According to the latest U.S. Census, around 10 million homeowners are behind on paying their mortgage. This most recently released relief package signed into law by President Joe Biden sets aside billions for homeowners struggling to make their mortgage payments along with other bills that are related to their home. Experts are saying that it’s likely to take a while for the funds to get into the hands of these homeowners because of the way it’s being disbursed. Russell Graves, executive director of the National Foundation for Debt Management, says he doesn’t expect these funds to be available to homeowners until early 2022.
Don't Wait Around To Start Saving
There is however another solution for homeowners who are looking to potentially save while they wait for Biden’s financial assistance money. The Government GSE's mortgage relief program for the middle-class was created for homeowners who owe less than $356,362 on their house and haven’t missed a mortgage payment in the last six months. If you meet those qualifications, you shouldn’t go another month without calculating your new house payment.