Published in: Mortgages | July 25, 2020
By: Emma Newbery
If you're worried about keeping a roof over your head, help is available.
Over a quarter of Colorado's workforce is employed in the leisure, hospitality, and retail industries, which explains why the state's economy has been hit hard by the coronavirus pandemic.
Unemployment in Colorado hit a record high of 11.3% in April, and reached over 20% in rural areas that rely on tourism. If you are one of the many Coloradans hit by the crisis, financial assistance is available.
Colorado's governor announced a $20 million emergency fund for those who have been affected by COVID-19. To apply for emergency rental or mortgage assistance, you need to fulfill various requirements, including:
9 in 10 Americans can qualify to refinance their mortgage. With mortgage rates plummeting to multi-decade lows, there's no better time to cut your monthly mortgage payment.
The Emergency Housing Assistance Program is not the only source of funds in Colorado. If you own a primary residence in the city of Denver, you may also be eligible for assistance from the Colorado Housing Assistance Corporation. Plus, the Property Owner Preservation program is open to landlords who want to seek rental assistance on behalf of their tenants.
It's worth understanding what housing assistance is available at a national level as well. If your home or your landlord's home was bought with a federally-backed mortgage (Fannie Mae, Freddie Mac, USDA, VA or FHA), your lender cannot foreclose on your mortgage and you cannot be evicted until at least Aug. 31, 2020. As a homeowner, you can ask for 180 days of forbearance on your mortgage, which can then be extended for another 180 days.
At a local level, be aware that Colorado's eviction moratorium finished on June 13, so if you are unable to pay your rent or mortgage and are not protected by the federal provisions, you could be at risk. It is worth knowing that landlords in Colorado currently need to give tenants 30 days notice instead of the usual 10.
We still don't know if there will be a second stimulus check, but we can be pretty certain that all of these funds and assistance programs will be in high demand. Put simply, the sooner you apply for financial assistance, the better.
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