More struggling California homeowners are now eligible for mortgage bailouts after the state expanded the COVID-19 program designed to help those who were late for payment during the pandemic on Tuesday. ..
Homeowners who missed payments this year are only eligible for the assistance previously provided to those who missed at least two payments by December 27, 2021.
This money can now be used by anyone who is currently paying a mortgage or who owns a full home to help with overdue property taxes. And the state has raised income limits to qualify — homeowners are eligible for assistance if they earn less than 150% of the county’s median income.
Under the new parameters, the California Mortgage Relief Program estimates that approximately 13,000 Bay Area households will be eligible for relief.
“A large number of Californians continue to tackle the economic downturn by looking at households affected by the COVID-19 public health emergency,” said Lourdes, California Business, Consumer Services and Housing Agency. Castro Ramirez, Secretary-General, Zooms. In fact, about 10% of California homeowners, citing US Census Bureau statistics, said she wasn’t or only slightly confident in paying her mortgage next month.
Homeowners who missed at least two mortgage payments by June 30, 2022 may now be eligible to cover up to $ 80,000 in late fees. However, eligibility depends on your household income. In Alameda and Contra Costa counties, a family of four must earn less than $ 214,200 a year to qualify. The cutoff is $ 279,600 in San Mateo County and San Francisco and $ 252,750 in Santa Clara County.
Homeowners who are catching up with mortgage payments or who own the entire home but are lagging behind property taxes missed at least one tax payment by May 31, 2022. If so, you are eligible for up to $ 20,000 in relief. In the expansion, only real estate owners who were delinquent in their mortgage or had a reverse mortgage were eligible for property tax assistance.
The news comes from inflation and record gas prices, where people in the Bay Area and across the country are scrambling to buy essentials and pay invoices.
There is no deadline to apply for the program, but the state encourages homeowners to submit their application as soon as possible by visiting. CaMortgageRelief.org Or call 888-840-2594.
The $ 1 billion mortgage relief program, launched on December 27, has donated more than $ 68 million to more than 1,900 homeowners. Funded by the Federal American Rescue Plan Act of 2021, it is part of a broader state effort to prevent Californians from losing their homes due to the financial difficulties caused by the COVID-19 pandemic.
The state also offered to temporarily stop eviction of peasants and pay rent on behalf of tenants who are struggling to earn income.Governor Gavin Newsom said last month that the rental bailout program had distributed more than $ 5 billion, but activists said it was. Suffering from delay..
The state stopped accepting applications on April 1, but as of earlier this month, thousands of applications were waiting to be processed. According to an analysis by the National Equity Atlas, at the current pace, the state will not reach all pending applications by the time the state-wide peasant eviction protection expires on June 30.
Ramirez said he was pleased with the progress of the rental support and mortgage relief programs to date.
“In today’s announcement, we make a bold statement about California’s ability to meet the needs of the field,” she said.