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The Government may be issuing a second stimulus package which would give homeowners more relief money. Will you pay off your mortgage? Will it help you avoid mortgage foreclosure? Or will you just save the money?
These are interesting questions for the Government, who are considering a second stimulus package on November 17th. If the Government is to give homeowners another stimulus package, they want to make sure the money is put to good use.
Will Your Stimulus Check Go To Pay Your Mortgage?
There are so many people at risk of foreclosure, that Government officials are worried that the stimulus package wouldn’t have the result they’re expecting.
If another stimulus package is announced, the hope is that consumers will take the $600 or $1200 and spend it in the economy. Perhaps buying gifts for Christmas, investing in their home or otherwise spending the money. This would help to stimulate the economy, but it wouldn’t do anything for homeowners.
Paying Off Your Mortgage With The Stimulus Package
The smart move for homeowners would be to take the stimulus package and use it to pay off their mortgage. It would help them reduce their debt, and in some cases, help homeowners from their homes being foreclosed.
As a solution, perhaps the Government could give some sort of hiatus for mortgage foreclosures, thus encouraging consumers to spend the money somewhere in the economy.
