The online ad promotes $3,708 of “home stimulus”. Is it for real?
If you’ve been browsing the internet or going to social media, you’ve probably seen the headline: “Coming: $3,708 Home Stimulus.”
Under the headline, it gives more details: “All owners born before 1990 receive a benefit of $3,708…(You must apply).”
Sounds exciting, right?
It’s even better if you click on the ad.
“Anyone with a mortgage can get up to $3,708 per year ($309 per month) in mortgage savings starting in February. Millions of Americans could benefit from it, but very few know about it,” he says.
“Unfortunately, many US homeowners will not get their $3,708 mortgage benefit. Simply because they don’t know they have to claim it. And some think it’s “too good to be true”. In fact, homeowners with good credit who owe $100,000 or more on their mortgage will qualify for an even higher amount! »
Wait: If I Have Good Credit, Can I Get a Bigger Stimulus Payment?
If you click further and go as far as entering your information, including your age, employment status and details about your property, you will learn that this is actually an advertisement for a mortgage refinance.
One site, SaveYourFinances.net, is based in Iceland, according to a website domain search. A site with a substantially similar pitch, SavingReport.com, is registered in the same Icelandic town. Same for FedRateWatch.org.
These three sites are associated with IndyMoney.com, which offers the same pitch on its website.
If you look into the fine print, you’ll see what it really is:
“The information provided on this website is for informational purposes only. This webpage is formatted as an infomercial and is brought to you by IndyMoney.com. An infomercial is an advertisement written in an editorial news format. PLEASE NOTE THAT IT THIS IS AN ADVERTISEMENT AND NOT A NEWS ARTICLE, BLOG, OR CONSUMER PROTECTION UPDATE INDYMONEY.COM MAY RECEIVE COMPENSATION PAID FOR CLICKS OR SALES PRODUCED TO FROM THE CONTENT FOUND ON THIS WEB PAGE.”
We tried to contact the company through the only email address we could find, but it came back as undeliverable.
They may be legit companies, but the ad is very misleading. And since when did Iceland become a hotbed for US mortgage refinances?
Before the pandemic, have you ever heard anyone call any kind of home loan a stimulus package?
If you are looking for extra cash, you may indeed qualify for home refinancing. But don’t do it through some deceptive come-on you find on social media.
Call your current bank or mortgage lender. Search online for a mortgage broker in your area. Ask friends and family for recommendations.
And if you’ve fallen behind on your mortgage payments, property taxes, or related expenses, New Jersey has a legitimate program that can help.
The Rescue Emergency Mortgage Assistance (ERMA) program will award up to $35,000 to eligible homeowners who have fallen behind on their housing bills due to COVID-related loss of income.
To qualify, you must have suffered a loss of income related to COVID and now have an income not exceeding 150% of the median income of the region where the property is located. You can watch it here.
The application portal opened earlier this month.
If you don’t have internet access, you can call (855) 647-7700, and if you need further assistance, you can contact a housing counselor in your area or email HAFservicing @njhmfa.gov.
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