Government Mortgage Relief Programs
The purpose of a mortgage loan modification is to get your monthly payment to a more affordable level. An “affordable” mortgage payment is typically defined as 31% of the borrower’s monthly gross income. This is achieved by modifying one or more components of your mortgage:
- Lowering the interest rate
- Extending the life of the loan
- Lowering the loan principle
The Homeowner Assistance Fund (HAF) is a federal program to help homeowners impacted by COVID-19 catch up on mortgage, utility bills, and pay other housing costs.
https://www.ncsha.org/homeowner-assistance-fund/
For more information:
https://home.treasury.gov/policy-issues/coronavirus/assistance-for-state-local-and-tribal-governments/homeowner-assistance-fund
https://www.ncsha.org/homeowner-assistance-fund/
For more information:
https://home.treasury.gov/policy-issues/coronavirus/assistance-for-state-local-and-tribal-governments/homeowner-assistance-fund
