Secret Stimulus Check Coming But You Have To Ask For It To Get It

By Dave Basner

May 25, 2021

When President Biden signed the American Rescue Plan Act into law in March, many Americans were excited because it meant they would be getting a third stimulus check, this one for $1,400, but what they didn't realize is that the bill offers a lot more than that. Millions are learning that they will be getting a lot more money in the form of monthly checks thanks to the federal child tax credit included in the act, yet there is another way for Americans struggling financial to get money from the government.

One of the lesser-known parts of the American Rescue Plan Act deals with mortgages. When crafting the bill, politicians knew one of the heaviest burdens for anyone hit hard financially by the pandemic would be keeping up with their mortgage payments, so they allotted $10 billion to help struggling homeowners out.

It's called the Homeowners Assistance Fund and is meant to assist eligible Americans with not just their mortgages but also taxes, insurance, utilities and even homeowners association dues. However, unlike the stimulus check, the government is not just going to mail recipients the money - this one you'll have to inquire about.

The reason is because the U.S. Treasury will be sending money to each of the states to let them distribute it through state housing agencies. The amount each state gets depends on factors like the number of foreclosures, late mortgage payments, unemployed residents and more. Once they get the funds, they have until September 20, 2025 to spend them.

To qualify, you have to own your home and be struggling to pay a mortgage balance that is less than $548,250. Sixty percent of the mortgage aid must go to borrowers with an income less than the national median income or their area's local median income, whichever is higher. To find out how to make sure you get this mortgage stimulus, you'll have to contact your state housing agency. You can find their information here.

Photo: Getty Images

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