The current economic situation has left a lot of New York homeowners struggling to pay their mortgage, utility, property tax bills and to keep their homes. One way for homeowners to get help is by applying for the New York State Homeowner Assistance Fund. The purpose of this program is to help struggling homeowners that have been affected by the economic fallout.
The program is federally funded and helps homeowners avoid defaulting or foreclosing on their homes. The demand for assistance means that applications will be reviewed on a first-come, first-served basis. If you apply, there is no guarantee that you will obtain financial assistance.
Keep reading to find out more about the New York State Homeowner Assistance Fund and how you can apply.
Criteria for Eligibility
The New York State Homeowner Assistance Fund will help those who are eligible with various forms of financial support. This financial support includes helping with delinquent mortgage payments, property taxes, water bills and more.
You can also use the call center and case managers to find out information on mortgage relief programs you could be entitled to. Case managers can provide you with referrals to legal services and housing counselors who can address your issues.
To be eligible to apply for the fund, you need to be a New York homeowner who is facing financial difficulty as a result of the current economic situation. You have to either be behind or in forbearance on your mortgage. If you have a reverse mortgage, you have to be in default.
You are also eligible to apply if you are behind on property taxes, water, waste, or any other monthly maintenance charges for your co-op or condo. If you have retail installment contracts, chattel loans, or other home purchase loans and you are behind, you can also apply for the fund.
Documents Needed for the Application
There are some documents you will need to apply for the New York State Homeowner Assistance Fund. First, you need a document that shows proof of ownership, as well as the type of property you own. A title deed, mortgage statement and homeowner’s insurance policy are some of the documents you can use to show proof of ownership.
You will also need proof of identity. You can use your passport, social security card or government-issued ID as proof. You may also need to provide information on any benefits, such as SNAP or public assistance that you or someone in your household receive.
Your application should have tax returns or income documents for all working adult members in your household. These documents include W2s, recent pay stubs, letters from an employer with pay and hours of work, IRS 1099 forms, pension statements and annuity benefit statements. The application also requires proof of delinquency.
How Lynx Mortgage Bank LLC Can Help
At Lynx Mortgage Bank LLC, we are here to help you with all your mortgage needs. If you have questions or would like to learn more about applying for the New York State Homeowner Assistance Fund, contact us today.