Are you having trouble making your mortgage payments because of a lack of work, or enough work? Could you make your mortgage payments moving forward if you could only catch up after a spot of trouble this last year? You might be eligible for the HomeSaver foreclosure prevention program —and you should apply before the May 14 deadline.
The DC Housing Finance Agency (DCHFA) has $4 million available to help through the HomeSaver Program, which offers a lump sum or ongoing monthly mortgage payments to eligible District homeowners at risk of foreclosure.
The maximum assistance amount is capped at $60,000 per household. The deadline to apply is near: it’s Friday, May 14th at 5:00 p.m.
You are eligible if you are a District of Columbia homeowner living in your primary residence and if you are receiving unemployment benefits at the time of application; or if you have experienced an involuntary reduction in income of 10 percent or more and are not in active bankruptcy.
You could get help from one or both of the two programs offered through The HomeSaver Mortgage Payment Assistance Program:
Unemployment and Underemployment or Lifeline Assistance can help homeowners who are currently unemployed and underemployed homeowners through a one-time payment of up to 16 months of overdue mortgage and/or condo fees. It will also provide up to an additional 11 months of mortgage or condo fee payments going forward for up to 24 months of payments so the homeowner can stay up-to-date with payments.
Final payments will be issued by December 2021.
Restore or Mortgage Assistance is available for homeowners who have suffered a financial hardship and who need a lump sum payment to catch up on payments they have missed, but who have enough resources or work to continue making their regular payments going forward.
Restore Assistance may cover any property-related payments necessary to get you back on your feet and prevent a foreclosure, including mortgage payments, property taxes, hazard insurance, late fees, condo fees, homeowner’s association fees and legal fees.
For applicants who were unable to pay property tax charges, some ‘non-escrowed’ property taxes, such as in the case of a reverse mortgage may be pre-paid through the remainder of the fiscal year at settlement.
The HomeSaver Program is a US Treasury Hardest Hit Housing Markets (HHF) Initiative administered by the District of Columbia Housing Finance Agency (DCHFA).
Get more information at http://dchfa.org/homeownership/available-programs/homesaver/
Apply to the program at https://www.homesaverdc.org/ by Friday, May 14 at 5 p.m.
Want to apply but think you might need help doing it? Here is a list of organizations that can help you through the process. Contact one today! dchfa.org/2021/03/homesaver_housing_counseling_agencies
