payments
To qualify for rent relief, landlords or tenants will have to meet certain conditions, including:
- The household cant make more than 80% of their areas median income
- Renters must be experiencing financial hardship related to the pandemic
- The renter must be at risk of losing their housing
Since funds will be distributed locally, tenants and landlords hoping to qualify for rent relief will need to check for programs operating in their area.
For starters, check this spreadsheet of local housing programs, compiled by the National Low Income Housing Coalition, to find rental assistance programs currently operating in your state or county.
The American Rescue Plan also includes an additional $5 billion in emergency Section 8 housing vouchers for people experiencing homelessness, survivors of domestic violence, and victims of human trafficking, according to NPR.
Individuals in these categories should reach out to their local public housing agency to learn whether they qualify for assistance. You can find your local PHA here.
What to do if youre behind on rent
Emergency Supplemental Nutrition Assistance Program
The next program that will remain available in 2022 is the emergency support under SNAP.
It is also more widely known as food stamps.
At the start of the pandemic, the U.S. Department of Agriculture provided an additional $1billion per month in food assistance.
These funds have helped an estimated 25million people in low-income households put food on the table during this time.
The emergency SNAP benefits were originally due to expire at the end of September 2021, but a selected number of states are continuing to extend it.
Below is the list of states that are extending the emergency SNAP benefit, worth at least $95 extra, through January:
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New Round Of Stimulus Checks For California Residents
California Gov. Gavin Newsom has confirmed that his administration has began making payment as part of the next round of Golden State stimulus checks, which are going out to around two-thirds of residents in total. The $600 direct payments are the result of the $100 billion California Comeback Plan, which was largely funded by a massive $75 billion budgetary surplus from 2020.
So far the first two payments from the expanded Child Tax Credit have been distributed, with another in the process of being sent out currently. Families have reported being able to put food on their tables more reliably and it had staved off the threat of poverty for millions of households.
The programme is currently only funded for a single year, meaning that parents with a child born in 2021 have just a limited window to ensure they sign up for the monthly payments. The IRS has made provisions for children that have been born within the window of the Child Tax Credit rollout, ensuring that those families who need the money will not be left behind through no fault of their own.
Mail Senior Tax Grant Application
Senior Tax Grant applications are still accepted by mail. Fill out your printable Senior Tax Grant application and send it to:
The deadline for a Senior Tax Assistance Grant is September 30 of the year of the application. Any applications received after the deadline will not be processed.
Applications received by March 31 will be applied to the 2022 Final Tax Bill, if approved. Applications received between April 1 and September 30 each year will be processed however, you will have to pay the total of your Final Tax Bill as billed to avoid penalty and interest charges. The grant, if approved, will be applied as a credit to your property tax account.
A notice of Senior Tax Grant Adjustment will be mailed with an explanation of your credit and account summary. Should you have any questions, please call Access Richmond Hill at 905-771-8949.
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