With costs and interest rates increasing, many of my buyers have discussed waiting for foreclosure deals to come and put downward pressure on the market. Guess what? They aren't coming! At least not in the volume we had after 2008's market adjustment.
People are often surprised to hear that! Most just haven't heard of the Homeowners Assistance Fund, a recently rolled-out program for homeowners impacted by Covid in 2020. Many Americans know there is assistance for renters, but are not aware there is now one for homeowners!
Even though NH started taking applications in March 2022, of the $40 million available, only $3.1 million has been dispersed through October 11th, likely due to a lack of awareness and later roll-out. Some owners impacted by Covid have sold their homes, not realizing they could have stayed if they qualified for this assistance.
Let's look by NH Counties at what has occurred and then highlight eligible expenses:
As shown above, the vast majority thus far has been paid to Property Charges, which include taxes, insurance, and association fees. Utilities are next, which includes internet service. Last is mortgage distribution.
At Admiral Property, we can assist condominium associations by communicating with unit owners on their options and working with them through the process if they have difficulty. Have the association in good health by ensuring unit owners are aware of this assistance, especially if they are behind and had been impacted by Covid. We want to ensure condominiums and associations in New Hampshire are aware they can count on Admiral Property to communicate with unit owners that are behind on association fees or have liens on their property, as part of our management services, about the program.
Owners may be in a single-family home, multifamily up to four units (if owner occupied), and manufactured homes. The income qualifier is 125% of the median income. Homeowners can receive up to $25,000 and apply once every six months. Utility/internet is capped at $3,000. The renter program allows for a catch-up and then a three-month prepayment on rent.
While the cost of everything has risen and consumers are leveraging more with credit card debt, foreclosures aren't coming the way they did before. The original American Rescue Act H.R.1319, Section 3206, states funds remain available until September 30, 2025.
Please share, this information could save a homeowner you care about from foreclosure, and not just in New Hampshire, almost $9.96 billion is allocated to all states, Puerto Rico and DC for Homeowner Assistance Funds.