Unexpected events can happen at any time and may have a large impact if you’re a homeowner. Mortgage relief offers assistance to homeowners in need of aid on their mortgage which can ease some financial burdens.
What is the American homeowner relief program?
The American homeowner relief program was created to protect homeowners from perils such as loss of utilities, foreclosure and other risks that can put homeowners' place of dwelling in jeopardy. These perils may come about due to economic reasons, loss of employment, medical debt and more.
Relief options may include but are not limited to:
- Waiving late fee penalties.
- Adjustments to mortgage payments to offer homeowners the chance to make lower monthly payments in the event of financial hardship.
- Forbearance, which suspends your monthly mortgage payment for a set amount of time.
How do you qualify for a mortgage stimulus?
To qualify, the home you apply for must be your primary residence. State requirements may differ, however most states require proof of income at or below the median income level.
The balance of the mortgage must be below $548,250 and the amount received in your stimulus package will vary per state.
Once you’ve qualified for a mortgage stimulus, funds may be used for:
- Monthly mortgage payments.
- HOA fees.
- Homeowners insurance payments.
- Monthly home utlities (water, electricity, gas, etc.).
- Internet.
- And more.
If you need mortgage relief, consider speaking with your mortgage lender to get details on your state's relief package and what’s needed for your household to qualify.
About the Author
Linda Cappello, Broker, GRI, ABR
Linda A. Cappello, Owner/Broker of Cappello Realty Shoreline Properties. Cappello Realty is a full service boutique Real Estate firm that specializes in 06855 - East Norwalk, and services all of Norwalk and Fairfield County, CT. Linda has been in the Real Estate business for 20+ years, spending 18 of them as a Owner/Broker. Being a Broker adds a lot responsibility to her job. She is responsible for overseeing every transaction and agent in the office. This is a challenge that she looks forward to and takes very seriously. She is constantly taking continuing education classes and attending seminars to keep abreast of the ever changing market as well as the industry standards, rules and regulations.
She is a native to East Norwalk, and has an in-depth knowledge of the city that she loves, as well as the intricacies of the many unique neighborhoods and areas that Norwalk offers. Linda offers her clients a network of professionals ranging from Attorneys, Mortgage Brokers, Home Stagers and Home Inspectors to any and all pros that you may need for a successful transaction and for the convenience of her clients.
"My job doesn't end at the closing table. It goes far beyond that, keeping in touch and staying friends who refer their family and friends. A lot of my business is referral business which is the greatest accomplishment and honor of all. Earning my clients trust."
