Louisiana homeowners are entitled to assistance with a mortgage of up to $25,000 per household. The program began in January, but it did not get much media attention. It helps homeowners behind in payments, due to the lingering effects of the COVID epidemic.
In order to qualify, homeowners must meet certain income criteria. For instance, household income cannot exceed 150% of the median income for their area. That largely means that most people who are delinquent on mortgage loans should qualify.
Payments are made directly to the lender. Again, the program will only make payments up to $25,000. Should the arrearage be more than that, you are probably on your own.
If you are behind on your mortgage payment, I urge you to look into the program. The money does not have to be repaid, as it is a grant from the federal government to help people disadvantaged by the pandemic.
Funds can be used to catch up and even stop a foreclosure. The program currently has $600 million in funding. It is not clear if more money will be available, once that amount is exhausted.
If you believe you qualify, you should apply sooner, rather than later to avoid funds being depleted. You can look into your eligibility and a more complete list of the details at https://haf.lacovidhousing.com/
Written by Greg Gouner