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Saturday, July 2, 2022

Stimulus Check Update: Homeowners Could Receive Upto $35,000

Quite a large sector of the population ended up losing their incomes to the coronavirus pandemic, which led to the introduction of stimulus check payments. Even homeowners were susceptible to this loss in income, which is why early on in the outbreak, the homeowners received the option of putting their mortgages for forbearance.

Under this, borrowers would be able to pause their monthly payments without being considered delinquent. But those went down the forbearance route early on in the pandemic, the protection seems to have long run out already- since it was capped at 18 months. 

Stimulus Check Relief For Homeowners

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Due to an increase in property values throughout the country, most of the homeowners seem unable to keep up with their mortgage payments and therefore have the option of selling their homes for enough money to pay off their mortgages.

But this still requires those people to actually move away from their place of residence. And those currently in a very precarious financial situation would be struggling to find any form of alternate housing- which is precisely when a stimulus check comes in handy. 

In a few states across the country– especially those states which have seen quite a rise in property taxes- this problem seems to be pronounced even more. One such state has been New Jersey, which has had the dubious distinction of having the highest property tax in the country. But currently, homeowners in the states that have been struggling to pay off their mortgages may be in line for some much-needed stimulus check relief. 

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According to the latest news, the Emergency Rescue Mortgage Assistance program will help make up close to $35,000 in assistance that would be available to eligible homeowners who don’t have the ability to keep up with increasing housing costs. This would serve as their stimulus check payments for their property taxes.

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