News From the Stimulus Package: a New Texas Homeowner Assistance Fund Has Been Established

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Texas officials have established the “Texas Homeowner Assistance Fund” to aid homeowners who have fallen behind on mortgage payments and other housing costs as a result of the outbreak.

Federal assistance totaling around $700 million is available to assist individuals in catching up on mortgage payments, property taxes, mortgage insurance, and HOA fees.

 

Stimulus

 

Submit An Application For The Texas Homeowners Stimulus Fund

The monies will be distributed to qualifying homeowners in the form of stimulus cheques rather than as a loan that must be repaid. A family may qualify for up to $40,000 in mortgage payment assistance, as well as up to $25,000 in property tax, insurance, and homeowners association fees.

Two experimental stimulus check programmes were underway prior to this week’s statewide implementation. These initiatives have resulted in the distribution of more than $5 million.

Congress approved around $10 billion in mortgage relief financing in 2021 as part of the Biden Administration’s American Rescue Plan. As the epidemic wrecked havoc on the economy, it was a necessary component of a strategy to avert a foreclosure calamity. Texas received $842 million for the stimulus check programme, the majority of which will be used to aid homeowners directly.

Texas took more than a year to get its share of the funds and roll out the programme throughout the state.

 

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Mortgage forbearance is an option for homeowners who are unable to make their mortgage payments on time. Forbearance is a legal phrase that refers to a bank’s decision not to foreclose on a homeowner who is behind on their payments. Any missing payments must be made up.

Renter assistance has been available since early 2021, albeit the state’s programme has ceased accepting applications owing to a funding shortage. However, rental assistance is still available in the majority of the state’s major towns and counties. Certain cities, including Arlington, Austin, and San Antonio, have depleted their supplies. While federal tenant eviction protections expired this summer, a few municipalities and counties retain some renter protections from the pandemic time.

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