The basics of mortgage relief

by Rick Herrick & Paula Farnsworth Bertone 09/09/2024

A general guide to mortgage relief featured image

Unexpected events can happen at any time and may have a large impact if you’re a homeowner. Mortgage relief offers assistance to homeowners in need of aid on their mortgage which can ease some financial burdens. 

What is the American homeowner relief program?

The American homeowner relief program was created to protect homeowners from perils such as loss of utilities, foreclosure and other risks that can put homeowners' place of dwelling in jeopardy. These perils may come about due to economic reasons, loss of employment, medical debt and more.

Relief options may include but are not limited to: 

  • Waiving late fee penalties.
  • Adjustments to mortgage payments to offer homeowners the chance to make lower monthly payments in the event of financial hardship. 
  • Forbearance, which suspends your monthly mortgage payment for a set amount of time. 

How do you qualify for a mortgage stimulus?

To qualify, the home you apply for must be your primary residence. State requirements may differ, however most states require proof of income at or below the median income level. 

The balance of the mortgage must be below $548,250 and the amount received in your stimulus package will vary per state. 

Once you’ve qualified for a mortgage stimulus, funds may be used for: 

  • Monthly mortgage payments.
  • HOA fees. 
  • Homeowners insurance payments. 
  • Monthly home utlities (water, electricity, gas, etc.). 
  • Internet.
  • And more. 

If you need mortgage relief, consider speaking with your mortgage lender to get details on your state's relief package and what’s needed for your household to qualify.



About the Author
Author

Rick Herrick & Paula Farnsworth Bertone

We would like to take a moment to introduce ourselves. Our names are Rick Herrick and Paula Farnsworth Bertone, we have been working together as partners in the real estate industry for approximately 22 years as appraisers, consultants, and agents, combined we have over 59 years of real estate experience. We provide services for Buyer’s, Seller’s, Banks, and Attorneys.

We would love to assist you. Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. We would be honored to put our real estate experience to work for you.