The Homeowners Assistance Fund (HAF) was passed in 2021 as part of the American Rescue Plan. It was created as a way to make sure individuals and families can stay in their homes, and weather the financial challenges brought on by the Covid-19 pandemic. Through this fund, homeowners that meet the eligibility requirements can receive assistance with things like mortgage and utility payments, property tax and homeowners insurance bills, and certain other home expenses.
A key part of this fund and something that is vital to homeowners hit hardest by the pandemic - it requires mortgage servicers to pause foreclosure proceedings for anyone that has submitted an application for assistance through the HAF program.
When this program was passed, it was set up in a way that allows each individual state the flexibility of deciding where and how it allocates these funds. Though their intentions were in the right place, this has caused headaches for all the mortgage servicers out there, as they are required to follow the specific guidelines of each individual state they operate in. Some areas of the country are even experiencing delays with the release of funds to homeowners. But overall the program has been considered a success.
While the program prioritizes applications for those who have experienced significant hardships, any homeowner struggling with their mortgage due to the pandemic can apply. Check out the links below to find out more. And if you are in need of assistance, see if the Homeowners Assistance Fund is right for you.
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