Government Relief Program For Homeowners

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Need Relief 5 Programs Homeowners Should Know About

Canadian wallets have taken a wallop as a result of the COVID-19 pandemic

Canadian wallets have taken a wallop as a result of the COVID-19 pandemic. According to a recently released Financial Literacy Month survey from the Financial Planners of Canada:

• 41% of Canadians feel they are in a worse financial position than at the start of the pandemic
• Only 54% feel their financial position is strong enough to withstand the second wave
• Half of Canadians under age 35 have already borrowed money to make up for financial shortfalls.

Although the countrys economic recovery is underway, many Canadians may feel uncertain about their employment prospects, especially as local coronavirus flare-ups disrupt business activity.

Planning ahead can offer some peace of mind during uncertain times. Here are five coronavirus relief programs every homeowner should be aware of: four government programs that can help make up for financial shortfalls arising from illness, childcare responsibilities or, lost wages plus one additional option mortgage deferral thats worth thinking hard about with the help of a mortgage professional.

Employment Insurance

Who qualifies: Workers who logged a minimum of 120 insurable hours during the past 52 weeks, who lost their job through no fault of their own, or who left work temporarily due to maternity or parental leave, sickness, etc.

Approximate benefit amount: At least $500 per week, $300 per week for extended parental benefits

Canada Recovery Benefit

Am I Eligible For Liheap

This chart from Benefits.gov shows the average LIHEAP eligibility requirements. Actual requirements may vary by state, city, or region. Each local LIHEAP office sets its own eligibility requirements.

• A person or family participating in certain other benefit programs, such as the Supplemental Nutrition Assistance Program , Supplemental Security Income , Temporary Assistance for Needy Families , or certain needs-tested veterans benefits may be automatically eligible.
• Being qualified for LIHEAP does not guarantee that you will receive help. Whether or not you receive help depends on how much LIHEAP funding is available for the year.
• On average, about 20% of households that are qualified for LIHEAP receive benefits. When LIHEAP funds run out for the year, no more benefits can be given until Congress makes more funds available.

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Q: Didnt These Programs Expire How Is This Different

Q: What can the funds be used for?

Q: How long does it take to check?

A: Previous programs did, however, they have been brought back and qualification guidelines may be different from when you last checked

A: Anything! While many homeowners use the funds for home improvements and home remodels you can definitely put them towards other uses such as planning ahead for retirement, education, bills or other expenses

A: About 60 seconds, youll just answer a few basic questions and youll be able to determine your eligibility online

Avoiding Scams And Bad Actors

Beware of coronavirus-related scams

Submit a complaint

If you have a problem with a consumer financial product or service, you can try reaching out to the company first. Companies can usually answer questions unique to your situation and more specific to the products and services they offer. We can also help you connect with the company if you have a complaint. You can submit to the CFPB online or by calling .

For renters: See more about filing a complaint about discrimination or against a landlord

Housing discrimination

Federal laws prohibit housing discrimination. The protections they offer differ somewhat depending on whether you own or rent your home.

If you own your home, lenders and servicers may not discriminate against you for mortgage servicing practices such as forbearance and loan modifications based on your race, color, religion, national origin, sex , marital status, age, family status , disability, whether you are receiving money from a public assistance program, or whether you are exercising your rights under certain consumer protection and fair housing laws. If you believe a lender or mortgage servicer has discriminated against you, you generally can submit a complaint with the CFPB or file a fair housing complaint with HUD. More information on fair lending and protections against discrimination can be found on the and HUDs websites.

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New Jersey Has Stimulus Plans Of Its Own

New Jersey is sending out $2 billion in property tax rebates to two million of its residents. The amount of the rebate is income-based, with homeowners earning up to $150,000 qualifying for $1,500 and those earning $150,000 to $250,000 receiving $1,000, Yahoo said. Renters are also entitled to $450, as long as they earn no more than $150,000. Payments are slated to arrive no later than May 2023.

Are There Other Places I Can Get Help If I Don’t Qualify For Liheap

If your income is too high to qualify for LIHEAP but you need help paying for your energy bills, your local social services agency or a nonprofit organization may have funds to help. You can also contact your gas, oil, or electric company about budget billing programs or new payment options especially for customers with disabilities who are on Supplemental Security Income .

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Stimulus Is Coming Next Door In Pennsylvania

Pennsylvania began sending out payments to older renters, homeowners, and people with disabilities in July 2022, but the deadline for filing a claim was Dec. 31, 2022. This means that payments will spill over into 2023 as well for qualifying residents who get their paperwork in before the deadline, the site said.

Stimulus Update: New Jersey Homeowners And Renters Could Earn Up To $1500 In Property

New Jersey homeowners and renters have less than six weeks to apply for a new program that can provide up to $1,500 in rebate payments as part of a government initiative to provide financial relief to residents of the heavily taxed state.

See:

The program, called Anchor, was approved last year by New Jersey Gov. Phil Murphy and the state legislature. It aims to offer relief by providing rebates to both homeowners and renters. Here are the rebates available, according to the New Jersey Division of Taxation:

• Homeowners with annual incomes of $150,000 or less will receive $1,500.

• Homeowners with incomes of more than $150,000 and up to $250,000 will receive $1,000.

• Renters with incomes of $150,000 or less will receive $450.

The deadline for filing the Anchor benefit application is Feb. 28, 2023. The Division of Taxation will begin paying benefits in the late spring of 2023. Payments will be made in the form of a direct deposit or check not as credits to property tax bills.

Homeowners need an Anchor ID and PIN to apply online or by phone. If you didnt receive a mailer or email with an ID and PIN but filed a Homestead Benefit program application last year, you can access the online ID and PIN inquiry system to retrieve your ID and PIN. Certain homeowners must file a paper application for reasons listed here. You can also apply by phone by calling 877-658-2972.

Explore: How 2023 Recession Will Differ From 2008 and How You Should Prepare Differently

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Federal Stimulus For Homeowners

HIRO and FMERR are some of the special stimulus programs put in place by the government for homeowners looking to purchase a new home.

They are special programs that are ideally suited to the current state of the market and the fact that interest rates are at an all-time low. They come with reduced interest rates and minimal monthly payments, which are easier to manage, and more people can afford them.

People buying a home for the first time will find these programs especially useful and suited to their needs. Refinance relief programs can help you make use of the low-interest rates, and in the process, you will also be able to take advantage of low-interest rates.

Even when your mortgage is higher than the value of your home, there are programs in place that are designed to ensure that you can conveniently make payments without worrying about the terms.

Terms have been made easier for new home buyers, and the interest rates and monthly payments have also been reduced. This is the opportunity many people have been looking for, and to start making use of them, start checking your refinance eligibility and the program that suits you best.

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Can A Foreclosure Be Stopped

Yes, if you want to keep your home, Get Liquid Funding can help! With years of experience, we have helped many homeowners keep their homes by helping them with customized foreclosure assistance, foreclosure plans, home buyback programs, foreclosure prevention tactics, or just simple foreclosure help and guidance. No matter what your situation may be, we will work closely with you to provide you with a customized solution so that you keep the home you love at no up-front cost to you. Contact us today at to learn more about how our team of specialists can help!

There are many strategies we can share with you that stop the foreclosure process . We would like to help you come up with a plan that addresses the root problem, so that the foreclosure does not come back at all. Keep your home. Keep your kids near their friends. Keep your sanity. No more stress over losing your home! We will evaluate your situation and talk about what would work best for you and for your familys best financial interests.

Special Measures For Northern And Off

We recognize that Canadians living in northern and off-grid communities face specific challenges when it comes to completing home retrofits, including higher equipment and labour costs.

Disclaimer

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Fha Va And Usda Loans: Take Advantage Of Low Interest Rates For Govvernment

If you have a government-backed loan an FHA, VA or USDA loan you wont be able to take advantage of the HIRO or FMERR programs.

Still, theres another great refinance option available, to enable homeowners to reduce their mortgage interest rate even if their homes market value is low compared to their mortgage balance.

If your mortgage is backed by the Federal Housing Administration, the Department of Veterans Affairs or the United States Department of Agriculture, you have refinancing options, even if your mortgage is underwater.

FHA, VA and USDA loan programs all offer Streamline Refinance options, which are quick and affordable refinance loans with reduced eligibility requirements. These Streamline Refinance programs require little paperwork and take less time and money than a conventional refinance.

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Prepare Yourself And Your Family

• Make sure your state ID or drivers license is current and available. Shelters and assistance programs may have strict ID requirements.
• If possible, store your belongings. Shelters have limits on how much you may bring.
• Arrange for your mail to be delivered somewhere or talk to your local post office. Many have special services for people who are homeless. You may be able to get a free PO box or receive general delivery service.
• Pack a bag for yourself and each member of your family.
• Keep important documents and needed medications with you.

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Fact Sheet: Biden Administration Announces Additional Actions To Prevent Foreclosures

These options augment additional COVID protections HUD published last month. These included the foreclosure moratorium extension, forbearance enrollment extension, and the COVID-19 Advance Loan Modification: a product that is directly mailed to eligible borrowers who can achieve a 25% reduction to the P& I of their monthly mortgage payment through a 30-year loan modification. HUD believes that the additional payment reduction will help more borrowers retain their homes, prevent future re-defaults, help more low-income and underserved borrowers build wealth through homeownership, and assist in the broader COVID-19 recovery.

Additional AssistanceIn addition to these new opportunities for borrowers, agencies across the federal government are also taking other steps to support borrowers as our economic and public health recovery continues.

Giving Borrowers the Information They Need to Understand their OptionsThese new loan modification and payment reduction options will only give borrowers the relief they need if borrowers have the information to understand their options.

Borrowers should contact their servicer or housing counselor as soon as possible to learn more about the options available.

For borrowers not currently in forbearance, there is still an opportunity to access relief.

The Homeowner Assistance Fund

The Homeowner Assistance Fund was established under President Bidens American Rescue Plan to assist homeowners struggling with their housing payments due to Covid.

HAF was funded with close to $10 billion in financial support to help families weather these challenges and remain in their homes. According to the Treasury press release, aid money will be prioritized for homeowners with pending foreclosures and those with immediate threats to housing stability.

Those who receive assistance through the Homeowner Assistance Fund can use the money for mortgage payments as well as other housing-related bills like homeowners insurance and utilities.

HAF funds are allocated state by state, and its up to state administrators to distribute the funds to individual homeowners who qualify for aid. If you think you might benefit from the Homeowner Assistance Fund, reach out to your loan servicer to talk about whether youre eligible.

You can also use this lookup tool from the Consumer Financial Protection Bureau to find active mortgage relief programs in your area.

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How Homeowner Assistance Funding Works

Treasury is authorized under the American Rescue Plan to provide a HAF award to:

• Tribes or their TDHEs
• Department of Hawaiian Home Lands

HAF programs distribute assistance to eligible homeowners to cover qualified expenses related to mortgages and housing.

Depending on the program, homeowners may use the HAF assistance for expenses such as, mortgage payments , property taxes, homeowners insurance, homeowners association fees, utilities , internet service, and certain home repairs.

Find out more information about how HAF programs work on the interagency housing portal hosted by the Consumer Financial Protection Bureau .

Washington, DC 20220

What the Department of the Treasury will do to ensure nondiscrimination

The Department of the Treasury will conduct investigations of civil rights complaints of discrimination based on race, color, national origin, disability, age, or sex, filed against recipients of financial assistance under any of its financial assistance programs. If discrimination or noncompliance is found, the Department of the Treasury can defer action on an application for federal financial assistance, issue a cautionary letter, or as an ultimate consequence deny funding. Independently of any possible actions to be taken by the Department of the Treasury, courts have interpreted that Title VI of the Civil Rights Act and other applicable federal civil rights statutes provide a private right of action.

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.

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