Homeowner Assistance Fund Program Taking Applications for Those Affected by Pandemic |
Texas Department of Housing and Community Affairs Executive Director Bobby Wilkinson said the program could cover up to $40,000 in past-due mortgage payments and up to $25,000 in overdue property taxes, property insurance and HOA fees.Congress allocated the money for homeowners as part of the American Rescue Plan Act signed by President Biden last March.
Payments are made to the mortgage servicer or tax authority, insurance company, or HOA after the homeowner's application is approved.: the homeowner must be behind at least one payment and the home must be the homeowner’s primary residence. Homeowners must have experienced financial hardship like lost income or increased expenses due to the pandemic. The homeowner must show they could keep up with future payments after receiving assistance.
“You also need to be able to demonstrate that we wouldn't just be giving money and then you get foreclosed anyway the next month. You need to be able to show that you could, going forward, pay the next month's mortgage,” explained Wilkinson.Some of you may have entered into a forbearance agreement with your loan servicer to pause mortgage payments during the pandemic.
Wilkinson said the program can help people coming out of forbearance who need help catching up, “If you just had to make four months’ worth of mortgage payments all at once, that's not reasonable for the median income household.”
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