VIRGINIA, USA — Author's note: The video above is on file from Sept. 29, 2021.
Virginia is launching a statewide Mortgage Relief Program to help ease delinquencies, defaults and foreclosures due to the pandemic, Gov. Ralph Northam announced Thursday.
Applications will open on Monday, Jan. 3. To be eligible, you must have experienced a reduction of income or increase in living expenses after Jan. 21, 2020, and have to currently own and occupy the property as your primary residence.
There will also be maximum income limits and other eligibility requirements.
The program will give funds directly to mortgage lenders and servicers, contracts for deed holders, county treasurers or local taxing authorities, property insurance companies, and homeowner and condominium associations.
According to Northam's office, the program will be a companion to the Virginia Rent Relief Program, which used funds from the federal CARES Act to help households facing eviction or foreclosure due to the COVID-19 pandemic.
Virginia Housing CEO Susan Dewey said the program will protect homeowners at risk of losing their homes.
"Providing housing stability and supporting Virginia homeowners is of the utmost importance right now as we continue to advance our recovery efforts from the pandemic," Dewey wrote.
She said helping homeowners would strengthen the economy and improve quality of life for many Virginians.
To apply or learn more, visit www.VirginiaMortgageRelief.com or call 833-687-8677.