ALBANY, N.Y. (NEWS10) — Starting Monday, January 3, those that have struggled to pay their mortgage due to the coronavirus pandemic can now apply for cash to place in direction of their again funds.
Under the federal American Recovery Act, New York State has acquired $539 million to help those that are liable to foreclosures or displacement to remain of their properties. Local organizations such because the Affordable Housing Partnership are now serving to Capital Region residents apply for this cash.
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“What we are finding families are facing is that they either lost their job — they were in food service — everything closed down. Or perhaps they were receiving child support and the father of their kids lost income, and they can’t pay,” mentioned Susan Cotner, Executive Director of the Affordable Housing Partnership in Albany.
To help relieve a few of this monetary stress, functions are now being accepted for the Homeowner Assistance Fund. This can be carried out each on-line and over the telephone.
“Generally, under the federal rules for the program, the goal is to get to folks who are behind on some type of housing payment. Whether it’s mortgage, co-op payments, property taxes, the goal is to try to get to those folks and try to get them help in becoming current on their housing payment,” defined Dina Levy, of the New York State Homes and Renewal.
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The complete quantity given to every family can be no extra $50,000. Those making use of should additionally present proof that COVID-19 is the rationale they’re at the least 30 days behind on their funds.
“For those who have been with a bank, let’s say in a forbearance agreement, which is a temporary pause on making mortgage payments, they should also apply for this program and not wait until they are delinquent,” mentioned Levy.
Applicants who’re in lively foreclosures litigation will change into a high precedence. Those who haven’t utilized, however have an interest, are inspired to take action sooner reasonably than later.
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“It is kind of a first come, first serve situation that we have. The website is pretty user friendly. They’ve tried to work it out that you upload as few documents as possible in order to apply, because they can check other resources to confirm the income and your resident information that you are providing,” acknowledged Cotner.
If the home-owner stays of their dwelling for a interval of 5 years, the mortgage might be absolutely forgiven.
To apply, head to the New York State Homeowner Assistance Fund website.
If a home-owner is being requested for cash to apply, they need to contemplate it a rip-off and name 1-844-776-9423.