Ignite FB Tracking PixelA basic guide to mortgage relief - Anna-Lisa Schorn
Van Dorm Realty, Inc.
Anna-Lisa Schorn, Van Dorm Realty, Inc.Phone: (360) 701-9239
Email: [email protected]

A basic guide to mortgage relief

by Anna-Lisa Schorn 02/12/2024

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

Anna-Lisa Schorn

Since 1990 I've been happily helping people just like you realize their dream of home ownership, and loving every minute of it! I'm an educator by heart, so you won't feel overwhelmed with the whole process. I'll be there with you every step of the way and more! I've been where you are now more than once and I understand all the emotions and apprehensions that come with a move. If you're relocating, I will make sure you have all the information about neighborhoods, schools and services that are important to you. I am detail oriented and I have a strong background in research. I have my BA in Economics from Lewis & Clark College, and graduate studies in Counseling Psychology at St. Martin's University. I'm a graduate of the Masters Sales Academy for Realtors. I've also been an instructor for new real estate agents. I've been recognized with the National Sales Award "The Dozen" for being in the Top 5% of all Realtors & the local Realtors Thurston County Star Agent Award.