Nearly $10 billion federal aid from the U.S. Treasury is slated for distribution across the U.S. with the goal of providing homeowners affected by the COVID-19 pandemic with mortgage relief.
Known as the Homeowner Assistance Fund (HAF), the goal for distributions of this money is to help vulnerable homeowners cure defaults on their mortgages, avoid foreclosures, and reverse utility shut-offs. Those who can reasonably expect relief funds will be homeowners who have low incomes and have suffered financial hardship as a direct result of the COVID-19 pandemic.
Financial hardship must have occurred after Jan. 21, 2020, and can include the following:
- Job loss
- Closure of business
- Loss of other income
- Healthcare expenses
HAF money isn’t strictly for mortgage and utility relief, however. Homeowners who are behind on property taxes, homeowner’s association fees, Internet bills, and other expenses relevant to their homes may also qualify for assistance.
How Can I Get HAF Assistance in California?
Each state, tribe, and U.S. territory that’s expecting federal aid from the U.S. Treasury is designing its own plan for distributing funds. California expects nearly $1 billion in HAF funds and will distribute them through the California Mortgage Relief Program.
California homeowners who intend to apply for relief must meet the same edibility requirements mentioned above. As many as 40,000 qualified homeowners may receive up to $80,000 each in funds they can use to cure defaults on their mortgages, pay overdue utility bills, pay property back taxes, and other debts directly associated with their homeownership.
Who Can Help Me Apply for Relief?
If you are a homeowner seeking HAF funds through the California Mortgage Relief Fund, our attorneys at Lawyers Realty Group can help. We can provide the experienced legal counsel you may need to make sense of this new and important program, which can help you protect your homeownership.
For more information about how we can help, contact Lawyers Realty Group online today!