Homeowners Assistance Fund - Foreclosure Options
Federal Relief for Struggling Homeowners
Under the Homeowners Assistance Fund (HAF)- part of the American Rescue Plan Act of 2021 - The U.S. Department of the Treasury is distributing more than $9.9 billion to eligible states. Depending upon availability and usage of the funds, this mortgage program is expected to be available through September 2025, or until fund run out.
Stressed about mortgage payment after forbearance?
Behind in Homeowners Association Dues?
Behind in Property Taxes?
Do you qualify for HAF (Homeowner Assistance Fund)? HAF is a free government grant that you can use for the following (must be delinquent and have a financial hardship for falling behind to to apply):
Mortgage 1st or 2nd Mortgage, including past payments
Homeowners Association (HOA) fees
Homeowners Insurance
Property Taxes
Utilities
Reinstatement of the Loan (Forbearance)
To be eligible, you must:
- Have experienced a financial hardship associated with the COVID-19 pandemic.
- Apply for assistance for your primary residence.
- Have household income at or below your state’s program requirements. Most state programs limit eligibility to households with less than 150% of the median income in your area or $79,900, whichever is higher. Some programs have established lower limits, so check your program’s income requirements before applying .
- You may also have to meet additional requirements specific to the program where you are applying.
Application processes may vary by location. You will need to verify that you meet income requirements and may need to provide additional necessary documentation. You must confirm that you have experienced a financial hardship after January 21, 2020 and describe the nature of that hardship, such as a job loss, reduction in income, or increased costs due to healthcare or the need to care for a family member.
For more information on how you can apply for qualification, go directly to :
Consumer Financial Protection Agency
Mortgage Forbearance Period Extended
Update as of August 2022
Request Forbearance
The CARES Act's protections for homeowners were set to expire at the end of September 30, 2021, however, the program has been extended indefinitely. This cancels the September 30, 2021 mortgage forbearance deadline (to request an initial forbearance). You can read more on the U.D. Department of Housing and Urban here. If your loan is backed by Fannie Mae or Freddie Mac, there is not currently a deadline for requesting an initial forbearance.
All federally-backed loans qualify for special Covid-19 forbearance, which makes it a fairly easy process.
Extend Existing Forbearance
The forbearance will depend upon your loan provider and how long you have been in forbearance, you may also qualify for an extension of time. If you are still in forbearance or are in fear of defaulting on your mortgage, there are protections for homeowners. Act quickly!
Forbearance Ending and Cannot Afford Your Monthly Payments
If your forbearance period is about to end and you cannot afford your monthly mortgage payments, modifying your loan terms may be a solution.
For FHA loans, the COVID-19 Advance Loan Modification (also known as COVID-19 ALM) program is available to those who qualify and may reduce monthly mortgage principal and interest payments by up to 25%.
If Fannie Mae or Freddie Mac services your mortgage, there are also ways to lower your monthly payments. However, keep in mind every lender and servicer is different and your situation is different. The best way to find out what options exist for you is to reach out to your bank and ask.
If you are in default and facing foreclosure, start preparing now! We can help you navigate the options and help you find a solution.
Coronavirus Foreclosure Options
COVID-19 Relief Options
Many homeowners and renters across the country are experiencing the financial impacts of the coronavirus, or COVID-19. If you find yourself financially impacted by the coronavirus pandemic, you might be concerned about how to make your mortgage payment or rent.
Federal and State governments have announced plans to help struggling homeowners during this stressful time- foreclosure options to avoid foreclosure.
For many homeowners with mortgages, there is help, but first assess your situation.
What Options Do You Qualify For?
Your mortgage relief options depends on who owns or backs your specific mortgage(s). You can look up who owns your mortgage online or by calling your servicer. It’s not always easy to tell who owns your mortgage as many loans are sold and transferred to a new owner. The owner is required to send you a notice.
Keep reading below as we will explain what options are available to you. If you prefer to call us, we can discuss your options with you over the phone. Call us at 714-812-2188.
First, find out who services your mortgage. The mortgage servicer is who you make your payment to each month for your mortgage.
Second, find out if your mortgage is federally backed.
The new federal law, The Coronavirus Aid, Relief and Economic Security known as CARES Act, puts two protections in place for homeowners who have federally backed mortgages.
1. A Foreclosure moratorium
2. A right to forbearance for homeowners who are facing financial hardship due to
COVID-19.
To be eligible for protections under the CARES Act your mortgage must be federally owned or backed by one of the federal agencies. Determine whether your mortgage is owned or backed by Fannie Mae or Freddie Mac, see below for further information.
If Fannie Mae owns your loan, you may be eligible to receive assistance. If you do not know if Fannie Mae owns your mortgage click on the Fannie Mae Tool link below to get results.
Please note: Options are available after forbearance. Call our office for details at 812-2188.
Got Questions?
To get started with a short sale or if you have specific question, we offer a free telephone consultation.
How Can I Tell Who Owns My Mortgage?
FANNIE MAE - Mortgage Relief for Homeowners
If Fannie Mae owns your loan, you may be eligible to receive assistance. If you do not know if Fannie Mae owns your mortgage click on the Fannie Mae Tool link below to get results.
If you are experiencing a hardship such as job loss, income reduction, or sickness due to COVID-19 and you are no longer able to make your mortgage payment, your mortgage servicer is available to help with mortgage foreclosure options to avoid foreclosure, including:
Payment relief through a forbearance plans and payment deferral plans.
Feel free to call RightNow Short Sales for more detailed information about your loan and options available.
Fannie Mae Loan options, foreclosure fannie mae loan, fannie mae short sale,
FREDDIE MAC- Mortgage Relief for Homeowners
If Freddie Mac owns your loan, you may be eligible to receive assistance. If you do not know if Freddie Mac owns your mortgage click on the Freddie Mac Tool link below to get results.
Freddie Mac offers options
Freddie Mac is taking action to help make sure homeowners with Freddie Mac-owned mortgages who are directly or indirectly impacted by COVID–19 are able to stay in their homes during this challenging time. This includes offering the following mortgage relief options for those who are unable to make their mortgage payments due to a decline in income. Feel free to call RightNow Short Sales for more detailed information about your loan and foreclosure options to avoid foreclosure available.
