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Are You Eligible For The Homesafe Georgia Program?
Getting Help With Your Georgia Mortgage
Like much of the rest of the country, Georgia is facing high unemployment rates and increasing foreclosures on homes. To counter this, the Homesafe Georgia program has begun, offering a home-equity type loan to homeowners, providing temporary help for the homeowner who is was unemployed or underemployed due to layoff.
There are two types of assistance available: Payment and Reinstatement. Payment assistance occurs when you are still out of work or underemployed. This plan will make your payments for up to 18 months, along with your contribution to the plan, too. Reinstatement is for those who have once again found work, but still owe substantial unpaid mortgage payments, up to six months. With reinstatement assistance, one lump sum is paid to your lender, catching you up so that you can continue with your mortgage payments on your own.
Who Can Qualify For This Program?
The first qualification for this program is the homeowner must have suffered a financial hardship due to losing his job or having to take a job that pays significantly less than he was making when he bought his home. The loss of job or underemployment must be due to no fault of his own. Unfortunately, other hardships, such as illness, do not qualify for the Home safe Georgia plan. Additionally, a homeowner must be willing and able to work, currently seeking a job or higher paying employment. Self-employed homeowners can qualify for this program too, if they can provide proof of loss of income through no fault of their own.
Before You Apply, Ask Yourself These Questions
Was I current on my loan before I lost my job? To qualify for this assistance program, you must have been current before the job loss or underemployment and now, be no more than six months behind.
Are you the owner of the property? The person who lost their job or became underemployed must be the same person who’s name is on the loan.
When you lost your job, were you eligible for unemployment? This type of assistance plans requires that the job loss be eligible for unemployment, even if your benefits have expired.
If you are now underemployed, are you making at least 25% less income than when you qualified for the original loan? Did you take a lesser position out of necessity, have your hours cut or accepted a cut in pay?
Was my cut in pay due to loss of overtime, lack of a raise or no receipt of a bonus? If that’s the case, you do not qualify for this type of assistance program. Your base salary stayed the same.
Do I currently have an active bankruptcy? If you do, this Ga mortgage help would not be able to help you, until the bankruptcy is discharged or dismissed. If you file for bankruptcy after applying for this program, you will become ineligible.
Do I have more than $5,000 in liquid assets, i.e. savings, checking or investment accounts? If not, you could qualify for this loan program.
Home and Property Requirements
As mentioned before, the property in question must be owned by the person applying for the loan. In addition, it must be their primary residence. This program is designed to assist those who own a single family, condominium, townhouse, duplex, triplex or quadruplex home. It is also available to those who own a mobile home, as long as the home is on a cement foundation. Lastly, the total amount owed, through mortgages or lines of credit must be under $417,000.
This loan will not pay your mortgage completely, instead, it will also require you to pay 5% of your gross household income towards your mortgage, too. That amount is then combined with the assistance provided to pay your mortgage. If you have served in the military with an honorable discharge or are currently in the military, this partial payment can be waived.
The final qualification to be eligible for this Georgia mortgage help program lies with your lender. The lender who provides your mortgage must participate in this plan. A complete list of lenders is provided at the Homesafe Georgia Program website (www.homesafegeorgia.com).
The program, which began in April of 2011 is expected to run until December 31, 2017 or until funds provided by United States Department of Treasury are depleted.
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